<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-07-09</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000833795</issuerCik>
        <issuerName>HOMEFED CORP</issuerName>
        <issuerTradingSymbol>HFDC</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001213601</rptOwnerCik>
            <rptOwnerName>CUMMING IAN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
       </reportingOwnerRelationship>
   </reportingOwner>
   <derivativeSecurity>
      <securityTitle>
         <value>Stock Options (Right to Buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>2.74</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-07-09</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>1000</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2004-07-09</value>
            <footnoteId id="F2"/>
      </exerciseDate>
      <expirationDate>
         <value>2008-07-09</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>1000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeSecurity>
   <footnotes>
<footnote id="F1"> The options awards being reported on this Form 4 were granted pursuant to HomeFed Corporation's 1999 Stock Incentive Plan.</footnote>

<footnote id="F2"> The options vest at the rate of 25% per year, commencing on July 9, 2004.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Ian M. Cumming</signatureName>
      <signatureDate>2003-07-09</signatureDate>
   </ownerSignature>
</ownershipDocument>
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X0101
4
2003-07-09
0
0000833795
HOMEFED CORP
HFDC
0001213601
CUMMING IAN M
1
0
0
0
Stock Options (Right to Buy)
2.74
2003-07-09
4
A
0
1000
0
A
2004-07-09
2008-07-09
Common Stock
1000
1000
D
The options awards being reported on this Form 4 were granted pursuant to HomeFed Corporation's 1999 Stock Incentive Plan.
The options vest at the rate of 25% per year, commencing on July 9, 2004.
Ian M. Cumming
2003-07-09