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Exhibit 10.11

AMENDMENT NO. 10

TO

REAL ESTATE PURCHASE AND SALE AGREEMENT

    THIS AMENDMENT NO. 10 TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this
"Amendment") dated as of June 22, 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, Amendment No. 8 dated June 1, 2001, and Amendment No. 9 dated June 13,
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 (as
amended) and in Section 16.9 of the Agreement (as amended), the date "June 22,
2001," is hereby replaced in each instance by the date "June 29, 2001." In
Section XIX of Amendment No. 5 (as amended), the date "June 22, 2001," is hereby
replaced by the date "June 29, 2001."

    II.  CLOSING DATE.  Section 7.1 of the Agreement is amended to provide as
follows:

The Closing hereunder (the "Closing" or the "Closing Date") shall be held at the
offices of Davis Wright Tremaine LLP in Seattle, Washington, on June 27, 2001,
or earlier upon the mutual agreement of Buyer and Seller. The Closing Date shall
be postponed to the extent necessary (a) to enable Seller to provide all
governmental and third-party notices at least two (2) business days prior to the
Closing Date, (b) to enable Seller to obtain all governmental and third-party
consents required under the DNR Lease, the Contracts, and all applicable laws,
regulations, and ordinances, at least two (2) business days prior to the Closing
Date, (c) to enable Buyer to obtain new temporary retail liquor licenses under
applicable statutes to permit the sale of liquor at the Harbormaster Restaurant,
Heron Beach Inn, Port Ludlow Marina, and Port Ludlow Golf Course after Closing;
(d) to allow for the satisfaction or waiver of all remaining conditions
precedent to Closing, provided, however, that the Closing Date shall not be
postponed beyond June 29, 2001, except upon the prior written approval of Buyer
and Seller.

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

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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:   6/22/01

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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 Estates

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Date:
 
6/22/01

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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:
 
6/22/01

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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:
 
6/22/01

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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:
 
6/22/01

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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:
 
6/22/01

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Exhibit 10.11

AMENDMENT NO. 10 TO REAL ESTATE PURCHASE AND SALE AGREEMENT