Exhibit 99.1


                  Pope Resources Closes $62 Million Timber Fund


    POULSBO, Wash.--(BUSINESS WIRE)--Aug. 1, 2005--Pope Resources
(Nasdaq:POPEZ) announced today that its subsidiary, Olympic Resource
Management LLC (ORMLLC), which provides forestry consulting and
timberland management services to third-party owners and managers of
timberland, has successfully closed a $62 million private equity
timber fund, ORM Timber Fund I, L.P. ORMLLC is now actively looking
for timberland properties to acquire on behalf of the fund, which will
invest in commercial timberlands in the Pacific Northwest. David L.
Nunes, president and CEO, said, "This fund closing begins an important
growth strategy for our company. We think timber is a great asset
class and are delighted to be able to offer our timberland management
expertise to high net worth and other accredited investors interested
in direct timberland investment opportunities. We are excited to have
this fund closed and to be out looking for properties to acquire." The
$61.8 million of committed capital represents $49.4 million from
third-party investors and $12.4 million to be co-invested by Pope
Resources.

    About Pope Resources

    Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own or manage over 640,000 acres of timberland and development
property in Washington and Oregon. The company and its predecessor
companies have owned and managed timberlands and development
properties for more than 150 years. Additional information on the
company can be found at www.orm.com.


    CONTACT: Pope Resources
             Tom Ringo, VP & CFO, 360-697-6626
             Fax: 360-697-1156