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Exhibit 10.10

AMENDMENT NO. 9
TO
REAL ESTATE PURCHASE AND SALE AGREEMENT

    THIS AMENDMENT NO. 9 TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this
"Amendment") dated as of June 13, 2001, is made by and between Pope Resources, a
Delaware limited partnership, its wholly owned subsidiary Olympic Property Group
LLC, a Washington limited liability company, and its wholly owned subsidiaries
Olympic Real Estate Development LLC, a Washington limited liability company,
Olympic Real Estate Management, Inc., a Washington corporation, and Olympic
Resorts LLC, a Washington limited liability company (collectively "Seller"), HCV
Pacific Partners LLC, a California limited liability company (or its assigns as
permitted herein) ("Buyer"), and Port Ludlow Associates LLC, a Washington
limited liability company (or its assigns as permitted herein) ("Assignee"),
regarding that certain Real Estate Purchase and Sale Agreement dated January 12,
2001, between Buyer and Seller, as amended by Amendment No. 1 dated February 8,
2001, Amendment No. 2 dated February 14, 2001, Amendment No. 3 dated
February 27, 2001, Amendment No. 4 dated March 26, 2001, Amendment No. 5 dated
May 15, 2001, Amendment No. 6 dated May 18, 2001, Amendment No. 7 dated May 25,
2001, and Amendment No. 8 dated June 1, 2001 (as amended, the "Agreement"), for
the purchase and sale of certain property located in Jefferson and Pierce
Counties, Washington, described therein (the "Property").

    I.  EFFECT OF AMENDMENT.  This Amendment amends and modifies the Agreement.
In the event of any conflict between the Agreement and this Amendment, this
Amendment shall control. Except as contained within the Agreement and this
Amendment, there are no other agreements or understandings between Buyer and
Seller relating to the Property. Capitalized terms not otherwise defined herein
shall have the meanings given them under the Agreement.

    II.  REVIVAL OF AGREEMENT.  The Agreement is hereby revived.

    III.  EXTENSION OF TIME.  In Sections XII and XIII of Amendment No. 5 (as
amended) and in Section 16.9 of the Agreement (as amended), the date "June 8,
2001," is hereby replaced in each instance by the date "June 22, 2001." In
Section XIX of Amendment No. 5 (as amended), the date "June 8, 2001," is hereby
replaced by the date "June 22, 2001."

    IV.  BOND OBLIGATIONS.  A new Section 7.10 is hereby added to the Agreement,
providing as follows:

    7.10  Bond Obligations.  Seller has obtained certain bonds (the "Bonds")
relating to the DNR Lease, the Property, and certain Employees who are licensed
notaries public, for the benefit of certain government agencies. The Bonds are
described on Schedule 7.10. Within thirty (30) days after Closing, Buyer and
Seller shall use best efforts and due diligence to cause the Bonds to be
released to Seller, provided that if any of the Bonds must be replaced by a new
bond obtained by Buyer prior to its release, then Buyer shall be required to
obtain the new bond only if Seller otherwise would be subject to a material
contingent liability under the Bond to be replaced for matters arising after
Closing. In any event, Buyer shall defend, indemnify, and hold Seller harmless
from and against any and all loss, damage, claims, penalties, liability, suits,
costs, and expenses (including, without limitation, reasonable attorneys fees
and costs) suffered or incurred by Seller after Closing arising out of or
related to any act or omission after Closing of Buyer, its agents, contractors,
and employees, bonded against under any of the Bonds.

    V.  ELIMINATION OF CERTAIN SCHEDULES.  References to the following schedules
to the Agreement are hereby deleted: 8.1.1(e)-2, 8.1.1(f), and 16.15.

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    VI.  BUYER'S CONDITIONS PRECEDENT TO CLOSING SATISFIED OR
WAIVED.  Section XI of Amendment No. 5 is amended to provide as follows:

    Seller represents and warrants to Buyer that Seller has caused the
termination of the Hotel Management Agreement dated April 3, 1991, between Pope
Resources and CRG Hospitality, Inc., as amended, under the Termination Agreement
and Release dated March 6, 2001, between Pope Resources and Columbia
Hospitality, Inc., and that Columbia Hospitality, Inc. (f/k/a CRG
Hospitality, Inc.), has vacated the Heron Beach Inn.

    Buyer is satisfied with the results of its inspection of Seller's Documents
and the Real Property. Buyer approves the Preliminary Commitment and the ESM
Survey, provided that if the inability of Buyer or Seller to cause the removal
or modification of any of the matters described on Schedule 3.1 ("Buyer's Title
and Survey Objections") will have a material and adverse effect on the use or
value of the lot or parcel affected by the objection, or if Seller has failed to
use best efforts and due diligence to resolve Buyer's Title and Survey
Objections to Buyer's satisfaction prior to the Closing Date, then Buyer shall
not be obligated to complete its purchase of the Property. Seller shall use best
efforts and due diligence to resolve Buyer's Title and Survey Objections to
Buyer's satisfaction prior to the Closing Date. Seller's inability to resolve
Buyer's Title and Survey Objections to Buyer's satisfaction prior to the Closing
Date shall not constitute a default of Seller under this Agreement, provided
that Seller used best efforts and due diligence to resolve such objections.
After Closing, Seller covenants to cooperate with Buyer and provide reasonable
assurances to Buyer regarding any of Buyer's Title and Survey Objections not
resolved on or before the Closing Date. The second and third paragraphs of
Section 3.1of the Agreement (regarding the process for resolution of title
issues) are hereby deleted.

