EXHIBIT 99.1

                             SUMMARY OF THE RIGHTS

   The Board of Directors of Standard Pacific Corp. (the "Company") has
approved the adoption of a Rights Agreement effective as of December 31, 2001.
Pursuant to the Rights Agreement, the Board authorized and declared a dividend
of one preferred stock purchase right (a "Right") for each share of common
stock, par value $.01 per share, of the Company (the "Common Shares"), payable
to the holders of record of Common Shares as of the close of business on
December 31, 2001 (the "Record Date").

   The Rights replace the preferred stock purchase rights previously issued by
the Company in 1991 under a prior rights agreement. The previously issued
rights expire on December 31, 2001.

   The following is a brief description of the Rights. It is intended to
provide a general description only and is qualified in its entirety by
reference to the Rights Agreement, effective as of December 31, 2001, between
the Company and EquiServe Trust Company, N.A. (the "Rights Agreement"), which
has been filed as an exhibit to the Company's Registration Statement on Form
8-A filed with the Securities and Exchange Commission on December 28, 2001.

   1. Common Share Certificates Representing Rights

   Until the Distribution Date (as defined in Section 2 below), (a) the Rights
shall not be exercisable, (b) the Rights shall be attached to and trade only
together with the Common Shares and (c) the stock certificates representing
Common Shares also shall represent the Rights attached to such Common Shares.
Common Share certificates issued after the Record Date and prior to the
Distribution Date shall contain a notation incorporating the Rights Agreement
by reference. Holders of certificates representing Common Shares issued prior
to the Record Date should keep a copy of this Summary of Rights with such
certificates. Until the Distribution Date, the surrender for transfer of any
certificates for Common Shares outstanding as of the Record Date, even without
the notation incorporating the Rights Agreement by reference or a copy of this
Summary of Rights being attached thereto, will also constitute the transfer of
the Rights.

   2. Distribution Date

   The "Distribution Date" is the earliest of:

      (a) the tenth business day (or such later day as shall be designated by
   the Board of Directors) following the date of the commencement of, or the
   announcement of an intention to make, a tender offer or exchange offer, the
   consummation of which would cause any person to become a 15% Stockholder (as
   defined below);

      (b) the tenth business day following the date of the first public
   announcement that any person (other than the Company or certain related
   entities) has become the beneficial owner of 15% or more of the Company's
   then outstanding voting shares (such person is a "15% Stockholder" and the
   date of such public announcement is the "15% Ownership Date"); or

      (c) the first date, on or after the 15% Ownership Date, (i) upon which
   the Company is acquired in a merger or other business combination in which
   the Company is not the surviving corporation, or (ii) upon which the Company
   is the surviving corporation in a merger or business combination in which
   all or part of the outstanding Common Shares are changed into or exchanged
   for stock or assets of another person, or (iii) upon which 50% or more of
   the Company's consolidated assets or earning power are sold (other than in
   transactions in the ordinary course of business).



   In calculating the percentage of outstanding voting shares that are
beneficially owned by any person, such person shall be deemed to beneficially
own any voting shares issuable upon the exercise, exchange or conversion of any
options, warrants or other securities (other than the Rights) beneficially
owned by such person; provided, however, that such voting shares issuable upon
such exercise shall not be deemed outstanding for the purpose of calculating
the percentage of voting shares that are beneficially owned by any other person.

   Upon the close of business of the Distribution Date, the Rights shall
separate from the Common Shares, Right certificates shall be issued and the
Rights shall become exercisable to purchase Preferred Shares as described in
Section 5 below.

   3. Issuance of Right Certificates

   As soon as practicable following the Distribution Date, separate
certificates representing only Rights shall be mailed to the holders of record
of Common Shares at the close of business on the Distribution Date, and such
separate Right certificates alone shall represent the Rights from and after the
Distribution Date.

   4. Expiration of Rights

   The Rights shall expire on December 31, 2011 (the "Expiration Date"), unless
earlier redeemed or exchanged, unless prior to the Expiration Date the
Distribution Date has occurred and the Rights have separated from the Common
Shares, in which case the Rights will remain outstanding for ten years from the
date they separate.

   5. Exercise of Rights

   Unless the Rights have expired or been redeemed or exchanged, they may be
exercised, at the option of the holders, pursuant to paragraphs (a), (b) or (c)
below. No Right may be exercised more than once or pursuant to more than one of
such paragraphs. From and after the first event of the type described in
paragraphs (b) or (c) below, each Right that is beneficially owned by a 15%
Stockholder or that was attached to a Common Share that is subject to an option
beneficially owned by a 15% Stockholder shall be void.

      (a) Right to Purchase Preferred Shares. From and after the close of
   business on a Distribution Date pursuant to Section 2(a) above, each Right
   shall be exercisable to purchase one one-hundredth (1/100) of a share of
   Series A Junior Participating Cumulative Preferred Stock, par value $.01 per
   share, of the Company (the "Preferred Shares"), at an exercise price of
   $115.00 (One Hundred Fifteen Dollars), as the same may be adjusted pursuant
   to the terms of the Rights Agreement (the "Exercise Price"). Prior to the
   Distribution Date, the Company may substitute for all or any portion of the
   Preferred Shares that would otherwise be issuable upon exercise of the
   Rights, cash, other securities of the Company or other property having the
   same aggregate value as such Preferred Shares. The Preferred Shares are
   nonredeemable and, unless otherwise provided in connection with the creation
   of a subsequent series of preferred stock, are subordinate to any other
   series of the Company's preferred stock whether issued before or after the
   issuance of the Preferred Shares. The Preferred Shares may not be issued
   except upon exercise of Rights. A holder of a Preferred Share is entitled to
   receive when, as and if declared, the greater of (i) cash and non-cash
   dividends in an amount equal to 100 times the aggregate dividends declared
   on each Common Share or (ii) a preferential annual dividend of $1.00 per
   Preferred Share ($.01 per one one-hundredth (1/100) of a Preferred Share).
   In the event of liquidation, the holders of Preferred Shares shall be
   entitled to receive a liquidation payment in an amount equal to the greater
   of (1) $1.00 per Preferred Share ($.01 per one one-hundredth (1/100) of a
   Preferred Share), plus all accrued and unpaid dividends and distributions on
   the Preferred Shares, or (2) an amount equal to 100 times the aggregate
   amount to be distributed per Common Share. Each Preferred Share has one
   hundred (100) votes per share (one vote per one one-hundredth (1/100) of a
   Preferred Share), voting together with the Common Shares. In the event of
   any merger, consolidation or other transaction in which Common Shares are
   exchanged, the holder of a Preferred Share shall be entitled

