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

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000833795</issuerCik>
        <issuerName>HOMEFED CORP</issuerName>
        <issuerTradingSymbol>HOFD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000924255</rptOwnerCik>
            <rptOwnerName>STEINBERG JOSEPH S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O LEUCADIA NATIONAL CORP</rptOwnerStreet1>
            <rptOwnerStreet2>315 PARK AVENUE SOUTH</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman of the Board</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>716151</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2477802</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Explanations</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes 3,676 shares of HomeFed stock beneficially owned by Mr. Steinberg's wife and daughter, as to which Mr. Steinberg may be deemed the beneficial owner.</footnote>
        <footnote id="F2">On October 21, 2002, Leucadia National Corporation (&quot;Leucadia&quot;), a public company, acquired 2,474,226 shares of HomeFed common stock (the &quot;Acquired HomeFed Stock&quot;), $0.01 par value per share.  Joseph S. Steinberg is a significant shareholder, President and director of Leucadia.  Joseph S. Steinberg disclaims beneficial ownership of the Acquired HomeFed Stock, except to the extent of his pecuniary interest, if any.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Joseph S. Steinberg</signatureName>
        <signatureDate>2004-04-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0201
4
2004-03-18
0
0000833795
HOMEFED CORP
HOFD
0000924255
STEINBERG JOSEPH S
C/O LEUCADIA NATIONAL CORP
315 PARK AVENUE SOUTH
NEW YORK
NY
10010
1
1
1
0
Chairman of the Board
Common Stock, par value $0.01 per share
2004-03-18
5
G
0
100
0
D
716151
D
Common Stock, par value $0.01 per share
2477802
I
See Explanations
Includes 3,676 shares of HomeFed stock beneficially owned by Mr. Steinberg's wife and daughter, as to which Mr. Steinberg may be deemed the beneficial owner.
On October 21, 2002, Leucadia National Corporation ("Leucadia"), a public company, acquired 2,474,226 shares of HomeFed common stock (the "Acquired HomeFed Stock"), $0.01 par value per share.  Joseph S. Steinberg is a significant shareholder, President and director of Leucadia.  Joseph S. Steinberg disclaims beneficial ownership of the Acquired HomeFed Stock, except to the extent of his pecuniary interest, if any.
Joseph S. Steinberg
2004-04-05