|  [X]                                                                      |    QUARTERLY      REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|
|                                                                           |
| For      the quarterly period ended: March 31,      2008                       |
|                                                                           |
| [   ]                                                           |    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) |
|  (301)      574-3330(Registrant's      Telephone Number, Including Area Code)                                                                                                               |
|  ______________________________________________________________________________________________(Former      name, former address and former fiscal year, if changed since last      report) |

| Indicate      by check mark whether the registrant (1) has filed all reports required to      be filed by Section 13 or (15(d) of the 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 [ ] No |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|

| Large      accelerated filer  [  ]                                       | Accelerated      filer [  ]    |
|----------------------------------------------------------------------------------------------|------------------------------------------|
| Non-accelerated      filer [  ] (Do not check if a smaller reporting      company) | Smaller      reporting company [√] |

| Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Exchange Act). | [   ]      Yes [√] No |
|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|

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|  PART I |  FINANCIAL      INFORMATION | Page Number                                                                                                                                     |
|--------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                             |                                                                                                                                            |   |
|         | Item 1.                          | Condensed      Consolidated Financial Statements                                                                                                | 3 |
|         |
|         |                             | Condensed      Consolidated Balance Sheet as of March 31, 2008 (unaudited) and December      31, 2007                                           | 4 |
|         |                             |                                                                                                                                            |   |
|         |                             | Condensed      Consolidated Statements of Operations (unaudited) for the three months      ended March 31, 2008 and 2007, respectively          | 6 |
|         |                             |                                                                                                                                            |   |
|         |                             | Condensed      Consolidated Statement of Comprehensive Income (unaudited) for the three      months ended March 31, 2008 and 2007, respectively | 7 |
|         |                             |                                                                                                                                            |   |
|         |                             | Condensed      Consolidated Statements of Cash Flows (unaudited) for the three months      ended March 31, 2008 and 2007, respectively          | 8 |
|         |                             |                                                                                                                                            |   |
|         |                             | Notes      to Condensed Consolidated Financial Statements                                                                                       | 9 |
|         |                             |                                                                                                                                            |   |
|         | Item 2.                          | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                                           | 14 |
|         |
|         | Item 3.                          | Quantitative      and Qualitative Disclosures about Market Risk                                                                                 | 16 |
|         |
|         | Item 4.                          | Controls      and Procedures                                                                                                                    | 17 |
|         |
| PART      II | OTHER      INFORMATION           |
|         |                             |                                                                                                                                            |   |
|         | Item 1.                          | Legal      Proceedings                                                                                                                          | 17 |
|         |
|         | Item 1A.                         | Risk      Factors                                                                                                                               | 17 |
|         |
|         | Item 2.                          | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                                | 17 |
|         |
|         | Item 3.                          | Defaults      Upon Senior Securities                                                                                                            | 17 |
|         |
|         | Item 4.                          | Submission      of Matters to a Vote of Security Holders                                                                                        | 17 |
|         |                             |                                                                                                                                            |   |
|         | Item 5.                          | Other      Information                                                                                                                          | 17 |
|         |                             |                                                                                                                                            |   |
|         | Item 6.                          | Exhibits                                                                                                                                        | 17 |
|         |
|         | Signatures                       |                                                                                                                                            |
|         | Exhibit Index                    |                                                                                                                                            |
|         |                             |                                                                                                                                            |

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Table of Contents

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

Item1. 

