**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-Q**

|  [X]                                                                                          | **   QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934** |
|----------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                               |
| For                the quarter ended: **June 30, 2007**                                            |
|                                                                                               |
| [   ]                                                                               |    **TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934**     |
|                                                                                               |
| For                the transition period from ____________________ to                _____________ |
| Commission                file number                __________________________                    |

| **LANDMARK                LAND COMPANY, INC.**(Exact                Name of Registrant as specified in its Charter)                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| DELAWARE(State                or Other Jurisdiction of Incorporation or Organization)                                                                                                                                | 77-0024129(I.R.S.                Employer Identification No.) |
|  2817                Crain Highway, Upper Marlboro, Maryland(Address                of Principal Executive Offices)                                                                                             |  20774(Zip                Code) |
|  Registrant's                Telephone Number, Including Area Code:  (301)                574-3330                                                                                                    |
|  ______________________________________________________________________________________________(Former                name, former address and former fiscal year, if changed since last                report) |

| Large                accelerated filer  [  ] | Accelerated                filer [  ] | Non-accelerated                filer [√] |
|------------------------------------------------------------------|-------------------------------------------------|------------------------------------------------|

**APPLICABLE      ONLY TO CORPORATE ISSUERS**

----

**Landmark      Land Company, Inc.**

**INDEX      TO QUARTERLY REPORT ON FORM 10-Q**

**QUARTER      ENDED JUNE 30, 2007**

|  **PART                I** |  **FINANCIAL                INFORMATION** | **Page                Number**                                                                                                                                                        |
|---------------------------------|------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                           |                                                                                                                                                                                  |   |
|                            | **Item                1.**                     | Condensed                Consolidated Financial Statements                                                                                                                            | 3 |
|                            |
|                            |                                           | Condensed                Consolidated Balance Sheets as of June 30, 2007 and December 31,                2006,                respectively                                            | 4 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            |                                           | Condensed                Consolidated Statements of Operations for the three months and six                months                ended June 30, 2007 and 2006, respectively           | 6 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            |                                           | Condensed                Consolidated Statements of Comprehensive Income for the three months                and                six months ended June 30, 2007 and 2006, respectively | 7 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            |                                           | Condensed                Consolidated Statements of Cash Flows for the six months ended June                30,                2007 and 2006, respectively                            | 8 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            |                                           | Notes                to Condensed Consolidated Financial Statements                                                                                                                   | 9 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            | **Item                2.**                     | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                                                             | 15 |
|                            |
|                            | **Item                3.**                     | Quantitative                and Qualitative Disclosures about Market Risk                                                                                                             | 18 |
|                            |
|                            | **Item                4.**                     | Controls                and Procedures                                                                                                                                                | 19 |
|                            |
| **PART                II**      | **OTHER                INFORMATION**           |
|                            |                                           |                                                                                                                                                                                  |   |
|                            | **Item                1.**                     | Legal                Proceedings                                                                                                                                                      | 19 |
|                            |
|                            | **Item                1A.**                    | Risk                Factors                                                                                                                                                           | 19 |
|                            |
|                            | **Item                2.**                     | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                                            | 19 |
|                            |
|                            | **Item                3.**                     | Defaults                Upon Senior Securities                                                                                                                                        | 19 |
|                            |
|                            | **Item                4.**                     | Submission                of Matters to a Vote of Security Holders                                                                                                                    | 19 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            | **Item                5.**                     | Other                Information                                                                                                                                                      | 19 |
|                            |                                           |                                                                                                                                                                                  |   |
|                            | **Item                6.**                     | Exhibits                                                                                                                                                                              | 19 |
|                            |
|                            | **Signatures**                                 |                                                                                                                                                                                  |
|                            | **Exhibit                Index**               |                                                                                                                                                                                  |
|                            | **Section                302 Certifications**  |                                                                                                                                                                                  |
|                            | **Section                906 Certifications**  |                                                                                                                                                                                  |
|                            |                                           |                                                                                                                                                                                  |

----

Table          of Contents

|   | **IMPORTANT                ADVISORY NOTE REGARDING FORWARD-LOOKING                STATEMENTS** |
|--------|------------------------------------------------------------------------------------------------|

***This      report and the documents incorporated into this report contain forward-looking      statements within the meaning of the Private Securities Litigation Reform Act      of      1995 ("PSLRA"), including, but not limited to, statements relating to the      company's business objectives and strategy.  Such forward-looking      statements are based on current expectations, management beliefs, certain      assumptions made by the company's management, and estimates and projections      about the company's industry.  Words such as "anticipates," "expects,"      "intends," "plans," "believes," "seeks," "estimates," "forecasts," "is likely,"      "predicts," "projects," "judgment," variations of such words and similar      expressions are intended to identify such forward-looking      statements.  These statements are not guarantees of future performance      and are subject to certain risks, uncertainties and assumptions that are      difficult to predict with respect to timing, extent, likelihood and degree      of      occurrence.  Therefore, actual results and outcomes may differ      materially from those expressed, forecasted, or contemplated by any such      forward-looking statements.***

***Factors      that could cause actual events or results to differ materially include, but      are      not limited to, the following:  early terminations of existing golf      course management agreements; the company's ability to expand its golf      management business; general demand for the company's services or products,      intense competition from other golf course managers and residential      developers/builders; the company's limited cash flow from operations; changes      in      laws and regulations affecting the company and/or its services; the outcomes      of      future litigation and contingencies; trends in the golf and housing industry;      changes in local,  national and international economies; local and      global uncertainties created by the terrorist acts of September 11 and the      current war against terrorism; and risks inherent in and associated with doing      business in a recreational and/or interest rate sensitive      industry.  Given these uncertainties, investors are cautioned not to      place undue reliance on any such forward-looking      statements.***

