SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             ----------------------

                                  SCHEDULE 13G*
                                 (Rule 13d-102)

                               (Amendment No. 3)*

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13d-2(b)

                               LENNAR CORPORATION
                                (Name of Issuer)

                              Class B Common Stock
                         (Title of Class of Securities)

                                    526057302
                                 (CUSIP Number)

                                December 31, 2007
             (Date of event which requires filing of this statement)

      Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:

      |_|  Rule 13d-1(b)
      |X|  Rule 13d-1(c)
      |_|  Rule 13d-1(d)


                              (Page 1 of 12 Pages)

----------
      *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

      The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).



CUSIP No. 526057302                    13G                          Page 2 of 12
--------------------------------------------------------------------------------
1.    NAME OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

      The Ospraie Portfolio Ltd.
--------------------------------------------------------------------------------
2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**                 (a) |_|
                                                                         (b) |X|

--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      Cayman Islands
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     0
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        3,025,000
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            0
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     3,025,000
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,025,000
--------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** |_|


--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      9.67%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON**

      CO
--------------------------------------------------------------------------------



CUSIP No. 526057302                    13G                          Page 3 of 12
--------------------------------------------------------------------------------
1.    NAME OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

      Ospraie Management, LLC
--------------------------------------------------------------------------------
2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**                 (a) |_|
                                                                         (b) |X|

--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     0
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        3,025,000
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            0
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     3,025,000
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,025,000
--------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** |_|

--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      9.67%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON**

      OO
--------------------------------------------------------------------------------



CUSIP No. 526057302                    13G                          Page 4 of 12
--------------------------------------------------------------------------------
1.    NAME OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

      Ospraie Holding I, L.P.
--------------------------------------------------------------------------------
2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**                 (a) |_|
                                                                         (b) |X|

--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     0
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        3,025,000
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            0
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     3,025,000
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,025,000
--------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** |_|


--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      9.67%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON**

      PN
--------------------------------------------------------------------------------



CUSIP No. 526057302                    13G                          Page 5 of 12
--------------------------------------------------------------------------------
1.    NAME OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

      Ospraie Management, Inc.
--------------------------------------------------------------------------------
2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**                 (a) |_|
                                                                         (b) |X|

--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     0
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        3,025,000
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            0
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     3,025,000
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,025,000
--------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** |_|


--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      9.67%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON**

      CO
--------------------------------------------------------------------------------



CUSIP No. 526057302                    13G                          Page 6 of 12
--------------------------------------------------------------------------------
1.    NAME OF REPORTING PERSONS
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

      Dwight Anderson
--------------------------------------------------------------------------------
2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**                 (a) |_|
                                                                         (b) |X|

--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      United States
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     0
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        3,025,000
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            0
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     3,025,000
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,025,000
--------------------------------------------------------------------------------
10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** |_|


--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      9.67%
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON**

      IN
--------------------------------------------------------------------------------


                                                                    Page 7 of 12


Item 1(a). Name of Issuer:

      The name of the issuer is LENNAR CORPORATION (the "Company")

Item 1(b). Address of Issuer's Principal Executive Offices:

      The Company's principal executive offices are located at 700 Northwest
107th Avenue, Miami, Florida 33172.

Item 2(a). Name of Person Filing:

      This statement is filed by:

            (i)   The Ospraie Portfolio Ltd., a Cayman Islands exempted company
                  ("Portfolio"), with respect to the Common Shares held by it;

            (ii)  Ospraie Management, LLC, a Delaware limited liability company
                  ("Investment Manager"), which serves as investment manager to
                  Portfolio, with respect to the shares of Common Stock directly
                  owned by Portfolio;

            (iii) Ospraie Holding I, L.P., a Delaware limited partnership
                  ("Ospraie Holding"), which serves as the managing member of
                  Investment Manager, with respect to the shares of Common Stock
                  directly owned by Portfolio;

            (iv)  Ospraie Management, Inc., a Delaware corporation ("Ospraie
                  Management"), which serves as the general partner of Ospraie
                  Holding, with respect to the shares of Common Stock directly
                  owned by Portfolio; and

            (v)   Dwight Anderson ("Mr. Anderson"), the president and sole
                  shareholder of Ospraie Management, with respect to the shares
                  of Common Stock directly owned by Portfolio.