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Table of Contents

| Landmark      Land Company, Inc.                               |   |
|----------------------------------------------------------------|--------|
| Consolidated      Balance Sheets                               |   |
|                                                                |   |
|                                                           |   |
|                                                           |   | March      31, |   |   | December      31, |   |
|                                                           |   | 2008 |   |   | 2007 |   |
| Assets                                                         |   |  (Unaudited) |   |   |   |   |
| Current      assets                                            |   |
| Cash      and cash equivalents                                 |   | $ | 3,646,833 |   |   | $ | 4,934,820 |   |
| Accounts      receivable                                       |   |   | 364,728 |   |   |   | 315,932 |   |
| Receivable      from affiliates                                |   |   | 988,254 |   |   |   | 733,771 |   |
| Inventories                                                    |   |   | 117,580 |   |   |   | 117,028 |   |
| Other      current assets                                      |   |   | 294,705 |   |   |   | 235,128 |   |
| Total      current assets                                      |   |   | 5,412,100 |   |   |   | 6,336,679 |   |
|                                                           |   |
| Real      estate and golf management contract rights acquired, |   |   |   |   |   |   |   |   |
| net      of accumulated amortization of $961,726 and $924,472  |   |   |   |   |   |   |   |   |
| in      2008 and 2007, respectively                            |   |   | 2,323,861 |   |   |   | 2,361,115 |   |
|                                                           |   |
| Real      Estate                                               |   |
| Real      estate held for sale                                 |   |   | 1,186,849 |   |   |   | 1,379,203 |   |
| Real      estate held for or under development                 |   |   | 14,571,966 |   |   |   | 14,477,550 |   |
| Total      real estate                                         |   |   | 15,758,815 |   |   |   | 15,856,753 |   |
|                                                           |   |
| Property and equipment,      net of accumulated depreciation   |   |
| of      $931,591 and $785,818 in 2008 and 2007, respectively   |   |   | 4,848,249 |   |   |   | 4,960,701 |   |
|                                                           |   |
| Other      assets                                              |   |
| Investment      in unconsolidated affiliates                   |   |   | 9,924,821 |   |   |   | 4,587,466 |   |
| Deposits                                                       |   |   | 100,000 |   |   |   | 100,000 |   |
| Deferred      tax assets, non-current                          |   |   | 4,400,000 |   |   |   | 4,668,000 |   |
| Total      other assets                                        |   |   | 14,424,821 |   |   |   | 9,355,466 |   |
|                                                           |   |
| Total      assets                                              |   | $ | 42,767,846 |   |   | $ | 38,870,714 |   |

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Table of Contents

| Landmark      Land Company, Inc.                                     |   |
|----------------------------------------------------------------------|--------|
| Consolidated      Balance Sheets                                     |   |
|                                                                      |   |
|                                                                 |   |
|                                                                 |   | March      31, |   |   | December      31, |   |
|                                                                 |   | 2008 |   |   | 2007 |   |
| Liabilities      and Stockholders' Equity                            |   | (Unaudited) |   |   |   |   |
| Current      liabilities                                             |   |
| Current      portion of notes payable to others                      |   | $ | 3,231,843 |   |   | $ | 8,353,641 |   |
| Current      portion of liabilities to affiliates                    |   |   | 1,192,074 |   |   |   | 1,192,074 |   |
| Accounts      payable and accrued expenses                           |   |   | 572,201 |   |   |   | 623,629 |   |
| Accrued      payroll and related expenses                            |   |   | 293,589 |   |   |   | 326,309 |   |
| Accrued      interest due affiliates                                 |   |   | 882,814 |   |   |   | 845,845 |   |
| Accrued      interest due others                                     |   |   | 326,742 |   |   |   | 300,168 |   |
| Other      liabilities and deferred credits                          |   |   | 322,564 |   |   |   | 311,393 |   |
| Current      income taxes                                            |   |   | 81,432 |   |   |   | 76,000 |   |
| Total      current liabilities                                       |   |   | 6,903,259 |   |   |   | 12,029,059 |   |
|                                                                 |   |
| Long      term liabilities                                           |   |
| Notes      payable to others                                         |   |   | 12,825,994 |   |   |   | 7,941,090 |   |
|                                                                 |   |
| Total      liabilities                                               |   |   | 19,729,253 |   |   |   | 19,970,149 |   |
|                                                                 |   |
| 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                                      |   |   | 30,445,546 |   |   |   | 30,424,367 |   |
| Treasury      stock, at cost, 1,236,938 shares                       |   |   | (1,299,820 | ) |   |   | (1,299,820 | ) |
| Accumulated      deficit                                             |   |   | (11,453,755 | ) |   |   | (15,560,779 | ) |
| Accumulated      other comprehensive loss                            |   |   | (55,612 | ) |   |   | (65,437 | ) |
| Total      stockholders' equity                                      |   |   | 23,038,593 |   |   |   | 18,900,565 |   |
|                                                                 |   |
| Total      liabilities and stockholders' equity                      |   | $ | 42,767,846 |   |   | $ | 38,870,714 |   |

