Lone Pine Capital LLC, et al. – ‘SC 13G’ on 5/21/99 re: Kennedy Wilson Inc

As of:  Friday, 5/21/99   ·   Accession #:  902664-99-372   ·   File #:  5-42796

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Statement of Beneficial Ownership   —   Schedule 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G      Statement of Beneficial Ownership                     11±    44K 

Document Table of Contents

SECURITIES & EXCHANGE COMMISSION  
Washington, D.C. 20549    
______________________    

SCHEDULE 13G* 
(Rule 13d-102)  

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)

Kennedy-Wilson, Inc.  
(Name of Issuer)  

Common Stock  
(Title of Class of Securities)  

489399204   
(CUSIP Number)  

May 12, 1999  
(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. 489399204                 13G                    Page 2 of 12 Pages   

____________________________________________________________________________    
(1)    NAMES OF REPORTING PERSONS                                     
I.R.S. IDENTIFICATION NO.                               
OF ABOVE PERSONS (ENTITIES ONLY)                        
                       Lone Spruce, L.P.
_____________________________________________________________________________   
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **            
                                                            (a)  [X]
                                                            (b)  [ ]
_____________________________________________________________________________   
(3)    SEC USE ONLY                                                   
_____________________________________________________________________________   
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION                           
Delaware                
_____________________________________________________________________________   
NUMBER OF      (5)  SOLE VOTING POWER                                           
                   -0-
SHARES         ______________________________________________________________   

BENEFICIALLY   (6)  SHARED VOTING POWER                                         
                        17,440
OWNED BY       ___________________________________________________________      

EACH           (7)  SOLE DISPOSITIVE POWER                                      
                   -0-
REPORTING      ______________________________________________________________   

PERSON WITH    (8)  SHARED DISPOSITIVE POWER                                    
                        17,440
_____________________________________________________________________________   
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED                           
BY EACH REPORTING PERSON                              
                        17,440
_____________________________________________________________________________   
(10)    CHECK BOX IF THE AGGREGATE AMOUNT                             
         IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
_____________________________________________________________________________   
(11)    PERCENT OF CLASS REPRESENTED                                  
BY AMOUNT IN ROW (9)                                  
                     0.26%
_____________________________________________________________________________   
(12)    TYPE OF REPORTING PERSON **                                   
                    PN
_____________________________________________________________________________   
** SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP No. 489399204                 13G                    Page 3 of 12 Pages   

____________________________________________________________________________    
(1)    NAMES OF REPORTING PERSONS                                     
I.R.S. IDENTIFICATION NO.                               
OF ABOVE PERSONS (ENTITIES ONLY)                        
                       Lone Balsam, L.P.
_____________________________________________________________________________   
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **            
                                                            (a)  [X]
                                                            (b)  [ ]
_____________________________________________________________________________   
(3)    SEC USE ONLY                                                   
_____________________________________________________________________________   
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION                           
Delaware                
_____________________________________________________________________________   
NUMBER OF      (5)  SOLE VOTING POWER                                           
                   -0-
SHARES         ______________________________________________________________   

BENEFICIALLY   (6)  SHARED VOTING POWER                                         
                        44,145
OWNED BY       ___________________________________________________________      

EACH           (7)  SOLE DISPOSITIVE POWER                                      
                   -0-
REPORTING      ______________________________________________________________   

PERSON WITH    (8)  SHARED DISPOSITIVE POWER                                    
                        44,145
_____________________________________________________________________________   
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED                           
BY EACH REPORTING PERSON                              
                        44,145
_____________________________________________________________________________   
(10)    CHECK BOX IF THE AGGREGATE AMOUNT                             
         IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
_____________________________________________________________________________   
(11)    PERCENT OF CLASS REPRESENTED                                  
BY AMOUNT IN ROW (9)                                  
                     0.65%
_____________________________________________________________________________   
(12)    TYPE OF REPORTING PERSON **                                   
                    PN
_____________________________________________________________________________   
** SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP No. 489399204                 13G                    Page 4 of 12 Pages   

____________________________________________________________________________    
(1)    NAMES OF REPORTING PERSONS                                     
I.R.S. IDENTIFICATION NO.                               
OF ABOVE PERSONS (ENTITIES ONLY)                        
                        Lone Sequoia, L.P.
_____________________________________________________________________________   
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **            
                                                            (a)  [X]
                                                            (b)  [ ]
_____________________________________________________________________________   
(3)    SEC USE ONLY                                                   
_____________________________________________________________________________   
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION                           
Delaware                
_____________________________________________________________________________   
NUMBER OF      (5)  SOLE VOTING POWER                                           
                   -0-
SHARES         ______________________________________________________________   

