SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    ---------
                                    FORM 10-Q
                                    ---------
(Mark One)

   X       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
           THE SECURITIES EXCHANGE ACT OF 1934.

                 For the quarterly period ending March 31, 2001
                                 ---------------

                                       OR

   ___     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
           OF THE SECURITIES EXCHANGE ACT OF 1934.

                 For the transition period from ______ to _____
                          Commission file number 1-4719
                                                 ------
                             THE DELTONA CORPORATION
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            DELAWARE                                       59-0997584
--------------------------------------------------------------------------------
(State of other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                        Identification Number)

 8014 SW 135 STREET ROAD, OCALA, FLORIDA                     34473
--------------------------------------------------------------------------------
(Address of principal executive office)                   (Zip Code)

Registrant's telephone number, including area code      (352)307-8100
                                                   -----------------------------

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of  Securities  Exchange Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes _X_ No ___

     Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date:  13,544,277 shares of common stock, $1
par value, excluding treasury stock, as of March 31, 2001.



<PAGE>



                          PART I- FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS
<TABLE>
<CAPTION>

                    THE DELTONA CORPORATION AND SUBSIDIARIES
                 UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
                      MARCH 31, 2001 AND DECEMBER 31, 2000
                                 ($000 Omitted)

                                                              March 31,         December 31,
                                                                2001               2000
                                                              ---------         ------------
<S>                                                           <C>               <C>
                             ASSETS
                             ------

Cash and cash equivalents, including escrow deposits
 and restricted cash of $514 in 2001 and $587 in 2000...      $     647         $     680
                                                              ---------         ---------
Contracts receivable for land sales - net ..............          1,246             1,554
                                                              ---------         ---------
Mortgages and other receivables - net ..................             82               140
                                                              ---------         ---------

Inventories (b):
 Land and land improvements ............................          8,325             8,375
 Homes under construction ..............................          1,863             1,361
                                                              ---------         ---------
       Total inventories ...............................         10,188             9,736
                                                              ---------         ---------

Property, plant, and equipment at cost - net ...........            439               455
Prepaid expenses and other .............................          1,183             1,403
                                                              ---------         ---------
       Total ...........................................      $  13,785         $  13,968
                                                              =========         =========



                LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
                -------------------------------------------------

Mortgages and similar debt(c):
 Mortgage notes payable ................................      $   5,100         $   5,400
 Other loans ...........................................          6,595             5,572
                                                              ---------         ---------
   Total mortgages and similar debt ....................         11,695            10,972
Accounts payable, accrued expenses,
 customers' deposits ...................................          6,185             6,490
Deferred revenue .......................................          4,626             5,345
                                                              ---------         ---------
Total liabilities ......................................         22,506            22,807
                                                              ---------         ---------

Commitments and contingencies (d):

Stockholders' equity (deficiency):
  Common stock, $1 par value - authorized
  15,000,000 shares; outstanding: 13,544,277 shares
  (excluding 12,228 shares held in treasury ............         13,544            13,544
 Capital surplus .......................................         52,327            52,270
 Accumulated deficit ...................................        (74,592)          (74,653)
                                                              ---------         ---------
       Total stockholders' (deficiency) ................         (8,721)           (8,839)
                                                              ---------         ---------
              Total ....................................      $  13,785         $  13,968
                                                              =========         =========

See accompanying notes.

                                        2
</TABLE>

<PAGE>


<TABLE>
<CAPTION>

                    THE DELTONA CORPORATION AND SUBSIDIARIES
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
                            FOR THE PERIODS INDICATED
                     ($000 Omitted Except Per Share Amounts)

                                                                  Three Months Ended
                                                              ---------------------------
                                                              March 31,         March 31,
                                                                2001              2000
                                                              ---------         ---------
<S>                                                           <C>               <C>
Revenues (a):
 Net land sales.........................................      $   1,894         $   1,168
 House and apartment sales..............................            981               593
 Recognized improvement revenue /
  prior period sales....................................             29                49
 Gain on Recovery of Bad Debt...........................            178                 0
 Interest income........................................            174                85
 Other revenues.........................................            151               192
                                                              ---------         ---------
     Total..............................................          3,407             2,087
                                                              ---------         ---------

Costs and expenses (a):
 Cost of sales and improvements.........................          1,333               882
 Selling, general and administrative
  and other expenses....................................          1,737             1,353
 Interest expense (c)(e)................................            276               254
                                                              ---------         ---------
     Total..............................................          3,346             2,489
                                                              ---------         ----------
Net Income (Loss).......................................      $      61         $    (402)
                                                              =========         =========

Net Income (Loss) per common share......................      $     .01         $    (.03)
                                                              =========         =========

Number of common and common equivalent shares...........      13,544,277        13,544,277
                                                              ==========        ==========

See accompanying notes.