            The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons." Any disclosures herein with respect to
persons other than the Reporting Persons are made on information and belief
after making inquiry to the appropriate party.

Item 2(b). Address of Principal Business Office or, if None, Residence:

      The address of the business office of each of the Reporting Persons other
than Portfolio is 320 Park Avenue, 27th Floor, New York, New York 10022, U.S.A.
The address of the office of Portfolio is c/o M&C Corporate Services Limited, PO
Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands.

Item 2(c). Citizenship:

      Portfolio is a Cayman Islands exempted company. Investment Manager is a
limited liability company organized under the laws of the State of Delaware.
Ospraie Holding is a limited partnership organized under the laws of the State
of Delaware. Ospraie Management is a corporation organized under the laws of the
State of Delaware. Mr. Anderson is a United States citizen.


                                                                    Page 8 of 12


Item 2(d). Title of Class of Securities:

      Common Stock.

Item 2(e). CUSIP Number:

      526057302

Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:

          (a) [ ]   Broker or dealer registered under Section 15 of the Act,

          (b) [ ]   Bank as defined in Section 3(a)(6) of the Act,

          (c) [ ]   Insurance Company as defined in Section 3(a)(19) of the
                    Act,

          (d) [ ]   Investment Company registered under Section 8 of the
                    Investment Company Act of 1940,

          (e) [ ]   Investment Adviser in accordance with Rule
                    13d-1 (b)(1)(ii)(E),

          (f) [ ]   Employee Benefit Plan or Endowment Fund in accordance
                    with 13d-1 (b)(1)(ii)(F),

          (g) [ ]   Parent Holding Company or control person in accordance
                    with Rule 13d-1 (b)(1)(ii)(G),

          (h) [ ]   Savings Association as defined in Section 3(b) of the
                    Federal Deposit Insurance Act,

          (i) [ ]   Church Plan that is excluded from the definition of an
                    investment company under Section 3(c)(14) of the
                    Investment Company Act of 1940,

          (j) [ ]   Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

      If this statement is filed pursuant to Rule 13d-1(c), check the box.[X]

Item 4. Ownership.

A.    The Ospraie Portfolio Ltd.

      (a) Amount beneficially owned: 3,025,000 shares of Common Stock. The
filing of this statement shall not be deemed an admission that Portfolio
beneficially owns any shares of Common Stock as determined under Section 13(d)
of the Securities Exchange Act of 1934 or the regulations promulgated
thereunder.

      (b) Percent of Class: 9.67%. The percentages used herein are calculated
based upon 31,268,086 shares of Common Stock outstanding.

      (c) Number of shares as to which such person has:


                                                                    Page 9 of 12


               (i) sole power to vote or direct the vote:                      0
              (ii) shared power to vote or direct the vote:            3,025,000
             (iii) sole power to dispose or direct the disposition:            0
              (iv) shared power to dispose or direct the disposition:  3,025,000

B. Ospraie Management, LLC

             (a) Amount beneficially owned:  3,025,000 shares of Common Stock.
             (b) Percent of class:  9.67%
             (c) Number of shares as to which such person has:
                (i) Sole power to vote or direct the vote: 0
               (ii) Shared power to vote or direct the vote:  3,025,000
              (iii) Sole power to dispose or direct the disposition:  0
               (iv) Shared power to dispose or direct the disposition: 3,025,000

C. Ospraie Holding I, L.P.

             (a) Amount beneficially owned:  3,025,000 shares of Common Stock.
             (b) Percent of class: 9.67%
             (c) Number of shares as to which such person has:
                (i) Sole power to vote or direct the vote: 0
               (ii) Shared power to vote or direct the vote: 3,025,000
              (iii) Sole power to dispose or direct the disposition:  0
               (iv) Shared power to dispose or direct the disposition: 3,025,000