***Unless      required by law, the company undertakes no obligation to update publicly any      forward-looking statements, whether as a result of new information, future      events or otherwise.  However, readers should carefully review the      risk factors set forth in other reports or documents that the company files      from      time to time with the Securities and Exchange Commission (the "SEC"),      particularly Annual Reports on Form 10-K or 10-KSB, Quarterly Reports on Form      10-Q or 10-QSB and any Current Reports on Form 8-K.***

**PART      I – FINANCIAL INFORMATION **

**Item      1.                      Condensed      Consolidated Financial Statements**

----

Table          of Contents

| **Landmark                Land Company, Inc.**                                             |   |
|--------------------------------------------------------------------------------------------|--------|
| **Condensed                Consolidated Balance Sheets**                                   |   |
| **(Unaudited)**                                                                            |   |
|                                                                                       |   |
|                                                                                       |   | **June                30,** |   |   | December                31, |   |
|                                                                                       |   | **2007** |   |   | 2006 |   |
| **Assets**                                                                                 |   |   |   |   |   |   |
| **Current                assets**                                                          |   |
| Cash                and cash equivalents                                                   |   | **$** | **7,120,828** |   |   | $ | 5,437,186 |   |
| Accounts                receivable                                                         |   | ** ** | **327,417** |   |   |   | 2,790,318 |   |
| Receivable                from affiliates                                                  |   | ** ** | **1,006,791** |   |   |   | 645,123 |   |
| Inventories                                                                                |   | ** ** | **104,610** |   |   |   | 95,541 |   |
| Other                current assets                                                        |   | ** ** | **231,780** |   |   |   | 261,726 |   |
| Deferred                tax asset                                                          |   | ** ** | **-** |   |   |   | 93,000 |   |
| Total                current assets                                                        |   | ** ** | **8,791,426** |   |   |   | 9,322,894 |   |
|                                                                                       |   |
| **Real                estate and golf management contract rights                acquired** |   | ** ** | **3,285,587** |   |   |   | 3,843,504 |   |
| Less                accumulated amortization                                               |   | ** ** | **(924,472** | **)** |   |   | (1,482,389 | ) |
| Total contract                rights acquired, net                                    |   |   | **2,361,115**  |   |   |   | 2,361,115  |   |
|                                                                                       |   |
| **Real                Estate**                                                             |   |
| Real                estate held for sale                                                   |   | ** ** | **802,211** |   |   |   | 792,382 |   |
| Real                estate held for or under development                                   |   | ** ** | **10,336,326** |   |   |   | 11,666,315 |   |
| Total                real estate                                                           |   | ** ** | **11,138,537** |   |   |   | 12,458,697 |   |
|                                                                                       |   |
| **Property                and equipment,**net of accumulated depreciation                  |   |
| of                $489,292 and $202,216 in 2007 and 2006, respectively                     |   | ** ** | **5,234,608** |   |   |   | 1,266,646 |   |
|                                                                                       |   |
| **Other                assets**                                                            |   |
| Investment                in unconsolidated affiliates                                     |   | ** ** | **3,894,535** |   |   |   | 4,096,627 |   |
| Deposits                                                                                   |   | ** ** | **-** |   |   |   | 135,800 |   |
| Deferred                tax assets, non-current                                            |   | ** ** | **4,345,000** |   |   |   | 53,000 |   |
| Total                other assets                                                          |   | ** ** | **8,239,535** |   |   |   | 4,285,427 |   |
|                                                                                       |   |
| Total                assets                                                                |   | **$** | **35,765,221** |   |   | $ | 29,694,779 |   |

----

Table          of Contents

| **Landmark                Land Company, Inc.**                                 |   |
|--------------------------------------------------------------------------------|--------|
| **Condensed                Consolidated Balance Sheets**                       |   |
| **(Unaudited)**                                                                |   |
|                                                                           |   |
|                                                                           |   | **June                30,** |   |   | December                31, |   |
|                                                                           |   | **2007** |   |   | 2006 |   |
| **Liabilities                and Stockholders' Equity**                        |   |   |   |   |   |   |
| **Current                liabilities**                                         |   |
| Current                portion of notes payable to others                      |   | **$** | **8,250,420** |   |   | $ | 669,361 |   |
| Payable                to affiliates                                           |   | ** ** | **1,192,074** |   |   |   | 1,192,074 |   |
| Accounts                payable and accrued expenses                           |   | ** ** | **343,166** |   |   |   | 714,039 |   |
| Accrued                payroll and related expenses                            |   | ** ** | **299,133** |   |   |   | 269,763 |   |
| Accrued                interest due affiliates                                 |   | ** ** | **777,465** |   |   |   | 771,140 |   |
| Accrued                interest due others                                     |   | ** ** | **271,364** |   |   |   | 239,776 |   |
| Dividends                payable                                               |   | ** ** | **5,665** |   |   |   | 382,698 |   |
| Other                liabilities and deferred credits                          |   | ** ** | **193,220** |   |   |   | 218,762 |   |
| Real                estate sales contract deposits                             |   | ** ** | **711,802** |   |   |   | 1,360,640 |   |
| Current                income taxes                                            |   | ** ** | **42,000** |   |   |   | 2,532,000 |   |
| Total                current liabilities                                       |   | ** ** | **12,086,309** |   |   |   | 8,350,253 |   |
|                                                                           |   |
| **Long                term liabilities**                                       |   |
| Notes                payable to others                                         |   | ** ** | **3,677,227** |   |   |   | 8,637,274 |   |
|                                                                           |   |
| Total                liabilities                                               |   | ** ** | **15,763,536** |   |   |   | 16,987,527 |   |
|                                                                           |   |
| **Stockholders'                equity**                                        |   |
| Preferred                stock, Series C, non-voting, $.50 par value; $100     |   |   |   |   |   |   |   |   |
| liquidation                value; $10 cumulative annual dividend;              |   |   |   |   |   |   |   |   |
| 50,000                shares authorized; 10,000 shares issued and outstanding, |   |   |   |   |   |
| stated                at liquidation value                                     |   | ** ** | **1,000,000** |   |   |   | 1,000,000 |   |
| Common                stock, $.50 par value; 20,000,000 shares authorized;     |   |   |   |   |   |   |   |   |
| 8,804,468                shares issued; 7,567,530 shares outstanding           |   | ** ** | **4,402,234** |   |   |   | 4,402,234 |   |
| Additional                paid-in capital                                      |   | ** ** | **30,359,552** |   |   |   | 30,304,044 |   |
| Treasury                stock, at cost, 1,236,938 shares                       |   | ** ** | **(1,299,820** | **)** |   |   | (1,299,820 | ) |
| Accumulated                deficit                                             |   | ** ** | **(14,404,382** | **)** |   |   | (21,649,514 | ) |
| Accumulated                other comprehensive loss                            |   | ** ** | **(55,899** | **)** |   |   | (49,692 | ) |
| Total                stockholders' equity                                      |   | ** ** | **20,001,685** |   |   |   | 12,707,252 |   |
|                                                                           |   |
| Total                liabilities and stockholders' equity                      |   | **$** | **35,765,221** |   |   | $ | 29,694,779 |   |