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| Landmark      Land Company, Inc.                            |   |
|-------------------------------------------------------------|--------|
| Consolidated      Statements of Operations                  |   |
| Three      Months ended March 31, 2008 and 2007             |   |
| (Unaudited)                                                 |   |
|                                                        |   | 2008 |   |   | 2007 |   |
| Revenues                                                    |   |
| Real      estate sales                                      |   | $ | 1,557,127 |   |   | $ | 5,915,051 |   |
| Golf      course revenue                                    |   |   | 437,188 |   |   |   | 413,715 |   |
| Golf      merchandise sales                                 |   |   | 74,480 |   |   |   | 64,292 |   |
| Food      and beverage sales revenue                        |   |   | 111,460 |   |   |   | 93,950 |   |
| Management      and consulting revenue                      |   |   | 1,202,750 |   |   |   | 487,674 |   |
| Reimbursement      of out-of-pocket expenses                |   |   | 400,966 |   |   |   | 339,710 |   |
| Total                                                       |   |   | 3,783,971 |   |   |   | 7,314,392 |   |
|                                                        |   |
| Costs      of revenues                                      |   |
| Cost      of real estate sold                               |   |   | 999,781 |   |   |   | 3,862,693 |   |
| Real      estate operating expenses                         |   |   | 548,308 |   |   |   | 485,123 |   |
| Cost      of golf merchandise sold                          |   |   | 50,982 |   |   |   | 40,105 |   |
| Cost      of food and beverage sold                         |   |   | 49,914 |   |   |   | 40,144 |   |
| Golf      operating expenses                                |   |   | 474,461 |   |   |   | 433,472 |   |
| Out-of-pocket      expenses                                 |   |   | 400,966 |   |   |   | 339,710 |   |
| Management      and consulting payroll and related expenses |   |   | 1,050,759 |   |   |   | 964,763 |   |
| Depreciation      and amortization                          |   |   | 184,326 |   |   |   | 77,223 |   |
| Total                                                       |   |   | 3,759,497 |   |   |   | 6,243,233 |   |
|                                                        |   |
| Operating      income                                       |   |   | 24,474 |   |   |   | 1,071,159 |   |
|                                                        |   |
| General,      administrative and other expenses             |   |   | (589,802 | ) |   |   | (638,351 | ) |
|                                                        |   |
| Other      income (expenses)                                |   |
| Equity      in profit (loss) of unconsolidated affiliates   |   |   | 5,302,481 |   |   |   | (60,285 | ) |
| Interest      income                                        |   |   | 34,027 |   |   |   | 57,675 |   |
| Interest      expense                                       |   |   | (176,536 | ) |   |   | (138,693 | ) |
| Total      other income (expenses)                          |   |   | 5,159,972 |   |   |   | (141,303 | ) |
|                                                        |   |
| Net      income before income taxes                         |   |   | 4,594,644 |   |   |   | 291,505 |   |
|                                                        |   |
| Federal      and state income taxes                         |   |   | (273,432 | ) |   |   | (133,160 | ) |
|                                                        |   |
| Net      income                                             |   | $ | 4,321,212 |   |   | $ | 158,345 |   |
|                                                        |   |
| Basic      income per common share                          |   | $ | 0.57 |   |   | $ | 0.02 |   |
|                                                        |   |
| Diluted      income per common share                        |   | $ | 0.57 |   |   | $ | 0.02 |   |
|                                                        |   |
| Basic      weighted average shares outstanding              |   |   | 7,567,530 |   |   |   | 7,567,530 |   |
|                                                        |   |
| Diluted      weighted average shares outstanding            |   |   | 7,567,530 |   |   |   | 7,729,505 |   |