</TABLE>


                                        3
<PAGE>

<TABLE>
<CAPTION>


                    THE DELTONA CORPORATION AND SUBSIDIARIES
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
                           FOR THE THREE MONTHS ENDED
                        MARCH 31, 2001 AND MARCH 31, 2000
                                 ($000 Omitted)

                                                                Three Months Ended
                                                              ---------------------------
                                                              March 31,         March 31,
                                                                2001              2000
                                                              ---------         ---------
<S>                                                           <C>               <C>

Cash flows from operating activities....................      $  (1,783)        $  (1,705)
                                                              ---------         ---------

Cash flows from investing activities....................              0                 0
                                                              ---------         ---------

Cash flows from financing activities:
  New borrowings........................................          1,750             1,708
                                                              ---------         ---------

Net increase (decrease) in cash and cash equivalents
 (including escrow deposits and restricted cash)........            (33)                3

Cash and cash equivalents beginning of period...........            680               548
                                                             ----------         ---------

Cash and cash equivalents end of period.................     $      647         $     551
                                                             ===========        =========



See accompanying notes.
</TABLE>


                                        4

<PAGE>
<TABLE>
<CAPTION>



                    THE DELTONA CORPORATION AND SUBSIDIARIES
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
                           FOR THE THREE MONTHS ENDED
                        MARCH 31, 2001 AND MARCH 31, 2000
                                 ($000 Omitted)


                                                                Three Months Ended
                                                              ---------------------------
                                                              March 31,         March 31,
                                                                2001              2000
                                                              ---------         ---------
<S>                                                           <C>               <C>

 Reconciliation of net income (loss) to net cash
 provided by (used in) operating activities:

  Net income (loss).....................................      $      61         $    (402)
                                                              ---------         ---------

Adjustments to reconcile net loss to net cash
 provided by (used in) operating activities:

  Depreciation and amortization.........................             16                12
  Provision for estimated uncollectible sales-net.......            670               306
  Contract valuation discount, net of amortization......            (79)               38
  Imputed interest on debt with related party...........             56               110
  Net change in assets and liabilities..................         (2,507)           (1,769)
                                                              ---------         ---------
       Total adjustments................................      $  (1,844)        $  (1,303)
                                                              ---------         ---------
  Net cash provided by (used in) operating activities...      $  (1,783)        $  (1,705)
                                                              =========         =========

Supplemental disclosure of non cash investing
      and financing activities:

Reduction of debt as a result of the conveyance
      of contracts receivable..........................       $   1,027         $     784
                                                              =========         =========

See accompanying notes.
</TABLE>

                                        5

<PAGE>



                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
         --------------------------------------------------------------
                                 MARCH 31, 2001
                                 --------------

THE INFORMATION PRESENTED HEREIN AS OF MARCH 31, 2001 FOR THE THREE MONTHS ENDED
MARCH 31, 2001 AND 2000 IS UNAUDITED.

(a)  BASIS OF PRESENTATION

     The  condensed  unaudited  financial  statements  of the Company  have been
     prepared  pursuant  to the  rules and  regulations  of the  Securities  and
     Exchange  Commission (the  "Commission").  Certain information and footnote
     disclosures   normally  included  in  financial   statements   prepared  in
     accordance  with  generally  accepted   accounting   principles  have  been
     condensed or omitted  pursuant to  Commission  rules and  regulations.  The
     information  furnished  reflects,   in  the  opinion  of  management,   all
     adjustments (consisting only of normal recurring adjustments) necessary for
     a  fair  statement  of the  results  for  the  interim  periods  presented.
     Operating  results  for the  three  months  ended  March  31,  2001 are not
     necessarily  indicative  of the results  that may be expected  for the year
     ending December 31, 2001. These condensed consolidated financial statements
     should be read in conjunction  with the financial  statements and the notes
     thereto included in the Company's latest Annual Report on Form 10-K.

