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