Definition - What does Grand Larceny mean?
Grand larceny is larceny, or the illegal theft of another person's property, when the value of the property stolen is above an amount specified by the state. This value is often from $500-$1,000. Grand larceny is a criminal offense, and it is subject to criminal punishment. The severity of the punishment depends on the value of the property that was stolen.
Justipedia explains Grand Larceny
An example of grand larceny could be a person stealing the watch of a businessman on a subway. This is as long as the value of the watch was over $500-$1000 depending on the jurisdiction. Punishments for grand larceny can include imprisonment or fines. People who are accused of grand larceny have a right to defend themselves in a court of law. Grand larceny is separate from petty theft.