     Certain amounts have been reclassified for comparative purposes.

     The  accompanying  financial  statements  of The  Deltona  Corporation  and
     subsidiaries  ("The  Company") have been prepared on a going concern basis,
     which   contemplates   the  realization  of  assets  and   satisfaction  of
     liabilities  in the normal  course of  business.  The Company has  incurred
     losses from operations resulting in a stockholders'  deficiency as of March
     31, 2001. The Company has been dependant on its ability to obtain financing
     from  related  companies  to meet its cash  requirements.  There  can be no
     guarantee that the Company will be able to obtain  sufficient  financing in
     the  future or that  related  parties  will  continue  to make loans to the
     Company.   The  consolidated   financial  statements  do  not  include  any
     adjustments  relating to the  recoverability of asset amounts or the amount
     of liabilities should the Company be unable to continue as a going concern.

(b)  INVENTORIES

     Information  with  respect to the  classification  of inventory of land and
     improvements  including  land held for sale or  transfer  is as follows (in
     thousands):

                              Land and Improvements
                              ---------------------
                                                  March 31,         December 31,
                                                    2001               2000
                                                  ---------         ------------
          Unimproved land....................     $    420          $    420
          Land in various stages of
            development......................        2,778             2,316
          Fully improved land................        5,127             5,639
                                                  --------          --------
                 Total.......................     $  8,325          $  8,375
                                                  ========          ========
(c)  MORTGAGES AND SIMILAR DEBT

     The  following  table  presents  information  with respect to mortgages and
similar debt (in thousands):

                                                 March 31,          December 31,
                                                    2001                2000
                                                 ---------          ------------
          Mortgage Notes Payable ............    $   5,100          $   5,400
          Other Loans........................        6,595              5,572
                                                 ---------          ---------
                 Total mortgages and
                   similar debt..............    $  11,695          $  10,972
                                                 =========          =========

                                        6

<PAGE>



     Included in Mortgage Notes Payable is the Yasawa loan  ($5,100,000 at March
     31, 2001); included in Other Loans is the Swan loan ($6,595,000 as of March
     31, 2001).

     Indebtedness  under various purchase money mortgages and loan agreements is
     collateralized  by  substantially  all of the Company's  assets,  including
     stock of certain wholly-owned subsidiaries.  The Company's outstanding debt
     to Yasawa is  secured by a first lien on the  Company's  receivables  and a
     mortgage on all of the Company's  property;  and the Company's  outstanding
     debt to Swan is secured by a second lien on the Company's receivables.

     As of December 31,  1999,  the Company had  satisfied  its  principal  debt
     obligation to Scafholding.  The Company's  outstanding debt to Yasawa as of
     March 31, 2001 was $5,100,000.  The terms of repayment of the  restructured
     Yasawa  loan  provide for monthly  payments of  principal  in the amount of
     $100,000  payable  monthly in cash or with contracts  receivable at 100% of
     face value,  plus interest payable monthly on the declining  balance at the
     rate,  effective January 1, 1999, of 6% per annum in cash or with contracts
     receivable  at 65% of face  value.  The  interest  rate was  again  changed
     effective  January  1,  2001 to the  prime  rate of  9.5%,  to be  adjusted
     semi-annually  thereafter,  to equal the prime rate then in effect.  Yasawa
     and Scafholding  did not require the Company to make interest  payments for
     the period  September 1, 1998 to March 31, 2001. As of March 31, 2001,  the
     total amount of interest accrued is approximately $1,181,000.

