-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 ChGAHPdChyriy3mrqIUD1BBv+VvZM5CAHFBM2WE4BPgG0kDkFOHzAUufux8DLbiG
 626FQiS4nuykXNV0Wum85w==

<SEC-DOCUMENT>0000902664-09-003954.txt : 20091116
<SEC-HEADER>0000902664-09-003954.hdr.sgml : 20091116
<ACCEPTANCE-DATETIME>20091116164408
ACCESSION NUMBER:		0000902664-09-003954
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091106
FILED AS OF DATE:		20091116
DATE AS OF CHANGE:		20091116

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FREELOVE DAVID
		CENTRAL INDEX KEY:			0001418982

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33824
		FILM NUMBER:		091187560

	MAIL ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Kennedy-Wilson Holdings, Inc.
		CENTRAL INDEX KEY:			0001408100
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				260508760
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		9701 WILSHIRE BLVD., SUITE 700
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
		BUSINESS PHONE:		310-887-6400

	MAIL ADDRESS:	
		STREET 1:		9701 WILSHIRE BLVD., SUITE 700
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Prospect Acquisition Corp
		DATE OF NAME CHANGE:	20070727

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Del Mar Asset Management, LP
		CENTRAL INDEX KEY:			0001350639
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33824
		FILM NUMBER:		091187563

	BUSINESS ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		STREET 2:		FIFTH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-328-7137

	MAIL ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		STREET 2:		FIFTH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DEL MAR MASTER FUND, LTD.
		CENTRAL INDEX KEY:			0001418980
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33824
		FILM NUMBER:		091187562

	BUSINESS ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212 813 2727

	MAIL ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER NAME:	
		FORMER CONFORMED NAME:	DEL MAR MASTER FUND, LRD.
		DATE OF NAME CHANGE:	20071119

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DEL MAR MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001418981
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33824
		FILM NUMBER:		091187561

	BUSINESS ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212 813 2727

	MAIL ADDRESS:	
		STREET 1:		711 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>p09-1956form3_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2009-11-06</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001408100</issuerCik>
        <issuerName>Kennedy-Wilson Holdings, Inc.</issuerName>
        <issuerTradingSymbol>PAX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001350639</rptOwnerCik>
            <rptOwnerName>Del Mar Asset Management, LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>711 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>FIFTH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001418980</rptOwnerCik>
            <rptOwnerName>DEL MAR MASTER FUND, LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>711 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001418981</rptOwnerCik>
            <rptOwnerName>DEL MAR MANAGEMENT, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>711 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001418982</rptOwnerCik>
            <rptOwnerName>FREELOVE DAVID</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>711 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock, par value $0.0001 (the &quot;Common Stock&quot;)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1367990</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>7.50</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2009-11-13</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-11-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>458000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The shares of Common Stock to which this row relates were held directly by Del Mar Master Fund, Ltd., a Cayman Islands
 exempted company  (the &quot;Master Fund&quot;).  As of November 13, 2009, the date the Company completed a business combination, the
 Reporting Persons no longer beneficially own these shares of Common Stock, as more fully described in the Schedule 13D filed
 by the Reporting Persons on the date hereof.</footnote>
        <footnote id="F2">Del Mar Asset Management, LP, a Delaware limited liability company (&quot;DMAM&quot;), serves as the investment manager of the Master
 Fund and as such has discretion over the portfolio securities beneficially owned by the Master Fund.  Del Mar Management,
 LLC., a Delaware limited liability company (the &quot;GP&quot;), is the general partner of DMAM and directs DMAM's operations.  Mr.
 David Freelove is the managing member of the GP.  DMAM, the GP and Mr. David Freelove disclaim beneficial ownership of the
 reported securities except to the extent of their pecuniary interest therein.</footnote>
        <footnote id="F3">The Warrants to which this row relates are held directly by the Master Fund.</footnote>
    </footnotes>

    <remarks>The Reporting Persons may have been deemed to be members of a 10% group with Broad Beach Partners, LLC, a California limited
 liability company (&quot;Broad Beach&quot;) and certain of its affiliates (the &quot;Broad Beach Reporting Persons&quot;) by virtue of the fact
 that the Master Fund entered into an Option Agreement with Broad Beach, as more fully described in the Schedule 13D filed by
 the Reporting Persons on the date hereof. On November 12, 2009 Broad Beach terminated the Option Agreement pursuant to its
 terms.  Therefore, there ceased to be any basis to assert that any of the Reporting Persons were beneficial owners of more
 than 10% of Common Stock and, as a result, the Reporting Persons are no longer subject to Section 16 of the Securities
 Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;).  Although the Reporting Persons and the Broad Beach Reporting Persons
 may have been deemed a &quot;group&quot; with each other within the meaning of Section 13(d) of the Exchange Act, the Reporting
 Persons do not believe that they were part of a group with the Broad Beach Reporting persons and expressly disclaim
 membership in any &quot;group&quot; with the Broad Beach Reporting persons.  The Reporting Persons expressly disclaim beneficial
 ownership of any shares of Common Stock that may be deemed to be beneficially owned by the Broad Beach
 Reporting Persons.</remarks>

    <ownerSignature>
        <signatureName>/s/ Del Mar Asset Management, LP; By its general partner Del Mar Management, LLC; By its managing member David Freelove</signatureName>
        <signatureDate>2009-11-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Del Mar Master Fund, Ltd.; By its investment manager Del Mar Asset Management, LP; By its general partner Del Mar Management, LLC; By its managing member David Freelove</signatureName>
        <signatureDate>2009-11-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Del Mar Management LLC; By its managing member David Freelove</signatureName>
        <signatureDate>2009-11-16</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ David Freelove</signatureName>
        <signatureDate>2009-11-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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