BENEFICIALLY   (6)  SHARED VOTING POWER                                         
                        38,150
OWNED BY       ___________________________________________________________      

EACH           (7)  SOLE DISPOSITIVE POWER                                      
                   -0-
REPORTING      ______________________________________________________________   

PERSON WITH    (8)  SHARED DISPOSITIVE POWER                                    
                        38,150
_____________________________________________________________________________   
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED                           
BY EACH REPORTING PERSON                              
                        38,150
_____________________________________________________________________________   
(10)    CHECK BOX IF THE AGGREGATE AMOUNT                             
         IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
_____________________________________________________________________________   
(11)    PERCENT OF CLASS REPRESENTED                                  
BY AMOUNT IN ROW (9)                                  
                     0.56%
_____________________________________________________________________________   
(12)    TYPE OF REPORTING PERSON **                                   
                    PN
_____________________________________________________________________________   
** SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP No. 489399204                 13G                    Page 5 of 12 Pages   

____________________________________________________________________________    
(1)    NAMES OF REPORTING PERSONS                                     
I.R.S. IDENTIFICATION NO.                               
OF ABOVE PERSONS (ENTITIES ONLY)                        
                              Lone Pine Associates LLC
_____________________________________________________________________________   
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **            
                                                            (a)  [X]
                                                            (b)  [ ]
_____________________________________________________________________________   
(3)    SEC USE ONLY                                                   
_____________________________________________________________________________   
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION                           
Delaware                
_____________________________________________________________________________   
NUMBER OF      (5)  SOLE VOTING POWER                                           
                   -0-
SHARES         ______________________________________________________________   

BENEFICIALLY   (6)  SHARED VOTING POWER                                         
                        99,735
OWNED BY       ___________________________________________________________      

EACH           (7)  SOLE DISPOSITIVE POWER                                      
                   -0-
REPORTING      ______________________________________________________________   

PERSON WITH    (8)  SHARED DISPOSITIVE POWER                                    
                        99,735
_____________________________________________________________________________   
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED                           
BY EACH REPORTING PERSON                              
                        99,735
_____________________________________________________________________________   
(10)    CHECK BOX IF THE AGGREGATE AMOUNT                             
         IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
_____________________________________________________________________________   
(11)    PERCENT OF CLASS REPRESENTED                                  
BY AMOUNT IN ROW (9)                                  
                     1.47%
_____________________________________________________________________________   
(12)    TYPE OF REPORTING PERSON **                                   
                    OO
_____________________________________________________________________________   
** SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP No. 489399204                 13G                    Page 6 of 12 Pages   

____________________________________________________________________________    
(1)    NAMES OF REPORTING PERSONS                                     
I.R.S. IDENTIFICATION NO.                               
OF ABOVE PERSONS (ENTITIES ONLY)                        
                           Lone Pine Capital LLC
_____________________________________________________________________________   
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **            
                                                            (a)  [X]
                                                            (b)  [ ]
_____________________________________________________________________________   
(3)    SEC USE ONLY                                                   
_____________________________________________________________________________   
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION                           
Delaware                
_____________________________________________________________________________   
NUMBER OF      (5)  SOLE VOTING POWER                                           
                   -0-
SHARES         ______________________________________________________________   

BENEFICIALLY   (6)  SHARED VOTING POWER                                         
                         445,265
OWNED BY       ___________________________________________________________      

EACH           (7)  SOLE DISPOSITIVE POWER                                      
                   -0-
REPORTING      ______________________________________________________________   

PERSON WITH    (8)  SHARED DISPOSITIVE POWER                                    
                         445,265
_____________________________________________________________________________   
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED                           
BY EACH REPORTING PERSON                              
                         445,265
_____________________________________________________________________________   
(10)    CHECK BOX IF THE AGGREGATE AMOUNT                             
         IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
_____________________________________________________________________________   
(11)    PERCENT OF CLASS REPRESENTED                                  
BY AMOUNT IN ROW (9)                                  
                     6.58%
_____________________________________________________________________________   
(12)    TYPE OF REPORTING PERSON **                                   
                    IA
_____________________________________________________________________________   
** SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP No. 489399204                 13G                    Page 7 of 12 Pages   

