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Exhibit 10.7

AMENDMENT NO. 6
TO
REAL ESTATE PURCHASE AND SALE AGREEMENT

    THIS AMENDMENT NO. 6 TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this
"Amendment") dated as of May 18, 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, and Amendment No. 5
dated May 15, 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.  EXTENSION OF TIME.  In Sections XII and XIII of Amendment No. 5 and in
Section 16.9 of the Agreement (as amended by Section XVI of Amendment No. 5),
the date "May 18, 2001," is hereby replaced in each instance by the date
"May 25, 2001." In Section XIX of Amendment No. 5, the date "May 22, 2001," is
hereby replaced by the date "May 25, 2001."

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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 & CEO

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Date:
 
5/18/01

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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:
 
5/18/01

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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:
 
5/18/01

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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:
 
5/18/01

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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:
 
5/18/01

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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:   C.O.O.

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Date:
 
5/18/01

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Exhibit 10.7

AMENDMENT NO. 6 TO REAL ESTATE PURCHASE AND SALE AGREEMENT