8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934




         Date of Report (Date of Earliest Event Reported) June 16, 2004
                                                          -------------



                 POPE RESOURCES, A DELAWARE LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)



                 Delaware                            91-1313292
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     (State or other jurisdiction of              (I.R.S. Employer
      incorporation or organization)            Identification No.)



                19245 Tenth Avenue NE, Poulsbo, Washington 98370
                ------------------------------------------------
               (Address of principal executive offices) (ZIP Code)


        Registrant's telephone number, including area code (360) 697-6626
                                                           --------------



                                 NOT APPLICABLE
                                 --------------
         (Former name or former address, if changed since last report.)






                    INFORMATION TO BE INCLUDED IN THE REPORT


Item 5:  RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On June 16, 2004 the registrant issued a press release announcing the signing of
a Purchase and Sale Agreement with Northwest Capital Investors for Gig Harbor
Site. A copy of that press release is attached hereto as Exhibit 99.1.

Item 7.           FINANCIAL STATEMENTS AND EXHIBITS

Exhibit No.       Description
- ----------        -----------

99.1              Press release of the registrant dated June 16, 2004

SIGNATURES
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Pursuant to the requirements of Section 13 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.


                      POPE RESOURCES, A DELAWARE LIMITED PARTNERSHIP


DATE: June 16, 2004   BY:  /s/ Thomas M. Ringo
                           -----------------------------------------------------
                               Thomas M. Ringo
                               Vice President and Chief Financial Officer, Pope
                                 Resources, A Delaware Limited Partnership, and
                                 Pope MGP, Inc., General Partner

EX-99.1

                                                                    Exhibit 99.1

   Pope Resources Signs Purchase and Sale Agreement with Northwest
                Capital Investors for Gig Harbor Site

    POULSBO, Wash.--(BUSINESS WIRE)--June 16, 2004--Pope Resources
(Nasdaq:POPEZ) today announced that its real estate subsidiary,
Olympic Property Group (OPG), has signed a definitive purchase and
sale agreement with Northwest Capital Investors, LLC (NCI). NCI will
acquire approximately 1.7 acres within the city limits of Gig Harbor,
Washington, for development of a future Walgreen's store site,
expected to open in the next 18 months. Terms of the transaction were
not disclosed. The transaction is expected to close sometime between
the fourth quarter of 2004 and the second quarter of 2005, depending
upon various permit processing timelines.
    This sale is the third for OPG's 320-acre Harbor Hill project in
north Gig Harbor, a community that is just west of the Tacoma Narrows
Bridge. In addition to the Walgreen's site, Harbor Hill will include a
Costco Wholesale store, additional retail development, and 10 acres
slated for use as a "village center" that will be characterized by
smaller-scale, pedestrian-oriented retail uses. The balance of the
320-acre project will include 17 acres of business park, 45 acres of
park and open space, and approximately 1,000 residential dwellings on
the remaining 200 acres.
    OPG has previously announced an agreement with the YMCA of Pierce
County to sell 11 acres on the project for the construction of an
80,000-square-foot full-service YMCA family branch.

    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, Poulsbo
             Tom Ringo, 360-697-6626
             Fax: 360-697-1156