D. Ospraie Management, Inc.

             (a) Amount beneficially owned:  3,025,000 shares of Common Stock.
             (b) Percent of class: 9.67%
             (c) Number of shares as to which such person has:
                (i) Sole power to vote or direct the vote:  0
               (ii) Shared power to vote or direct the vote:  3,025,000
              (iii) Sole power to dispose or direct the disposition:   0
               (iv) Shared power to dispose or direct the disposition: 3,025,000

E. Dwight Anderson

             (a) Amount beneficially owned:  3,025,000 shares of Common Stock.
             (b) Percent of class: 9.67%
             (c) Number of shares as to which such person has:
               (i) Sole power to vote or direct the vote:  0
              (ii) Shared power to vote or direct the vote: 3,025,000
             (iii) Sole power to dispose or direct the disposition:  0
              (iv) Shared power to dispose or direct the disposition: 3,025,000

Item 5. Ownership of Five Percent or Less of a Class.

      Not applicable.


                                                                   Page 10 of 12


Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Investment Manager, in its capacity as the investment manager to Portfolio, has
the power to direct the investment activities of Portfolio, including decisions
with respect to the disposition of the proceeds from the sale of Common Stock.
Ospraie Holding is the managing member of the Investment Manager and in that
capacity directs its operations. Ospraie Management is the general partner of
Ospraie Holding and in that capacity directs its operations. Mr. Anderson is the
president and sole shareholder of Ospraie Management and in that capacity,
directs its operations. The shareholders of Portfolio have the right to receive
dividends from, or proceeds from the sale of, shares of Common Stock held by
Portfolio in accordance with their ownership interests in Portfolio.

Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control Person.

      Not applicable.

Item 8. Identification and Classification of Members of the Group.

      See Item 2. The Reporting Persons disclaim the existence of a group with
one another.

Item 9. Notice of Dissolution of Group.

      Not applicable.

Item 10. Certification.

      Each of the Reporting Persons hereby makes the following certification:

            By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.


                                                                   Page 11 of 12


                                   SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

DATED: February 14, 2008

                                       OSPRAIE MANAGEMENT, LLC

                                       By:  Ospraie Holding I, L.P.,
                                            its Managing Member

                                       By:  Ospraie Management, Inc.,
                                            its General Partner

                                       By:  /s/ Kirk Rule
                                            --------------------------
                                            Kirk Rule
                                            Authorized Signatory


                                       OSPRAIE HOLDING I, L.P.

                                       By:  Ospraie Management, Inc.,
                                            its General Partner

                                       By:  /s/ Kirk Rule
                                            --------------------------
                                            Kirk Rule
                                            Authorized Signatory


                                       OSPRAIE MANAGEMENT, INC.,

                                       By:  /s/ Kirk Rule
                                            --------------------------
                                            Kirk Rule
                                            Authorized Signatory


                                       THE OSPRAIE PORTFOLIO LTD.

                                       By:  Ospraie Management, LLC,
                                            its Investment Manager

                                       By:  Ospraie Holding I, L.P.,
                                            its Managing Member

                                       By:  Ospraie Management, Inc.,
                                            its General Partner

                                       By:  /s/ Kirk Rule
                                            --------------------------
                                            Kirk Rule
                                            Authorized Signatory


                                                                   Page 12 of 12


                                       DWIGHT ANDERSON

                                       By:  /s/ Kirk Rule
                                            --------------------------
                                            Kirk Rule, Attorney-in-fact



                                  EXHIBIT INDEX

Exhibit 99.1 -    Joint Filing Agreement

Exhibit 99.2 -    Power of Attorney, dated December 13, 2006, granted by Dwight
                  Anderson in favor of Kirk Rule, Eric Vincent and Michael
                  Fischer (incorporated by reference to Exhibit 99.1 of the
                  Schedule 13G amendment filed by the reporting persons (other
                  than Portfolio) on February 8, 2007 with respect to Lennar
                  Corporation).