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 29, 2004
                                                          -------------



                 Pope Resources, A Delaware Limited Partnership
             (Exact name of registrant as specified in its charter)



          Delaware                                           91-1313292
          --------                                           ----------
(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 29, 2004 the registrant issued a press release announcing the sale of a
205-acre residential development property in Kitsap County. 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 29, 2004

SIGNATURES
- ----------


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 29, 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 Announces Sale of 205-Acre
          Residential Development Property in Kitsap County

    POULSBO, Wash.--(BUSINESS WIRE)--June 29, 2004--Pope Resources
(Nasdaq:POPEZ) announced that its real estate subsidiary, Olympic
Property Group (OPG), has signed a definitive purchase and sale
agreement with developer James C. Laughlin to sell the 205-acre
Homestead Preliminary Plat in the north Kitsap County community of
Hansville. OPG received preliminary approval for the project in 2003,
which will consist of 89 residential lots that will range in size from
18,000 to 90,000 square feet. Approximately 114 acres will be left in
open space that connects to Kitsap County's Buck Lake Park. Terms of
the transaction, which is expected to close in December 2004, were not
disclosed.
    "This project has been carefully and creatively planned,
incorporating community input and integrating sensitive areas and Buck
Lake Park as project amenities," said Jon Rose, President of OPG. "We
are pleased to see its final development placed in the hands of a
capable and experienced local developer."

    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, VP & CFO, 360-697-6626
             Fax 360-697-1156