     From  October 9, 1998  through  the  present,  Swan  continued  to loan the
     Company  funds to meet its  working  capital  requirements.  The  Company's
     outstanding  debt  to  Swan,  which  is  secured  by a  second  lien on the
     Company's  receivables,  was  $6,595,000 as of March 31, 2001.  The Company
     signed a promissory  note to Swan in March 1999 which  provides  that funds
     advanced  by Swan will be paid back by the  Company  monthly  in  contracts
     receivables at 90% of face value,  with recourse.  There is no interest for
     the first six months after an advance of money is received from Swan by the
     Company;  thereafter  the  interest  was 6% per  annum  on the  outstanding
     balance of the advance.  The interest rate was changed effective January 1,
     2001 to the prime rate of 9.5%, to be adjusted semi-annually thereafter, to
     equal the prime  rate then in  effect.  Each  time an  advance  is made,  a
     supplemental  note is signed.  The amount of each monthly payment will vary
     and will be  dependent  upon the  amount  of  contracts  receivable  in the
     Company's portfolio,  excluding contracts receivable held as collateral for
     prior receivable  sales.  Pursuant to the terms of the promissory note, the
     Company is  required  to transfer  to Swan  monthly as debt  repayment  all
     current  contracts  receivable in the Company's  portfolio in excess of the
     aggregate sum of $500,000.  Funds advanced by Swan were used by the Company
     to meet the Company's working capital  requirements.  As of March 31, 2001,
     the total amount of interest accrued is approximately $367,000.

     During the period of time which the  interest  rate was at 6%, the  Company
     recorded  interest  expense on all outstanding  debt balances to Yasawa and
     Swan at 8%, the Company's  incremental borrowing rate. Effective January 1,
     2001, the Company's incremental borrowing rate is adjusted semi-annually to
     equal the prime rate. The  difference  between  interest  calculated at the
     Company's incremental borrowing rate and the amount accrued under the terms
     of the respective  notes was recorded as capital  contribution  increase to
     capital surplus.

(d)  COMMITMENTS AND CONTINGENCIES

     Homesite  sales  contracts  provide  for the return of all  monies  paid in
     (including  paid-in  interest)  should  the  Company  be unable to meet its
     contractual  obligations after the use of reasonable diligence. If a refund
     is made, the Company will recover the related  homesite and any improvement
     thereto.

(e)  CAPITALIZED INTEREST

     The  Company   capitalizes   interest  cost  incurred  during  a  project's
     construction  period.  Interest  expense was  $276,000 and $254,000 for the
     three  months  ended  March  31,  2001 and March  31,  2000,  respectively.
     Interest  in the amount of $99,000  was  capitalized  for the three  months
     ended March 31,  2001.  No interest  was  capitalized  for the three months
     ending March 31, 2000.



                                        7

<PAGE>

(f)  EARNINGS OR LOSS PER SHARE

     Basic earnings (loss) per common and common  equivalent share were computed
     by dividing net income (loss) by the weighted  average  number of shares of
     Common Stock and common stock equivalents outstanding during each period.

(g)  RELATED PARTY TRANSACTION

     In January 2000, the Company purchased 16 lots and homes under construction
     from  Scafholding  for  approximately   $862,000.  This  amount  represents
     Scafholding's  lot cost and  payments  to date to the  home  builder.  This
     transaction  was 100%  financed  by Swan under its  existing  note  payable
     arrangement.


                                        8

<PAGE>



ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

RESULTS OF OPERATIONS
---------------------

For the three months ended March 31, 2001 and March 31, 2000.

Revenues

Total revenues were $3,407,000 for the first three months of 2001 compared to
$2,087,000 for the comparable 2000 period.

Gross land sales  were  $2,515,000  for the first  three  months of 2001  versus
$1,532,000 for the comparable 2000 period. Net land sales (gross land sales less
estimated  uncollectible  installment  sales and  contract  valuation  discount)
increased to $1,894,000  the first three months of 2001 from  $1,168,000 for the
first three months of 2000. The increase in sales  reflects  higher sales by the
Company's independent dealers.

Housing  revenues  were  $981,000  for the first  three  months  of 2001  versus
$593,000 for the  comparable  2000  period.  Revenues  are not  recognized  from
housing sales until the completion of construction and passage of title. Housing
revenues  increased  as of result of higher sales by the  Company's  independent
dealer network. The backlog of houses under contract was $2,389,000 and $981,000
as of March 31, 2001 and March 31, 2000, respectively.

