**EXHIBIT 21.1**

**LIST OF SUBSIDIARIES OF WILLIAM LYON HOMES, A DELAWARE CORPORATION**

William Lyon Homes 

(formerly The Presley Companies) (a Delaware corporation) 

Presley Homes 

(a California corporation) 

California Equity Funding, Inc. 

(a California corporation) 

Sycamore CC, Inc. 

(a California corporation) 

Presley CMR, Inc. 

(a California corporation) 

Duxford Financial, Inc. (formerly Presley Mortgage Company) 

(a California corporation) 

Bayport Mortgage, L.P. 

(a California limited partnership)

California Pacific Mortgage, L.P. 

(aCalifornia limited partnership) 

Duxford Title Reinsurance Company 

(a Vermont corporation) 

PH—LP Ventures 

(a California corporation) 

PH-Rielly Ventures, Inc. 

(a California corporation) 

Silver Creek Preserve

(a California corporation) 

HSP, Inc.

(a California corporation) 

PH Ventures-SanJose 

(a California corporation) 

Lyon Harada,L.P. 

(a Delaware limited partnership) 

CerroPlata Associates, LLC 

(a Delaware limited liability company) 

St. Helena Westminster Estates, LLC 

(a Delaware limited liability company) 

Henry Ranch, LLC 

(a Delaware limited liability company) 

Brentwood Legends, L.P. 

(a Delaware limited partnership) 

Lyon Morgan Creek, L.P. 

(a Delaware limited partnership) 

Hercules Overlook, L.P.

(a Delaware limited partnership) 

WilliamLyon Southwest, Inc. 

(an Arizona corporation) 

PLC/Lyon Waterfront Residential, LLC 

(a Delaware limited liability company) 

Lyon Waterfront, LLC 

(a Delaware limited liability company)

Tustin Villas Partners, LLC 

(a Delawarelimited liability company) 

Tustin Vistas Partners, LLC 

(a Delaware limited liability company) 

Marble Mountain Partners, LLC 

(a Delaware limited liability company) 

East GarrisonPartners I, LLC 

(a California limited liability company) 

Lyon East Garrison Company I, LLC 

(a California limited liability company) 

Spectrum 90 Investors, LLC 

(a Delaware limited liabilitycompany) 

4S Ranch Planning Area 38, LLC 

(aDelaware limited liability company) 

San Miguel Village , LLC 

(a Delaware limited liability company) 

Lyon Treviso, LLC 

(a Delaware limited liability company) 

Covenant HillsP-30A, LLC 

(a Delaware limited liability company) 

 

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Covenant Hills P-30B, LLC 

(a Delaware limited liability company) 

WLH Enterprises (formerly The Ranch Golf Club Co. which was formerly CarmelMountain Ranch) 

(a California general partnership) 

Laguna Big Horn, LLC 

(a Delaware limited liability company) 

Mountain Falls, LLC 

(a Nevada limited liability company) 

Mountain Falls Golf Course, LLC 

(a Nevada limited liabilitycompany) 

Whitney Ranch Village 5, LLC 

(aDelaware limited liability company) 

Queen Creek Joint Venture, LLC 

(an Arizona limited liability company) 

The Ranch Golf Club, LLC 

(a California limited liability company) 

Lyon Vista Del Mar533, LLC 

(a Delaware limited liability company) 

Circle G at the Church Farm North Joint Venture, LLC 

(an Arizona limited liability company) 

WLH/WB Rainbow Valley Properties JV, LLC 

(an Arizonalimited liability company) 

Duxford Insurance, LLC 

(a California limited liability company) 

Moffet Meadows Partners, LLC 

(a Delaware Limited Liability Company) 

Duxford Escrow, Inc.

(a California Corporation) 

Lyon Montecito,LLC. 

(a California Limited Liability Company) 

Nobar Water Company 

(a California Company) 

 

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