----

Table          of Contents

| **Landmark                  Land Company, Inc.**                        |   |
|-------------------------------------------------------------------------|--------|
| **Condensed                  Consolidated Statements of Operations**    |   |
| **(Unaudited)**                                                         |   |
|                                                                    |   |
|                                                                    |   | **Three                  months ended June 30,** |   |   | **Six                  months ended June 30,** |   |
|                                                                    |   | **2007** |   |   | 2006 |   |   | **2007** |   |   | 2006 |   |
| **Revenue**                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Real                  estate sales                                      |   | **$** | **7,424,883** |   |   | $ | 6,005,806 |   |   | **$** | **13,339,934** |   |   | $ | 12,113,583 |   |
| Golf                  course revenue                                    |   | ** ** | **327,994** |   |   |   | 332,658 |   |   | ** ** | **741,709** |   |   |   | 770,637 |   |
| Golf                  merchandise sales                                 |   | ** ** | **91,860** |   |   |   | 86,182 |   |   | ** ** | **156,152** |   |   |   | 162,583 |   |
| Food                  and beverage sales                                |   | ** ** | **79,650** |   |   |   | 48,600 |   |   | ** ** | **173,600** |   |   |   | 90,474 |   |
| Management                  and consulting fees                         |   | ** ** | **710,456** |   |   |   | 827,018 |   |   | ** ** | **1,198,130** |   |   |   | 1,719,680 |   |
|                    Reimbursement of out-of-pocket expenses         |   | ** ** | **472,731** |   |   |   | 370,779 |   |   | ** ** | **812,441** |   |   |   | 654,808 |   |
| Total                  revenues                                         |   | ** ** | **9,107,574** |   |   |   | 7,671,043 |   |   | ** ** | **16,421,966** |   |   |   | 15,511,765 |   |
|                                                                    |   |
| **Costs                  of revenue**                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost                  of real estate sold                               |   | ** ** | **5,089,495** |   |   |   | 3,601,054 |   |   | ** ** | **8,952,188** |   |   |   | 7,658,729 |   |
| Real                  estate operating expenses                         |   | ** ** | **519,383** |   |   |   | 288,983 |   |   | ** ** | **1,004,506** |   |   |   | 632,476 |   |
| Cost                  of golf merchandise sold                          |   | ** ** | **55,617** |   |   |   | 48,068 |   |   | ** ** | **95,722** |   |   |   | 94,880 |   |
| Cost                  of food and beverage sold                         |   | ** ** | **40,061** |   |   |   | 21,533 |   |   | ** ** | **80,205** |   |   |   | 39,539 |   |
| Golf                  operating expenses                                |   | ** ** | **476,502** |   |   |   | 390,301 |   |   | ** ** | **909,974** |   |   |   | 739,896 |   |
| Out-of-pocket                  expenses                                 |   | ** ** | **472,731** |   |   |   | 370,779 |   |   | ** ** | **812,441** |   |   |   | 654,808 |   |
| Management                  and consulting payroll and related expenses |   | ** ** | **991,411** |   |   |   | 825,590 |   |   | ** ** | **1,956,174** |   |   |   | 1,560,697 |   |
| Depreciation                  and amortization                          |   | ** ** | **209,853** |   |   |   | 78,169 |   |   | ** ** | **287,076** |   |   |   | 181,488 |   |
| Total                  costs of revenue                                 |   | ** ** | **7,855,053** |   |   |   | 5,624,477 |   |   | ** ** | **14,098,286** |   |   |   | 11,562,513 |   |
|                                                                    |   |
| **Operating                  income**                                   |   | ** ** | **1,252,521** |   |   |   | 2,046,566 |   |   | ** ** | **2,323,680** |   |   |   | 3,949,252 |   |
|                                                                    |   |
| **General,                  administrative and other expenses**         |   | ** ** | **(602,710** | **)** |   |   | (294,936 | ) |   | ** ** | **(1,241,061** | **)** |   |   | (478,600 | ) |
|                                                                    |   |
| **Other                  income (expenses)**                            |   |   |
| Equity                  in loss of unconsolidated affiliates            |   | ** ** | **(64,470** | **)** |   |   | (133,898 | ) |   | ** ** | **(124,755** | **)** |   |   | (318,753 | ) |
| Interest                  income                                        |   | ** ** | **61,793** |   |   |   | 32,407 |   |   | ** ** | **119,468** |   |   |   | 57,605 |   |
| Interest                  expense                                       |   | ** ** | **(154,347** | **)** |   |   | (85,574 | ) |   | ** ** | **(293,040** | **)** |   |   | (183,905 | ) |
| Total                  other income (expenses)                          |   | ** ** | **(157,024** | **)** |   |   | (187,065 | ) |   | ** ** | **(298,327** | **)** |   |   | (445,053 | ) |
|                                                                    |   |
| **Net                  income before income taxes**                     |   | ** ** | **492,787** |   |   |   | 1,564,565 |   |   | ** ** | **784,292** |   |   |   | 3,025,599 |   |
|                                                                    |   |
| **Federal                  and state income taxes**                     |   | ** ** | **(223,000** | **)** |   |   | (555,000 | ) |   | ** ** | **(356,160** | **)** |   |   | (1,031,181 | ) |
|                                                                    |   |
| **Net                  income**                                         |   | **$** | **269,787** |   |   | $ | 1,009,565 |   |   | **$** | **428,132** |   |   | $ | 1,994,418 |   |
|                                                                    |   |
| **Basic                  income per common share**                      |   | **$** | **0.03** |   |   | $ | 0.13 |   |   | **$** | **0.05** |   |   | $ | 0.25 |   |
|                                                                    |   |
| **Basic                  weighted average shares outstanding**          |   | ** ** | **7,567,530** |   |   |   | 7,660,055 |   |   | ** ** | **7,567,530** |   |   |   | 7,660,055 |   |
|                                                                    |   |
| **Diluted                  income per common share**                    |   | **$** | **0.03** |   |   | **$** | **0.13** |   |   | **$** | **0.05** |   |   | $ | 0.25 |   |
|                                                                    |   |
| **Diluted                  weighted average shares outstanding**        |   | ** ** | **7,738,323** |   |   |   | 7,663,458 |   |   | ** ** | **7,732,437** |   |   |   | 7,661,766 |   |

