The NGC 1407 Group stands out among nearby structures by its properties that suggest it is massive and evolved. It shares properties with entities that have been called fossil groups: the 1.4 magnitude differential between the dominant elliptical galaxy and the second brightest galaxy comes close to satisfying the definition that has been used to define the fossil class. There are few intermediate luminosity galaxies, but a large number of dwarfs in the group. We estimate there are 250 group members to the depth of our survey. The slope of the faint end of the luminosity function (reaching M_R = -12) is alpha = -1.35. Velocities for 35 galaxies demonstrate that this group with one dominant galaxy has a mass of 7 X 10^13 M_sun and M/L_R = 340. Two galaxies in close proximity to NGC 1407 have very large blueshifts. The most notable is the second brightest galaxy, NGC 1400, with a velocity of -1072 km/s with respect to the group mean. We report the detection of X-ray emission from this galaxy and from the group.
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