Home builder Lennar Corp., which largely cashed out of one of the nation's biggest land ventures near the top of the market, is close to a deal to pick up some of the pieces at a significant discount.

Lennar sold much of its interest in the venture, LandSource Communities Development LLC, in February 2007 to the giant pension fund California Public Employees Retirement System and collected about $707 million in cash. LandSource sought bankruptcy protection last June, essentially wiping out much of the Calpers investment.

Wall Street Journal