----

Table          of Contents

| **Landmark                Land Company, Inc.**                               |   |
|------------------------------------------------------------------------------|--------|
| **Condensed                Consolidated Statements of Comprehensive Income** |   |
| **(Unaudited)**                                                              |   |
|                                                                         |   |
|                                                                         |   | **Three                months ended June 30,** |   |   | **Six                months ended June 30,** |   |
|                                                                         |   | **2007** |   |   | 2006 |   |   | **2007** |   |   | 2006 |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                                                    |   | **$** | **269,787** |   |   | $ | 1,009,565 |   |   | **$** | **428,132** |   |   | $ | 1,994,418 |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                comprehensive loss                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign                currency translation adjustments                      |   | ** ** | **(2,909** | **)** |   |   | (2,379 | ) |   | ** ** | **(6,207** | **)** |   |   | (5,677 | ) |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                income                                          |   | **$** | **266,878** |   |   | $ | 1,007,186 |   |   | **$** | **421,925** |   |   | $ | 1,988,741 |   |

----

Table          of Contents

| **Landmark                Land Company, Inc.**                                      |   |
|-------------------------------------------------------------------------------------|--------|
| **Condensed                Consolidated Statements of Cash Flows**                  |   |
| **Six                Months Ended June 30, 2007 and 2006**                          |   |
| **(Unaudited)**                                                                     |   |
|                                                                                |   |
|                                                                                |   | **2007** |   |   | 2006 |   |
| **Cash                flows from operating activities**                             |   |   |   |   |   |   |
|                        Net income for the period |   | **$** | **428,132** |   |   | $ | 1,994,418 |   |
| Adjustments                to reconcile net income to net cash                      |   |   |   |   |   |   |   |   |
| provided                (used) by operating activities:                             |   |   |   |   |   |   |   |   |
| Depreciation                and amortization                                        |   | ** ** | **287,076** |   |   |   | 181,488 |   |
| Director                and employee bonus paid in stock or options                 |   | ** ** | **55,508** |   |   |   | 101,860 |   |
| Equity                in loss of unconsolidated affiliates                          |   | ** ** | **124,755** |   |   |   | 318,753 |   |
| (Increase)                decrease in                                               |   |   |   |   |   |   |   |   |
| Accounts                receivable                                                  |   | ** ** | **2,462,901** |   |   |   | (46,901 | ) |
| Receivable                from affiliates                                           |   | ** ** | **(163,040** | **)** |   |   | 2,021,527 |   |
| Inventories                                                                         |   | ** ** | **(9,069** | **)** |   |   | (3,803 | ) |
| Prepaid                expenses and other assets                                    |   | ** ** | **165,747** |   |   |   | 844 |   |
| Increase                (decrease) in                                               |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                |   | ** ** | **(370,873** | **)** |   |   | (260,208 | ) |
| Accrued                payroll and related expenses                                 |   | ** ** | **29,370** |   |   |   | 53,679 |   |
| Accrued                interest                                                     |   | ** ** | **37,913** |   |   |   | 11,455 |   |
| Other                liabilities and deferred credits                               |   | ** ** | **(25,542** | **)** |   |   | 49,251 |   |
| Federal                and state income tax liabilities                             |   | ** ** | **178,000** |   |   |   | 988,000 |   |
| Real                estate sales contract deposits                                  |   | ** ** | **(648,838** | **)** |   |   | 535,824 |   |
| Net                cash provided by operating activities                            |   | ** ** | **2,552,040** |   |   |   | 5,946,187 |   |
|                                                                                |   |
| **Cash                flows from investing activities**                             |   |   |   |   |   |   |   |   |
| Purchase                of property and equipment                                   |   | ** ** | **(4,255,038** | **)** |   |   | (77,077 | ) |
| Sale                of property and equipment, net                                  |   | ** ** | **-** |   |   |   | 14,828 |   |
| Purchase                and development of real estate inventory                    |   | ** ** | **(7,857,829** | **)** |   |   | (8,504,865 | ) |
| Sale                of real estate inventory                                        |   | ** ** | **9,177,990** |   |   |   | 7,820,599 |   |
| Investment                in unconsolidated affiliate                               |   | ** ** | **(127,500** | **)** |   |   | (4,423,749 | ) |
| Net                cash (used) by investing activities                         |   | ** ** | **(3,062,377** | **)** |   |   | (5,170,264 | ) |
|                                                                                |   |
| **Cash                flows from financing activities**                             |   |   |   |   |   |   |   |   |
| Proceeds                from debt to others                                         |   | ** ** | **11,388,819** |   |   |   | 7,695,730 |   |
| Repayments                on debt to others                                         |   | ** ** | **(8,767,807** | **)** |   |   | (6,707,020 | ) |
| Cash                dividends on common stock                                       |   | ** ** | **(377,033** | **)** |   |   | (384,639 | ) |
| Cash                dividends on preferred stock                                    |   | ** ** | **(50,000** | **)** |   |   | (53,562 | ) |
| Net                cash provided by financing activities                       |   | ** ** | **2,193,979** |   |   |   | 550,509 |   |
|                                                                                |   |
| **Net                increase in cash during period**                               |   | ** ** | **1,683,642** |   |   |   | 1,326,432 |   |
|                                                                                |   |
| **Cash                balance, beginning of period**                                |   | ** ** | **5,437,186** |   |   |   | 4,944,004 |   |
|                                                                                |   |
| **Cash                balance, end of period**                                      |   | **$** | **7,120,828** |   |   | $ | 6,270,436 |   |
|                                                                                |   |
| **Supplemental                disclosure of cash flow information:**                |   |   |   |   |   |   |   |   |
| Cash                paid for interest                                               |   | **$** | **580,195** |   |   | $ | 345,215 |   |

