<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-05-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000096223</issuerCik>
        <issuerName>LEUCADIA NATIONAL CORP</issuerName>
        <issuerTradingSymbol>LUK</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001219722</rptOwnerCik>
            <rptOwnerName>JORDAN JAMES E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11 FIFTH AVENUE, APT. 5E</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10003</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option to Purchase Common Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-05-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-05-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The stock options were granted under the Leucadia National Corporation 1999 Stock Option Plan, as amended.  Pursuant to their
 terms, these options become exercisable at the rate of 25% per year commencing one year after the date of grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James E. Jordan</signatureName>
        <signatureDate>2007-05-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0202
4
2007-05-15
0
0000096223
LEUCADIA NATIONAL CORP
LUK
0001219722
JORDAN JAMES E
11 FIFTH AVENUE, APT. 5E
NEW YORK
NY
10003
1
0
0
0
Option to Purchase Common Shares
33.50
2007-05-15
4
A
0
2000
0
A
2012-05-15
Common Shares
2000
2000
D
The stock options were granted under the Leucadia National Corporation 1999 Stock Option Plan, as amended.  Pursuant to their
 terms, these options become exercisable at the rate of 25% per year commencing one year after the date of grant.
/s/ James E. Jordan
2007-05-15