<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-06-13</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000833795</issuerCik>
        <issuerName>HOMEFED CORP</issuerName>
        <issuerTradingSymbol>HOFD.OB</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001213601</rptOwnerCik>
            <rptOwnerName>CUMMING IAN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>529 EAST SOUTH TEMPLE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SALT LAKE CITY</rptOwnerCity>
            <rptOwnerState>UT</rptOwnerState>
            <rptOwnerZipCode>84102</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, Par Value $.01</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-13</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
            <footnoteId id="F3"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>300000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>463629</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, Par Value $.01</value>
      </securityTitle>
      <transactionDate>
         <value>2003-06-13</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
            <footnoteId id="F3"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>300000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>2783756</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Explanation</value>
            <footnoteId id="F2"/>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> See Exhibit 99.1</footnote>

      <footnote id="F2"> See Exhibit 99.1</footnote>

      <footnote id="F3"> See Exhibit 99.1</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Ian M. Cumming</signatureName>
      <signatureDate>2003-07-22</signatureDate>
   </ownerSignature>
</ownershipDocument>
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X0201
4
2003-06-13
0
0000833795
HOMEFED CORP
HOFD.OB
0001213601
CUMMING IAN M
529 EAST SOUTH TEMPLE
SALT LAKE CITY
UT
84102
1
0
1
0
Common Stock, Par Value $.01
2003-06-13
4
J
0
300000
0
D
463629
D
Common Stock, Par Value $.01
2003-06-13
4
J
0
300000
0
A
2783756
I
See Explanation
See Exhibit 99.1
See Exhibit 99.1
See Exhibit 99.1
Ian M. Cumming
2003-07-22