----

Table          of Contents

**Landmark      Land Company, Inc.**

**Notes      to Condensed Consolidated Financial Statements**

**(Unaudited)**

**1.  Basis      of Presentation**

|                                                    |   | Three                Months Ended June 30, |        |   | Six                Months Ended June 30, |   |
|---------------------------------------------------------|--------|--------------------------------------------|-------------|--------|------------------------------------------|--------|
|                                                    |   | **2007**                                   |        |   | 2006                                     |   |   | **2007** |   |   | 2006 |   |
| Revenue                                                 |   | **$**                                      | **759,106** |   |                                     | $      | 524,581 |   |   | **$** | **1,272,209** |   |   | $ | 1,025,700 |   |
| Gross                profit (loss)                      |   | **$**                                      | **307,366** |   |                                     | $      | (152,839 | ) |   | **$** | **409,672** |   |   | $ | (351,986 | ) |
| Profit                (loss) from continuing operations |   | **$**                                      | **307,366** |   |                                     | $      | (152,839 | ) |   | **$** | **409,672** |   |   | $ | (351,986 | ) |
| Net                income (loss)                        |   | **$**                                      | **307,366** |   |                                     | $      | (152,839 | ) |   | **$** | **409,672** |   |   | $ | (351,986 | ) |

|                                           |   | Three                Months Ended June 30, |         |   | Six                Months Ended June 30, |   |
|------------------------------------------------|--------|--------------------------------------------|--------------|--------|------------------------------------------|--------|
|                                           |   | **2007**                                   |         |   | 2006                                     |   |   | **2007** |   |   | 2006 |   |
| Revenue                                        |   | ** **                                 | **-**        |   |                                     |   | - |   |   | ** ** | **-** |   |   |   | - |   |
| Gross                profit (loss)             |   | **$**                                      | **(654,459** | **)**  |                                     | $      | (172,438 | ) |   | **$** | **(988,773** | **)** |   | $ | (428,281 | ) |
| Loss                from continuing operations |   | **$**                                      | **(654,459** | **)**  |                                     | $      | (172,438 | ) |   | **$** | **(988,773** | **)** |   | $ | (428,281 | ) |
| Net                loss                        |   | **$**                                      | **(654,459** | **)**  |                                     | $      | (172,438 | ) |   | **$** | **(988,773** | **)** |   | $ | (428,281 | ) |

----

Table          of Contents

**2.  Earnings      Per Share**

|                                                                        |   | Three                Months Ended June 30, |          |   | Six                Months Ended June 30, |   |
|-----------------------------------------------------------------------------|--------|--------------------------------------------|---------------|--------|------------------------------------------|--------|
|                                                                        |   | **2007**                                   |          |   | 2006                                     |   |   | **2007** |   |   | 2006 |   |
| Net                income                                                   |   | **$**                                      | **269,787**   |   |                                     | $      | 1,009,565 |   |   | **$** | **428,132** |   |   | $ | 1,994,418 |   |
| Less:  Preferred                dividends                         |   |                                       | **25,000**    |   |                                     |   | 25,000 |   |   |   | **50,000** |   |   |   | 53,562 |   |
| Net                income available to common shareholders                  |   |                                       | **244,787**   |   |                                     |   | 984,565 |   |   |   | **378,132** |   |   |   | 1,940,856 |   |
| Weighted                average common shares outstanding                   |   | ** **                                 | **7,567,530** |   |                                     |   | 7,660,055 |   |   | ** ** | **7,567,530** |   |   |   | 7,660,055 |   |
| Incremental                shares from assumed exercise of dilutive options |   | ** **                                 | **170,793**   |   |                                     |   | 3,403 |   |   | ** ** | **164,907** |   |   |   | 1,711 |   |
| Diluted                weighted average common shares outstanding           |   | ** **                                 | **7,738,323** |   |                                     |   | 7,663,458 |   |   | ** ** | **7,732,437** |   |   |   | 7,661,766 |   |
| Basic                income per common share                                |   | **$**                                      | **0.03**      |   |                                     | $      | 0.13 |   |   | **$** | **0.05** |   |   | $ | 0.25 |   |
| Diluted                income per common share                              |   | **$**                                      | **0.03**      |   |                                     | $      | 0.13 |   |   | **$** | **0.05** |   |   | $ | 0.25 |   |

