1 EXHIBIT 23.1 CONSENT OF INDEPENDENT AUDITORS The Board of Directors of Newhall Management Corporation and Partners of The Newhall Land and Farming Company: We consent to the use of our report incorporated herein by reference and to the reference to our firm under the heading "Experts" in the prospectus. /s/ KPMG PEAT MARWICK LLP ------------------------------------- KPMG Peat Marwick LLP Los Angeles, California June 23, 1998