Exhibit 99.1

Pope Resources Closes $1.9 Million Sale to Kitsap County

    POULSBO, Wash.--(BUSINESS WIRE)--June 7, 2004--Pope Resources
(Nasdaq:POPEZ) announced it has closed the sale of 426 acres to Kitsap
County. Pope Resources received $1.9 million for the acreage that will
be developed by the County's Parks and Recreation Department as a
regional "Heritage Park". The property is located in the northern part
of Kitsap County near the town of Kingston, Washington. In addition to
the sale of 426 acres, Pope Resources agreed to extend an option to
the County to purchase up to an additional 360 acres of adjacent land
in either one or two phases. If this option is not exercised, it will
expire in July 2008.
    Kitsap County has had a goal to acquire and develop five such
regional Heritage Parks, each of which will provide future generations
with a wide range of active and passive recreational opportunities. In
the near-term, the North Kitsap park will provide the Parks and
Recreation Department with the opportunity to alleviate an existing
shortage of sports fields in this part of the County.
    "Although the closing of this transaction is certainly exciting,
its real benefits to the community will become more apparent as the
area around it grows," said Jon Rose, President of Pope Resources'
real estate subsidiary, Olympic Property Group. "For the long-term,
the park's strategic location, within close proximity to Kingston's
fast-growing urban center and ferry connections, creates an amenity
that will serve as a centerpiece for sustainable, high-quality
community development."
    County Commissioner Chris Endresen, who represents the North
Kitsap area, has consistently expressed enthusiastic support for the
acquisition. "The establishment of a series of regional Heritage Parks
throughout Kitsap County is a vision that has been strongly endorsed
by the Board of Commissioners. In recent years, we've successfully
acquired magnificent properties in South Kitsap and Central Kitsap,
and this acquisition of 426 acres in North Kitsap represents another
jewel in Kitsap's park system. We looked long and hard for property
that could best meet the community's need for both active recreation
and natural resource preservation. The unique characteristics of the
Pope Resources property provides us with an opportunity to build ball
fields, picnic areas and active trails while simultaneously protecting
hundreds of acres of forestland and critical habitat. The County's
investment in the North Kitsap Heritage Park will serve our current
residents and multiple generations of future Kitsap residents as
well."

    About Pope Resources

    Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own 118,000 acres of timberland and development property in
Washington. In addition, it provides forestry consulting and
timberland 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.

    CONTACT: Pope Resources
             Tom Ringo, 360-697-6626