**3.  Stock      Options**

*Stock      Option Agreements*

----

Table          of Contents

| Assumption                              |   | May                2007 |   |
|-----------------------------------------|--------|-------------------------|--------|
| Expected                volatility      |   |                    | 43%    |   |
| Expected                term (in years) |   |                    | 2.5    |   |
| Risk                free rate           |   |                    | 4.79%  |   |
| Expected                dividends       |   |                    | 3.50%  |   |

|     Options               |   | Shares |    |   | Weighted-Average                Exercise Price |   | Weighted-                Average Remaining Contractual Term |   | Aggregate                Intrinsic Value |   |
|-----------------------------------------------|--------|--------|---------|--------|------------------------------------------------|--------|-------------------------------------------------------------|--------|------------------------------------------|--------|
|                                          |   |   |    |   |                                           |   |                                                        |   |                                     |   |
| Outstanding                at January 1, 2007 |   |   | 200,000 |   |                                           |   | 2.00                                                        |   | 3.8                years                 |   |   |   |
| Granted                                       |   |   | 50,000  |   |                                           |   | 2.85                                                        |   | 4.9                years                 |   |   |   |
| Exercised                                     |   |   | -       |   |                                           |   | -                                                           |   |                                     |   |   |   |
| Forfeited                or expired           |   |   | -       |   |                                           |   | -                                                           |   |                                     |   |   |   |
| Outstanding                at June 30, 2007   |   |   | 250,000 |   |                                           |   | 2.17                                                        |   | 4.1                years                 |   |   | 207,500 |   |
| Exercisable                at June 30, 2007   |   |   | 250,000 |   |                                           |   | 2.17                                                        |   | 4.1                years                 |   |   | 207,500 |   |

*Incentive      Stock Option Plan.*
** **

----

Table          of Contents

| Assumption                              |   | May                2007 |   |
|-----------------------------------------|--------|-------------------------|--------|
| Expected                volatility      |   |                    | 43%    |   |
| Expected                term (in years) |   |                    | 7.5    |   |
| Expected                forfeiture      |   |                    | 10%    |   |
| Risk                free rate           |   |                    | 4.80%  |   |
| Expected                dividends       |   |                    | 3.50%  |   |

| Options                                       |   | Shares |    |   | Weighted                Average Exercise Price |   | Weighted                Average Remaining Contractual Term |   | Aggregate                Intrinsic Value |   |
|-----------------------------------------------|--------|--------|---------|--------|------------------------------------------------|--------|------------------------------------------------------------|--------|------------------------------------------|--------|
|                                          |   |   |    |   |                                           |   |                                                       |   |                                     |   |
| Outstanding                at January 1, 2007 |   |   | 247,500 |   |                                           |   | 1.70                                                       |   |                                     |   |   |   |
| Granted                                       |   |   | 199,000 |   |                                           |   | 2.85                                                       |   |                                     |   |   |   |
| Exercised                                     |   |   | -       |   |                                           |   | -                                                          |   |                                     |   |   |   |
| Forfeited                or expired           |   |   | 11,000  |   |                                           |   | 1.74                                                       |   |                                     |   |   |   |
| Outstanding                at June 30, 2007   |   |   | 435,500 |   |                                           |   | 2.23                                                       |   | 9.4                years                 |   | $ | 336,590 |   |
| Exercisable                at June 30, 2007   |   |   | -       |   |                                           |   | -                                                          |   | -                                        |   |   | - |   |

| Non-vested                Options            |   | Shares |    |   | Weighted-Average                Grant-DateFair                Value |   |
|----------------------------------------------|--------|--------|---------|--------|---------------------------------------------------------------------|--------|
| Non-vested                at January 1, 2007 |   |   | 247,500 |   |                                                                | $      | 0.56 |   |
| Granted                                      |   |   | 199,000 |   |                                                                | $      | 1.03 |   |
| Vested                                       |   |   | -       |   |                                                                |   | - |   |
| Forfeited                                    |   |   | 11,000  |   |                                                                | $      | 0.60 |   |
| Non-vested                at June 30, 2007   |   |   | 435,500 |   |                                                                | $      | 0.77 |   |

**4.  Reclassifications**

**5.  Commitments**

----

Table          of Contents

|                                                          |   | **2007**   |        |   | 2006   |   |
|---------------------------------------------------------------|--------|------------|-------------|--------|--------|--------|
| Warranty                accrual balance January  1, |   | **$**      | **146,635** |   |   | $      | 82,260 |   |
| Provision                for warranty                         |   | ** ** | **54,756**  |   |   |   | 43,838 |   |
| Payments                                                      |   | ** ** | **(46,664** | **)**  |   |   | (13,046 | ) |
| Warranty                accrual balance June 30,              |   | **$**      | **154,727** |   |   | $      | 113,052 |   |