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   to receive 100 times the amount received per Common Share. The rights of the
   Preferred Shares as to dividends, voting and liquidation preferences are
   protected by antidilution provisions. It is anticipated that the value of
   one one-hundredth (1/100) of a Preferred Share should approximate the value
   of one Common Share.

      (b) Right to Purchase Common Shares of the Company. From and after the
   close of business on the tenth business day following the 15% Ownership
   Date, each Right (other than a Right that has become void) shall be
   exercisable to purchase, at the Exercise Price (initially $115.00), Common
   Shares with a market value equal to two times the Exercise Price. If the
   Company does not have sufficient Common Shares available for all Rights to
   be exercised, the Company shall substitute for the applicable portion of the
   Common Shares that would otherwise be issuable upon the exercise of the
   Rights, cash, assets or other securities (such as one-hundredths of a
   Preferred Share) having the same aggregate value as such Common Shares.

      (c) Right to Purchase Common Stock of a Successor Corporation. If, on or
   after the 15% Ownership Date, (i) the Company is acquired in a merger or
   other business combination in which the Company is not the surviving
   corporation, (ii) the Company is the surviving corporation in a merger or
   other business combination in which all or part of the outstanding Common
   Shares are changed into or exchanged for stock or assets of another person
   or (iii) 50% or more of the Company's consolidated assets or earning power
   are sold (other than in transactions in the ordinary course of business),
   then each Right (other than a Right that has become void) shall thereafter
   be exercisable to purchase, at the Exercise Price (initially $115.00),
   shares of common stock of the surviving corporation, other persons issuing
   stock or assets, or the purchaser, respectively (the "Surviving Person"),
   with an aggregate market value equal to two times the Exercise Price.

   6. Adjustments to Prevent Dilution

   The Exercise Price, the Redemption Price (as defined below), the number of
outstanding Rights and the number of Preferred Shares or Common Shares issuable
upon exercise of the Rights are subject to adjustment from time to time in
order to prevent dilution.

   7. Cash Paid Instead of Issuing Fractional Securities

   The Company shall not be obligated to issue any fractional securities upon
exercise of a Right (other than fractions of Preferred Shares that are integral
multiples of one one-hundredth of a Preferred Share and that may, at the
election of the Company, be evidenced by depositary receipts) and in lieu
thereof, an adjustment in cash may be made based on the market price of such
securities on the last trading date prior to the date of exercise.

   8. Redemption

   At any time prior to the earliest of (a) the tenth business day following
the 15% Ownership Date (b) the first event of the type giving rise to exercise
rights under Section 5(c) above, and (c) the expiration of the Rights, the
Board of Directors may, at its option, direct the Company to redeem the then
outstanding Rights in whole, but not in part, at a price of $.001 per Right, as
the same may be adjusted pursuant to the terms of the Rights Agreement (the
"Redemption Price"), and the Company shall so redeem the Rights. Immediately
upon such action by the Board of Directors (the date of such action being the
"Redemption Date"), the only right of the holders of Rights thereafter shall be
to receive the Redemption Price.

   9. Exchange

   At any time during the period of 180 days after the tenth business day
following the 15% Ownership Date, the Board of Directors of the Company may, at
its option, authorize and direct the exchange of all, but not less than all, of
the then outstanding Rights (other than Rights that have become void) for
Common Shares, one one-hundredths of Preferred Shares, debt securities of the
Company, other property or any combination of the

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foregoing, which, as of the date of the Board of Directors' action, has a
current market price equal to the difference between the current market price
of the shares that would otherwise be issuable upon exercise of a Right on such
date and the Exercise Price (the "Exchange Ratio"), and the Company shall so
exchange the Rights. Immediately upon such action by the Board of Directors,
the right to exercise Rights shall terminate and the only right of the holders
of Rights thereafter shall be to receive the securities or other property so
designated by the Board of Directors in accordance with the Exchange Ratio.

   10. No Stockholder Rights Prior to Exercise

   Until a Right is duly exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company (other than rights resulting from such
holder's ownership of Common Shares, if any), including, without limitation,
the right to vote or to receive dividends.

   11. Amendment of Rights Agreement

   The Board of Directors may, from time to time, without the approval of any
holder of Rights, direct the Company and the Rights Agent to supplement or
amend any provision of the Rights Agreement in any manner, whether or not such
supplement or amendment is adverse to any holder of Rights, and the Company and
the Rights Agent shall so supplement or amend such provision; provided,
however, that from and after the earliest of (a) the tenth business day
following the 15% Ownership Date, (b) the first event of the type giving rise
to exercise rights under Section 5(c) above, (c) the Redemption Date, and (d)
the Expiration Date, the Rights Agreement cannot be supplemented or amended in
any manner that would materially and adversely affect any holder of outstanding
Rights other than a 15% Stockholder or a Surviving Person.

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