The  following  table  reflects the  Company's  real estate  product mix for the
periods indicated (in thousands):

                                                    Three Months Ended
                                                ---------------------------
                                                March 31,         March 31,
                                                  2001              2000
                                                ---------         ---------
               Gross Land Sales:
               Retail Sales*                    $   2,515         $   1,532

               Housing Sales:                         981               593
                                                ---------         ---------
                   Total Real Estate            $   3,496         $   2,125
                                                =========         =========

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

*     New retail land sales contracts  entered into, including  deposit sales on
     which the Company has  received  less than 20% of the sales  price,  net of
     cancellations, for the three months ended March 31, 2001 and March 31, 2000
     were $2,395,000 and $1,499,000,  respectively. The Company had a backlog of
     approximately  $3,653,000 in unrecognized  sales as of March 31, 2001. Such
     contracts  are not  included  in retail  land  sales  until the  applicable
     rescission  period  has  expired  and the  Company  has  received  payments
     totaling 20% of the contract sales price.

Improvement  revenues  result from  recognition of revenues  deferred from prior
period sales.  Recognition occurs as development work proceeds on the previously
sold  property  or  customers  are  exchanged  to a developed  lot.  Improvement
revenues  totaled  $29,000 for the first three months of 2001 versus $49,000 for
the comparable 2000 period.

Interest  income  was $174,000 for the first three months of 2001 versus $85,000
for the comparable  period in 2000.  The  increase  is the result of a favorable
adjustment to the valuation allowance as a result of the cancellation of a large
contract receivable in the first quarter of 2001.

Other revenues  were  $151,000  for the three months of 2001 versus $192,000 for
the comparable period in 2000.  Other  revenues are principally generated by the
Company's title insurance and real estate brokerage subsidiaries.

Costs and Expenses
------------------

Costs and  expenses were $3,346,000  for  the  first three months of 2001 versus
$2,489,000 for the comparable period in 2000.

Cost  of  sales  were  $1,333,000  for  the  first  three months of 2001, versus
$882,000 for the comparable period in 2000.

                                        9

<PAGE>



Commissions,  advertising and other selling expenses totaled  $1,211,000 for the
three months of 2001 versus $845,000 for the comparable  period in 2000.  Higher
retail land sales  resulted  in  increased  commission  expense.  Other  selling
expenses  increased  to  $276,000  for the first  three  months  of 2001  versus
$258,000  for the  comparable  period in 2000 as a result of  increased  jobsite
expenses.  Advertising  and  promotional  expenses  decreased to $88,000 for the
first three months of 2001 versus $120,000 for the comparable period in 2000.

General and administrative  expenses were $381,000 for the first three months of
2001  versus   $363,000  for  the  comparable   period  in  2000.   General  and
administrative expenses increased primarily due to increased overhead expenses.

Real estate tax  expenses  were  $144,000 for the first three months of 2000 and
2001.

Interest expense was $276,000 for the first three months of 2001 versus $254,000
for the comparable  period in 2000. The increase in interest expense is a result
of higher debt balances accruing interest at a higher interest rate.

Net Income (Loss)
-----------------

The Company  reported  net income of $61,000 for the first three  months of 2001
versus a net loss of $(402,000) for the comparable period in 2000.

Regulatory Developments which may affect Future Operations
----------------------------------------------------------

In Florida,  as in many growth areas,  local governments have sought to limit or
control  population  growth in their  communities  through  restrictive  zoning,
density reduction,  the imposition of impact fees and more stringent development
requirements.  Although the Company has taken such factors into consideration in
its master  plans by  agreeing,  for example,  to make  improvements,  construct
public  facilities and dedicate  certain  property for public use, the increased
regulation  has  lengthened  the  development  process and added to  development
costs.

The  implementation  of the Florida  Growth  Management  Act of 1985 (the "Act")
precludes  the issuance of  development  orders or permits if public  facilities
such  as  transportation,  water  and  sewer  services  will  not  be  available
concurrent  with  development.  Development  orders have been  issued  for,  and
development  has  commenced  in,  the  Company's   existing   communities  (with
development  being  completed  in  certain  of  these  communities).  Thus,  the
Company's  communities  are  less  likely  to be  affected  by  the  new  growth
management policies than future communities. Any future communities developed by
the Company will be strongly impacted by new growth management  policies.  Since
the Act and its implications  are consistently  being re- examined by the State,
together  with  local  governments  and  various  state and  local  governmental
agencies,  the Company  cannot  further  predict the timing or the effect of new
growth management policies,  but anticipates that such policies may increase the
Company's permitting and development costs.