**6.  Income      Taxes**

*Accounting for      Income Taxes*

----

Table          of Contents

**7.      Segment Information**

|                                                |   | **Three                Months Ended June 30, 2007** |           |
|-----------------------------------------------------|--------|-----------------------------------------------------|----------------|
|                                                |   | **Real                Estate**                      |           |   | **Golf** |   |   | **Management** |   |   | **Corporate** |   |   | **Total** |   |
| **Revenue**                                         |   | **$**                                               | **7,424,883**  |   |   | **$** | **499,504** |   |   | **$** | **1,183,187** |   |   | ** $** | **-** |   |   | **$** | **9,107,574** |   |
| **Costs                of revenue**                 |   | ** **                                          | **(5,608,878** | **)** |   | ** ** | **(572,180** | **)** |   | ** ** | **(1,464,142** | **)** |   | ** ** | **-** |   |   | ** ** | **(7,645,200** | **)** |
| **Depreciation                and amortization**    |   | ** **                                          | **(8,093**     | **)** |   | ** ** | **(30,739** | **)** |   | ** ** | **(7,930** | **)** |   | ** ** | **(163,091** | **)** |   | ** ** | **(209,853** | **)** |
| **Operating                income (loss)**          |   | ** **                                          | **1,807,912**  |   |   | ** ** | **(103,415** | **)** |   | ** ** | **(288,885** | **)** |   | ** ** | **(163,091** | **)** |   | ** ** | **1,252,521** |   |
| **General                and administrative**       |   | ** **                                          | **-**          |   |   | ** ** | **-** |   |   | ** ** | **-** |   |   | ** ** | **(602,710** | **)** |   | ** ** | **(602,710** | **)** |
| **Other                income (expenses)**          |   | ** **                                          | **-**          |   |   | ** ** | **-** |   |   | ** ** | **-** |   |   | ** ** | **(157,024** | **)** |   | ** ** | **(157,024** | **)** |
| **Federal                & state income taxes** |   | ** **                                          | **(816,803**   | **)** |   | ** ** | **47,040** |   |   | ** ** | **129,887** |   |   | ** ** | **416,876** |   |   | ** ** | **(223,000** | **)** |
| **Net                income (loss)**                |   | **$**                                               | **991,109**    |   |   | **$** | **(56,375** | **)** |   | **$** | **(158,998** | **)** |   | **$** | **(505,949** | **)** |   | **$** | **269,787** |   |
|                                                |   |                                                |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Long-lived                assets**                |   | **$**                                               | **11,405,773** |   |   | **$** | **1,153,990** |   |   | **$** | **2,368,558** |   |   | **$** | **11,445,474** |   |   | **$** | **26,373,795** |   |
| **Other                assets**                     |   | ** **                                          | **1,837,132**  |   |   | ** ** | **286,822** |   |   | ** ** | **1,512,192** |   |   | ** ** | **5,755,280** |   |   | ** ** | **9,391,426** |   |
| **Total                assets**                     |   | **$**                                               | **13,242,905** |   |   | **$** | **1,440,812** |   |   | **$** | **3,880,750** |   |   | **$** | **17,200,754** |   |   | **$** | **35,765,221** |   |
|                                                |   |
|                                                |   | Three                Months Ended June 30, 2006     |           |
|                                                |   | Real                Estate                          |           |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
| Revenue                                             |   | $                                                   | 6,005,806      |   |   | $ | 467,440 |   |   | $ | 1,197,797 |   |   |   | - |   |   | $ | 7,671,043 |   |
| Costs                of revenue                     |   |                                                | (3,890,037     | ) |   |   | (459,902 | ) |   |   | (1,196,369 | ) |   |   | - |   |   |   | (5,546,308 | ) |
| Depreciation                and amortization        |   |                                                | (4,249         | ) |   |   | (16,295 | ) |   |   | (57,625 | ) |   |   | - |   |   |   | (78,169 | ) |
| Operating                income (loss)              |   |                                                | 2,111,520      |   |   |   | (8,757 | ) |   |   | (56,197 | ) |   |   | - |   |   |   | 2,046,566 |   |
| General                and administrative           |   |                                                | -              |   |   |   | - |   |   |   | - |   |   |   | (294,936 | ) |   |   | (294,936 | ) |
| Other                income (expenses)              |   |                                                | -              |   |   |   | - |   |   |   | - |   |   |   | (187,065 | ) |   |   | (187,065 | ) |
| Federal                & state income taxes     |   |                                                | (745,026       | ) |   |   | 1,105 |   |   |   | 18,066 |   |   |   | 170,855 |   |   |   | (555,000 | ) |
| Net                income (loss)                    |   | $                                                   | 1,366,494      |   |   | $ | (7,652 | ) |   | $ | (38,131 | ) |   | $ | (311,146 | ) |   | $ | 1,009,565 |   |

----

Table          of Contents

|                                                |   | **Six                Months Ended June 30, 2007** |           |
|-----------------------------------------------------|--------|---------------------------------------------------|----------------|
|                                                |   | **Real                Estate**                    |           |   | **Golf** |   |   | **Management** |   |   | **Corporate** |   |   | **Total** |   |
| **Revenue**                                         |   | **$**                                             | **13,339,934** |   |   | **$** | **1,071,461** |   |   | **$** | **2,010,571** |   |   | ** ** | **-** |   |   | **$** | **16,421,966** |   |
| **Costs                of revenue**                 |   | ** **                                        | **(9,956,694** | **)** |   | ** ** | **(1,085,901** | **)** |   | ** ** | **(2,768,615** | **)** |   | ** ** | **-** |   |   | ** ** | **(13,811,210** | **)** |
| **Depreciation                and amortization**    |   | ** **                                        | **(11,081**    | **)** |   | ** ** | **(60,134** | **)** |   | ** ** | **(15,270** | **)** |   | ** ** | **(200,591** | **)** |   | ** ** | **(287,076** | **)** |
| **Operating                income (loss)**          |   | ** **                                        | **3,372,159**  |   |   | ** ** | **(74,574** | **)** |   | ** ** | **(773,314** | **)** |   | ** ** | **(200,591** | **)** |   | ** ** | **2,323,680** |   |
| **General                and administrative**       |   | ** **                                        | **-**          |   |   | ** ** | **-** |   |   | ** ** | **-** |   |   | ** ** | **(1,241,061** | **)** |   | ** ** | **(1,241,061** | **)** |
| **Other                income (expenses)**          |   | ** **                                        | **-**          |   |   | ** ** | **-** |   |   | ** ** | **-** |   |   | ** ** | **(298,327** | **)** |   | ** ** | **(298,327** | **)** |
| **Federal                & state income taxes** |   | ** **                                        | **(1,531,353** | **)** |   | ** ** | **33,865** |   |   | ** ** | **351,175** |   |   | ** ** | **790,153** |   |   | ** ** | **(356,160** | **)** |
| **Net                income (loss)**                |   | **$**                                             | **1,840,806**  |   |   | **$** | **(40,709** | **)** |   | **$** | **(422,139** | **)** |   | **$** | **(949,826** | **)** |   | **$** | **428,132** |   |
|                                                |   |                                              |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |                                              |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   | Six                Months Ended June 30, 2006     |           |
|                                                |   | Real                Estate                        |           |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
| Revenue                                             |   | $                                                 | 12,113,583     |   |   | $ | 1,023,694 |   |   | $ | 2,374,488 |   |   |  $ | - |   |   | $ | 15,511,765 |   |
| Costs                of revenue                     |   |                                              | (8,291,205     | ) |   |   | (874,315 | ) |   |   | (2,215,505 | ) |   |   | - |   |   |   | (11,381,025 | ) |
| Depreciation                and amortization        |   |                                              | (7,287         | ) |   |   | (31,968 | ) |   |   | (142,233 | ) |   |   | - |   |   |   | (181,488 | ) |
| Operating                income (loss)              |   |                                              | 3,815,091      |   |   |   | 117,411 |   |   |   | 16,750 |   |   |   | - |   |   |   | 3,949,252 |   |
| General                and administrative           |   |                                              | -              |   |   |   | - |   |   |   | - |   |   |   | (478,600 | ) |   |   | (478,600 | ) |
| Other                income (expenses)              |   |                                              | -              |   |   |   | - |   |   |   | - |   |   |   | (445,053 | ) |   |   | (445,053 | ) |
| Federal                & state income taxes     |   |                                              | (1,300,255     | ) |   |   | (40,016 | ) |   |   | (5,709 | ) |   |   | 314,799 |   |   |   | (1,031,181 | ) |
| Net                income (loss)                    |   | $                                                 | 2,514,836      |   |   | $ | 77,395 |   |   | $ | 11,041 |   |   | $ | (608,854 | ) |   | $ | 1,994,418 |   |

