Pope Resources Closes $12 Million Residential Land Sale

  
    
  
  
    
      Pope Resources (Nasdaq:POPEZ) announced it has closed on a $12 million 
      sale of 203 acres of residential land to Bremerton Residential 
      Investments LLC. This property represents the entire residential portion 
      of a 264-acre mixed use property located within the city limits of 
      Bremerton, Washington. The property received preliminary plat approval 
      for 631 attached and detached residential units in August 2006. The 
      balance of the property, the 61-acre Wright Creek Business Park, is 
      zoned for industrial and business park uses.
    
    
      About Pope Resources
    
    
      Pope Resources, a publicly traded limited partnership, and its 
      subsidiaries Olympic Resource Management and Olympic Property Group, own 
      or manage over 400,000 acres of timberland and development property in 
      Washington and Oregon. In addition, we provide forestry consulting and 
      timberland investment management services to third-party owners and 
      managers of timberland in Washington, Oregon, and California. 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. 
      The contents of our website are not incorporated into this release or 
      into our filings with the Securities and Exchange Commission.
    
  
Pope Resources (Nasdaq:POPEZ) announced it has closed on a $12
million sale of 203 acres of residential land to Bremerton Residential
Investments LLC. This property represents the entire residential
portion of a 264-acre mixed use property located within the city
limits of Bremerton, Washington. The property received preliminary
plat approval for 631 attached and detached residential units in
August 2006. The balance of the property, the 61-acre Wright Creek
Business Park, is zoned for industrial and business park uses.

   About Pope Resources

   Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own or manage over 400,000 acres of timberland and development
property in Washington and Oregon. In addition, we provide forestry
consulting and timberland investment management services to
third-party owners and managers of timberland in Washington, Oregon,
and California. 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. The contents of our website are not incorporated into
this release or into our filings with the Securities and Exchange
Commission.