____________________________________________________________________________    
(1)    NAMES OF REPORTING PERSONS                                     
I.R.S. IDENTIFICATION NO.                               
OF ABOVE PERSONS (ENTITIES ONLY)                        
                                          Stephen F. Mandel, Jr.
_____________________________________________________________________________   
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **            
                                                            (a)  [X]
                                                            (b)  [ ]
_____________________________________________________________________________   
(3)    SEC USE ONLY                                                   
_____________________________________________________________________________   
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION                           
United States           
_____________________________________________________________________________   
NUMBER OF      (5)  SOLE VOTING POWER                                           
                   -0-
SHARES         ______________________________________________________________   

BENEFICIALLY   (6)  SHARED VOTING POWER                                         
                         545,000
OWNED BY       ___________________________________________________________      

EACH           (7)  SOLE DISPOSITIVE POWER                                      
                   -0-
REPORTING      ______________________________________________________________   

PERSON WITH    (8)  SHARED DISPOSITIVE POWER                                    
                         545,000
_____________________________________________________________________________   
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED                           
BY EACH REPORTING PERSON                              
                         545,000
_____________________________________________________________________________   
(10)    CHECK BOX IF THE AGGREGATE AMOUNT                             
         IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
_____________________________________________________________________________   
(11)    PERCENT OF CLASS REPRESENTED                                  
BY AMOUNT IN ROW (9)                                  
                     8.05%
_____________________________________________________________________________   
(12)    TYPE OF REPORTING PERSON **                                   
                    IN
_____________________________________________________________________________   
** SEE INSTRUCTIONS BEFORE FILLING OUT! 

CUSIP No. 489399204                 13G                    Page 8 of 12 Pages   

Item 1(a).     Name of Issuer:                                                  

The name of the issuer is Kennedy-Wilson, Inc. (the "Company").       

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

The Company's principal executive offices are located at 9601 Wilshire
Blvd., #220, Beverly Hills, California 90210.                                   

Item 2(a).     Name of Person Filing:                                           

This statement is filed by:                                           
(i) Lone Spruce, L.P., a Delaware limited partnership ("Lone
Spruce"), with respect to the shares of Common Stock
(defined in Item 2(d) below) directly owned by it;  
(ii) Lone Balsam, L.P., a Delaware limited partnership ("Lone 
Balsam"), with respect to the shares of Common Stock
directly owned by it;                               
(iii) Lone Sequoia, L.P., a Delaware limited partnership ("Lone 
 Sequoia"), with respect to the shares of Common Stock
directly owned by it;                               
     (iv) Lone Pine Associates LLC, a Delaware limited liability company
     ("Lone Pine"), with respect to the shares of Common Stock
        directly owned by Lone Spruce, Lone Balsam and Lone Sequoia;
   (v) Lone Pine Capital LLC, a Delaware limited liability company
     ("Lone Pine Capital"), which serves as investment manager
           to Lone Cypress, Ltd., a Cayman Islands exempted company ("Lone
          Cypress"), with respect to the shares of Common Stock directly
owned by Lone Cypress;                              
 (vi) Stephen F. Mandel, Jr. ("Mr. Mandel"), with respect to the
         shares of Common Stock directly owned by each of Lone Spruce,
Lone Balsam, Lone Sequoia and Lone Cypress.         

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 is Two
Greenwich Plaza, Greenwich, Connecticut 06830.                                  

CUSIP No. 489399204                 13G                    Page 9 of 12 Pages   

Item 2(c).     Citizenship:                                                     

Lone Spruce, Lone Balsam and Lone Sequoia are limited partnerships    
organized under the laws of the State of Delaware.  Lone Pine Associates LLC    
and Lone Pine Capital LLC are limited liability companies organized under the   
laws of the State of Delaware.  Mr. Mandel is a United States citizen.          