The Company's  real estate  business is subject to regulation by various  local,
state  and  federal  agencies.  The  communities  are  increasingly  subject  to
substantial regulation as they are planned, designed and constructed, the nature
of such regulation extending to improvements,  zoning, building,  environmental,
health and related matters. Although the Company has been able to operate within
the  regulatory  environment  in the past,  there can be no assurance  that such
regulations  could not be made more restrictive and thereby adversely affect the
Company's operations.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

     MORTGAGES AND SIMILAR DEBT

From June 19,  1992  through  March 1999,  the  Company  had  entered  into loan
agreements with Selex International B.V., a Netherlands  corporation  ("Selex"),
Yasawa  Holdings,  N.V., a Netherlands  Antilles  Corporation  ("Yasawa"),  Swan
Development Corporation ("Swan") and related parties, including Scafholding B.V.
("Scafholding").  Since December,  1992, the Company has been dependent on loans
and advances from Selex,  Yasawa, Swan and their affiliates in order to meet its
working capital requirements.


                                       10

<PAGE>



As of December 31, 1999, the Company had satisfied its principal debt obligation
to Scafholding.  The Company's  outstanding  debt to Yasawa as of March 31, 2001
was $5,100,000.  The terms of repayment of the restructured  Yasawa loan provide
for monthly  payments of principal in the amount of $100,000  payable monthly in
cash or with contracts  receivable at 100% of face value,  plus interest payable
monthly on the declining  balance at the rate,  effective January 1, 1999, of 6%
per  annum  in cash or  with  contracts  receivable  at 65% of face  value.  The
interest rate was again changed  effective  January 1, 2001 to the prime rate of
9.5%, to be adjusted semi-annually  thereafter,  to equal the prime rate then in
effect.  Yasawa and  Scafholding  did not require  the Company to make  interest
payments for the period  September  1, 1998 to March 31,  2001.  As of March 31,
2001, the total amount of interest accrued is approximately $1,181,000.

From  October 9, 1998 through the  present,  Swan  continued to loan the Company
funds to meet its working capital  requirements.  The Company's outstanding debt
to Swan,  which is secured by a second lien on the  Company's  receivables,  was
$6,595,000 as of March 31, 2001. The Company signed a promissory note to Swan in
March 1999 which  provides that funds  advanced by Swan will be paid back by the
Company  monthly in contracts  receivables at 90% of face value,  with recourse.
There is no  interest  for the first six  months  after an  advance  of money is
received from Swan by the Company;  thereafter  the interest was 6% per annum on
the outstanding balance of the advance.  The interest rate was changed effective
January  1,  2001  to the  prime  rate of  9.5%,  to be  adjusted  semi-annually
thereafter,  to equal the prime  rate then in  effect.  Each time an  advance is
made, a  supplemental  note is signed.  The amount of each monthly  payment will
vary and will be  dependent  upon the  amount  of  contracts  receivable  in the
Company's portfolio, excluding contracts receivable held as collateral for prior
receivable  sales.  Pursuant to the terms of the promissory note, the Company is
required to transfer to Swan  monthly as debt  repayment  all current  contracts
receivable  in  the  Company's  portfolio  in  excess  of the  aggregate  sum of
$500,000.  Funds advanced by Swan were used by the Company to meet the Company's
working capital requirements. As of March 31, 2001, the total amount of interest
accrued is approximately $367,000.

The following table presents  information  with respect to mortgages and similar
debt (in thousands):
                                                 March 31,         December 31,
                                                    2001               2000
                                                 ---------         ------------
   Mortgage Notes Payable ................       $   5,100         $   5,400
   Other Loans............................           6,595             5,572
                                                 ---------         ---------
      Total mortgages and similar debt....       $  11,695         $  10,972
                                                 =========         =========
---------------

     Included in Mortgage Notes Payable is the Yasawa loan  ($5,100,000 at March
     31, 2001); included in Other Loans is the Swan loan ($6,595,000 as of March
     31, 2001).