**Item      2.                           Management’s      Discussion and Analysis of Financial Condition and Results of      Operation**

**Overview**

**Revenue**

*Real      estate sales*

*Golf*

----

Table          of Contents

*Management      and consulting*

**Costs      of Revenues**

*Cost      of real estate sold, *

*Real      estate operating expenses *
*cost of real estate sold*

*Cost      of golf merchandise sold and food and beverage sold*

*Golf      operating expenses*

*Management      and consulting payroll and related expenses*

*Depreciation      and amortization*

----

Table          of Contents

**General,      administrative and other expense**

*General,      administrative and other expenses*

**Other      income and expense**

*Equity      in loss of unconsolidated affiliates*

|                                                |   |      |   |   | Three                Months Ended June 30, |       |         | Six                Months Ended June 30, |   |
|-----------------------------------------------------|--------|-----------|--------|--------|--------------------------------------------|------------|--------------|------------------------------------------|--------|
|                                                |   | Ownership |   |   | **2007**                                   |       |         | 2006                                     |   |   | **2007** |   |   | 2006 |   |
| Landmark                Developments of Spain, S.L. |   |      | 50%    |   |                                       | **$**      | **153,683**  |                                     |   | $ | (76,420 | ) |   | **$** | **204,836** |   |   | $ | (175,993 | ) |
| Apes                Hill Development SRL            |   |      | 33%    |   |                                       | **$**      | **(218,153** | **)**                                    |   | $ | (57,478 | ) |   | **$** | **(329,591** | **)** |   | $ | (142,760 | ) |
| Presidential                Golf Club, LLC          |   |      | 50%    |   |                                       | ** ** | **-**        |                                     |   |   | - |   |   | ** ** | **-** |   |   |   | - |   |
|                                                |   |      |   |   |                                       | **$**      | **(64,470**  | **)**                                    |   | $ | (133,898 | ) |   | **$** | **(124,755** | **)** |   | $ | (318,753 | ) |

*Interest      income*

*Interest      expense*

**Federal      and state income taxes**

**Net      income**

**Liquidity      and capital resources**

*Current      assets *

*Real      estate and golf management contract rights acquired*

----

Table          of Contents

*Real      estate *

*Property      and equipment *

*Liabilities      *

*off-balance sheet arrangements *

*Stockholders’      equity *

**Critical      accounting estimates**

**Item      3.                           Quantitative      and Qualitative Disclosures About Market Risk**

----

Table          of Contents

**Item      4.                           Controls      and Procedures**

**PART      II – OTHER INFORMATION**

**Item      1.                           Legal      Proceedings**

**Items      1A through 5 of this report on Form 10-Q are not      applicable.**

**Item      6.                           Exhibits**

| 31.1   | Section                302 Certification |
|--------|------------------------------------------|
|   |                                     |
| 31.2   | Section                302 Certification |
|   |                                     |
| 32.1   | Section                906 Certification |
|   |                                     |
| 32.2   | Section                906 Certification |

----

Table          of Contents

**Signatures      and Certifications of the Chief Executive Officer and the Chief Financial      Officer of the Company**

----

Table          of Contents

**SIGNATURES**

| LANDMARK                LAND COMPANY, INC.          |
|-----------------------------------------------------|
|                                                |
|                                                |
|                                                |
| /s/                Gerald G. Barton                 |
| Gerald                G. Barton                     |
| Chairman                and Chief Executive Officer |
| August                13, 2007                      |

| LANDMARK                LAND COMPANY, INC.                       |
|------------------------------------------------------------------|
|                                                             |
|                                                             |
|                                                             |
| /s/                Joe V. Olree                                  |
| Joe                V. Olree                                      |
| Senior                Vice President and Chief Financial Officer |
| August                13, 2007                                   |

----

Table          of Contents

**LANDMARK      LAND COMPANY, INC.**

**FORM      10-Q**

**EXHIBIT      INDEX**

**Exhibit**

**Number**

| 31.1   | Section                302 Certification of Gerald G. Barton |
|--------|--------------------------------------------------------------|
|   |                                                         |
| 31.2   | Section                302 Certification of Joe V. Olree     |
|   |                                                         |
| 32.1   | Section                906 Certification of Gerald G. Barton |
|   |                                                         |
| 32.2   | Section                906 Certification of Joe V. Olree     |