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

Common Stock, $0.01 par value (the "Common Stock")                    

Item 2(e).  CUSIP Number:                                                       

489399204                                                             

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]       

CUSIP No. 489399204                 13G                    Page 10 of 12 Pages  

Item 4.   Ownership.                                                            

A. Lone Spruce, L.P.                                                            
(a) Amount beneficially owned: 17,440                 
         (b) Percent of class: 0.26%  The percentages used herein and in
the rest of Item 4 are calculated based upon the 6,770,276 shares of Common     
Stock issued and outstanding as of May 12, 1999 as reported in the Company's    
Form 10-Q for the period ending March 31, 1999.                                 
(c)(i) Sole power to vote or direct the vote: -0-     
  (ii) Shared power to vote or direct the vote: 17,440
      (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 17,440

B. Lone Balsam, L.P.                                                            
(a) Amount beneficially owned: 44,145                 
(b) Percent of class: 0.65%                           
(c)(i) Sole power to vote or direct the vote: -0-     
  (ii) Shared power to vote or direct the vote: 44,145
      (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 44,145

C. Lone Sequoia, L.P.                                                           
(a) Amount beneficially owned: 38,150                 
(b) Percent of class: 0.56%                           
(c)(i) Sole power to vote or direct the vote: -0-     
  (ii) Shared power to vote or direct the vote: 38,150
      (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 38,150

D. Lone Pine Associates LLC                                                     
(a) Amount beneficially owned: 99,735                 
(b) Percent of class: 1.47%                           
(c)(i) Sole power to vote or direct the vote: -0-     
  (ii) Shared power to vote or direct the vote: 99,735
      (iii) Sole power to dispose or direct the disposition: -0-
            (iv) Shared power to dispose or direct the disposition: 99,735

C. Lone Pine Capital LLC                                                        
(a) Amount beneficially owned: 445,265                
(b) Percent of class: 6.58%                           
(c)(i) Sole power to vote or direct the vote: -0-     
   (ii) Shared power to vote or direct the vote: 445,265
      (iii) Sole power to dispose or direct the disposition: -0-
             (iv) Shared power to dispose or direct the disposition: 445,265

D. Stephen F. Mandel, Jr.                                                       
(a) Amount beneficially owned: 545,000                
(b) Percent of class: 8.05%                           
(c)(i) Sole power to vote or direct the vote: -0-     
   (ii) Shared power to vote or direct the vote: 545,000
      (iii) Sole power to dispose or direct the disposition: -0-
           (iv) Shared power to dispose or direct the disposition: 545,000
CUSIP No. 489399204                 13G                    Page 11 of 12 Pages  

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

Not applicable.                                                       

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

Lone Pine, the general partner of Lone Spruce, Lone Sequoia and Lone  
Balsam, has the power to direct the affairs of Lone Spruce, Lone Sequoia and    
Lone Balsam, including decisions respecting the disposition of the proceeds     
from the sale of shares.  Mr. Mandel is the Managing Member of Lone Pine and in 
that capacity directs its operations.  Lone Cypress, a client of Lone Pine      
Capital of which Mr. Mandel is the Managing Member, has the power to direct     
the receipt of dividends from or the proceeds of the sale of shares.            

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

Not applicable.                                                       

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

See Item 2.                                                           

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.                                                                         

CUSIP No. 489399204                 13G                    Page 12 of 12 Pages  

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:  May 21, 1999                                                            

LONE SPRUCE, L.P.                                                               
By:     Lone Pine Associates LLC,                                               
General Partner                                                 

By:     /s/ Stephen F. Mandel, Jr.                                              
Stephen F. Mandel, Jr.                                          
Managing Member                                                 

LONE BALSAM, L.P.                                                               
By:     Lone Pine Associates LLC,                                               
General Partner                                                 

By:     /s/ Stephen F. Mandel, Jr.                                              
Stephen F. Mandel, Jr.                                          
Managing Member                                                 

LONE SEQUOIA, L.P.                                                              
By:     Lone Pine Associates LLC,                                               
General Partner                                                 

By:     /s/ Stephen F. Mandel, Jr.                                              
Stephen F. Mandel, Jr.                                          
Managing Member                                                 

LONE PINE ASSOCIATES LLC,                                                       

By:     /s/ Stephen F. Mandel, Jr.                                              
Stephen F. Mandel, Jr.                                          
Managing Member                                                 

LONE PINE CAPITAL LLC,                                                          

By:     /s/ Stephen F. Mandel, Jr.                                              
Stephen F. Mandel, Jr.                                          
Managing Member                                                 

STEPHEN F. MANDEL, JR.                                                          

/s/ Stephen F. Mandel, Jr.                                                      

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘SC 13G’ Filing		Date		Other Filings
Filed on:		5/21/99
		5/12/99		424B4
		3/31/99		10-Q,  10-Q/A
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