    All conditions precedent to Buyer's obligation to complete the purchase of
the Property under the Agreement (including without limitation those described
at Sections 3.1, 5.2, 5.6, 5.8, and 5.10 of the Agreement) except those
described at Sections 5.1, 5.3, 5.4, 5.5, 5.7, 5.9, and 5.11 of the Agreement
are hereby declared satisfied or waived by Buyer, provided, however, that if
Seller does not resolve Buyer's Title and Survey Objections to Buyer's
satisfaction prior to the Closing Date, then the Earnest Money shall be returned
to Buyer and the parties shall have no further obligations hereunder except
under those provisions intended to survive the termination of this Agreement.

    VII.  BAY CLUB.  Seller has provided Buyer a copy of the Agreement Regarding
Bay Club dated May 29, 2001, between Olympic Property Group LLC and South Bay
Community Association. Seller represents and warrants to Buyer that Seller has
no current builder, declarant, or developer liabilities or obligations regarding
the Bay Club except as owner of any lot subject to the South Bay Master
Declaration (A.F. No. 325175) as amended.

    VIII.  CONDITION OF PROPERTY.  Section 8.1.1(e) of the Agreement is amended
to provide as follows:

    (e)  Condition of Property.  To Seller's current actual knowledge and except
as set forth on Schedule 8.1.1(e)-1, the Property is free from material defects
that would materially impair the use or value of the Property, ordinary wear and
tear excepted. As used within this section, "material defects" means a defect
resulting in a liability or loss to Buyer of more than One Hundred Thousand
Dollars (US$100,000.00) in each instance and One Million Dollars
(US$1,000,000.00) in the aggregate, which aggregate shall include and be
satisfied by liabilities and losses to Buyer resulting from material defects in
the Property under Section 3.4.3(a) of the Stock Purchase Agreement. The
inclusion of a defect on Schedule 8.1.1(e)-1 does not mean that the defect is
material.

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    IX.  INDEMNIFICATION LIABILITIES.  The first paragraph of Section 11.3of the
Agreement is amended to provide as follows:

    Certain of Seller's Indemnification Liabilities shall be limited as
described in this subsection. Seller's Indemnification Liabilities under
Section 11.2.1(i) above (as to breach of any representation or warranty made
herein, and as to breach of any agreement or covenant to be performed by Seller
at or before Closing) shall apply and be enforced only to the extent that the
aggregate liability or loss to Buyer together with the aggregate liability, loss
or cost to Buyer as Purchaser for the breach by Olympic Property Group LLC of
any representation or warranty made in the Stock Purchase Agreement (except
those relating to environmental matters under Section 3.4.7 therein, those
arising under Section 3.6 therein, and those relating to tax liabilities under
Section 3.3.10 therein) exceeds Fifty Thousand Dollars (US$50,000.00) and is
asserted against or incurred by Buyer within two (2) year after the Closing
Date. Seller's Indemnification Liabilities under Sections 11.2.1(iii) and
11.2.1(iv) above shall apply and be enforced only to the extent that the
liability or loss to Buyer is asserted against or incurred by Buyer within four
(4) years after the Closing Date.

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    Except as expressly amended by this Amendment, the Agreement is hereby
ratified and confirmed and shall take full force and effect.

BUYER:   PORT LUDLOW ASSOCIATES LLC, a Washington limited liability company
 
 
By West Coast Northwest Pacific Partners LLC, a Washington limited liability
company, its manager
 
 
By:
 
/s/ RANDALL J. VERRUE   

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    Print Name:   Randall J. Verrue

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    Its:   President

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Date:
 
6/13/01

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SELLER:
 
POPE RESOURCES L.P., a Delaware limited partnership, by POPE MGP, Inc., a
Delaware corporation, its managing general partner
 
 
By:
 
/s/ GREGORY M. MCCARRY   

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    Print Name:   Gregory M. McCarry

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    Its:   V.P. Real Estate

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Date:
 
6/13/01

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OLYMPIC PROPERTY GROUP LLC, a Washington limited liability company
 
 
By:
 
/s/ GREGORY M. MCCARRY   

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    Print Name:   Gregory M. McCarry

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    Its:   C.O.O.

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Date:
 
6/13/01

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OLYMPIC REAL ESTATE DEVELOPMENT LLC, a Washington limited liability company
 
 
By:
 
/s/ GREGORY M. MCCARRY   

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    Print Name:   Gregory M. McCarry

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    Its:   C.O.O.

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Date:
 
6/13/01

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OLYMPIC REAL ESTATE MANAGEMENT, INC., a Washington corporation     By:   /s/ TOM
GRIFFIN   

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    Print Name:   Tom Griffin

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    Its:   Vice President

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Date:
 
6/13/01

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OLYMPIC RESORTS LLC, a Washington limited liability company
 
 
By:
 
/s/ GREGORY M. MCCARRY   

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    Print Name:   Gregory M. McCarry

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    Its:   Vice President

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Date:
 
6/13/01

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Exhibit 10.10

AMENDMENT NO. 9 TO REAL ESTATE PURCHASE AND SALE AGREEMENT