     CONTRACTS AND MORTGAGES RECEIVABLE SALES

In 1990 and 1992,  the  Company  sold  contracts  and  mortgages  receivable  to
unrelated third parties.  These transactions,  among other things,  require that
the Company replace or repurchase any receivable that becomes 90 days delinquent
upon the  request of the  purchaser.  Such  requirement  can be  satisfied  from
contracts  in which  the  purchaser  holds a  security  interest  (approximately
$1,361,000  as of March  31,  2001).  The  Company  has fully  reserved  for the
estimated  future  cancellations  of  these  contracts  based  on the  Company's
historical  experience for receivables  the Company  services and believes these
reserves to be adequate.  The Company did not replace any delinquent receivables
in 2000 or 2001.  As of March 31, 2001 and  December 31,  2000,  $1,206,000  and
$1,210,000 in receivables were delinquent, respectively.

Since 1997, the Company sold contracts and mortgages receivable to related third
parties,  Scafholding and Swan. These transactions,  among other things, require
that the Company replace any receivable  that becomes  eligible to be cancelled.
Such requirement is satisfied monthly from contracts in the Company's receivable
portfolio  not otherwise  secured to unrelated  third  parties.  The Company has
fully reserved for the estimated  future  cancellations of these contracts based
on the Company's historical  experience for receivables the Company services and
believes these reserves to be adequate.

The  Company  was  the  guarantor  of  approximately  $16,712,000  of  contracts
receivable  sold or  transferred  as of March  31,  2001,  for the  transactions
described  above.  There  are  no  funds  on  deposit  with  purchasers  of  the
receivables  as security to assure  collectibility  as of such date. A provision
has been established for the Company's  obligation under the recourse provisions
of

                                       11

<PAGE>



which  approximately  $2,946,000 remains at March 31, 2001. The Company has been
in  compliance  with all  receivable  transactions  since  the  consummation  of
receivable sales.

In the  future,  if the Company  elects to do so,  Yasawa and  Scafholding  have
agreed to purchase contracts receivable at 65% of face value, with recourse. The
Company has an agreement  with Swan whereby Swan will loan the Company  funds to
be repaid with contracts receivable at 90% of face value, with recourse.

     ACQUISITION OF HOMES UNDER CONSTRUCTION

In January 2000, the Company purchased 16 lots and homes under construction from
Scafholding for approximately $862,000. This amount represents Scafholding's lot
cost  and  payments  to date to the  home  builder.  This  transaction  was 100%
financed by Swan under its existing note payable arrangement.

     LIQUIDITY

Retail land sales have  traditionally  produced  negative  cash flow through the
point of sale as a result of a regulatory  requirement  to sell fully  developed
lots and the additional  requirement to pay marketing and selling expenses prior
to or shortly  after the point of sale. In an effort to offset the negative cash
flow  effects of  installment  land sales,  the  Company is  directing a greater
portion  of its  marketing  efforts  to the sale of lots  with  homes and is now
offering lots for sale in compulsory  building  areas where a lot purchaser must
complete  payments for the lot and  construct a home within a limited  period of
time.

The Company has been  dependent on its ability to sell or otherwise  finance its
contracts   receivable   and/or   secure  other   financing  to  meet  its  cash
requirements.  Since 1992,  the Company has been  largely  dependent  on Yasawa,
Scafholding  and Swan and related  parties for the financing of its  operations.
Although  Scafholding has purchased contracts  receivables at the rate of 65% of
face value, with recourse,  and Swan has loaned the Company  additional funds to
be paid back with  contracts  receivable at the rate of 90% of face value,  with
recourse,  there can be no  guarantee  that the Company will be able to generate
sufficient  receivables  to obtain  sufficient  financing  in the future or that
Yasawa, Scafholding,  Swan and other related parties will continue to make loans
to the Company.



                                       12

<PAGE>

                          PART II - OTHER INFORMATION
                          ===========================

 ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

          (a)  Exhibits

                  None.

          (b)  Reports on Form 8-K

                  None.





                                    SIGNATURE
                                    ---------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                           THE DELTONA CORPORATION



Date: May 14, 2001                         By: /s/John Battle
      ------------                             -------------------------
                                               John  Battle
                                               Treasurer
                                               (Principal Financial Officer)
                                       13

<PAGE>