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| Landmark      Land Company, Inc.                     |   |
|------------------------------------------------------|--------|
| Consolidated      Statements of Comprehensive Income |   |
| Three      months ended March 31, 2008 and 2007      |   |
| (Unaudited)                                          |   |
|                                                 |   |
|                                                 |   | 2008 |   |   | 2007 |   |
|                                                 |   |
| Net      income                                      |   | $ | 4,321,212 |   |   | $ | 158,345 |   |
|                                                 |   |
| Other      comprehensive income (loss)               |   |
| Foreign      currency translation adjustments        |   |   | 9,825 |   |   |   | (4,883 | ) |
|                                                 |   |
| Comprehensive      income                            |   | $ | 4,331,037 |   |   | $ | 153,462 |   |

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| Landmark      Land Company, Inc.                                  |   |
|-------------------------------------------------------------------|--------|
| Consolidated      Statements of Cash Flows                        |   |
| Three      months ended March 31, 2008 and 2007                   |   |
| (Unaudited)                                                       |   |
|                                                              |   |
|                                                              |   | 2008 |   |   | 2007 |   |
| Cash      flows from operating activities                         |   |
| Net      income for the period                                    |   | $ | 4,321,212 |   |   | $ | 158,345 |   |
| Adjustments      to reconcile net income to net cash              |   |
| provided      by operating activities:                            |   |
| Depreciation      and amortization                                |   |   | 184,326 |   |   |   | 77,223 |   |
| Employee      stock compensation                                  |   |   | 21,179 |   |   |   | 6,522 |   |
| Equity      in (profit) or loss of unconsolidated subsidiaries    |   |   | (5,302,481 | ) |   |   | 60,285 |   |
| (Increase)      decrease in                                       |   |
| Accounts      receivable                                          |   |   | (48,796 | ) |   |   | 2,496,764 |   |
| Receivable      from affiliates                                   |   |   | (279,531 | ) |   |   | (148,036 | ) |
| Inventories                                                       |   |   | (552 | ) |   |   | (16,790 | ) |
| Other      current assets                                         |   |   | (59,577 | ) |   |   | (77,055 | ) |
| Deposits                                                          |   |   | - |   |   |   | 135,800 |   |
| Deferred      tax assets                                          |   |   | 268,000 |   |   |   | 126,000 |   |
| Increase      (decrease) in                                       |   |
| Accounts      payable and accrued expenses                        |   |   | (51,428 | ) |   |   | (77,890 | ) |
| Accrued      payroll and related expenses                         |   |   | (32,720 | ) |   |   | 30,031 |   |
| Accrued      interest                                             |   |   | 63,543 |   |   |   | 15,813 |   |
| Current      income taxes                                         |   |   | 5,432 |   |   |   | (164,237 | ) |
| Other      liabilities and deferred credits                       |   |   | 10,500 |   |   |   | (125,220 | ) |
|                                                              |   |
| Net      cash provided (used) by operating activities             |   |   | (900,893 | ) |   |   | 2,497,555 |   |
|                                                              |   |
| Cash      flows from investing activities                         |   |
| Purchase      of property and equipment                           |   |   | (34,620 | ) |   |   | (4,128,414 | ) |
| Purchase      and development of real estate                      |   |   | (926,900 | ) |   |   | (4,428,009 | ) |
| Sale      of real estate inventory                                |   |   | 1,024,837 |   |   |   | 3,966,747 |   |
| Investment      in unconsolidated affiliates                      |   |   | - |   |   |   | (63,746 | ) |
| Net      cash provided (used) by investing activities             |   |   | 63,317 |   |   |   | (4,653,422 | ) |
|                                                              |   |
| Cash      flows from financing activities                         |   |
| Proceeds      from notes payable to others                        |   |   | 567,410 |   |   |   | 8,331,054 |   |
| Repayments      on notes payable to others                        |   |   | (804,305 | ) |   |   | (3,947,235 | ) |
| Cash      dividends paid on common stock                          |   |   | (188,516 | ) |   |   | (188,516 | ) |
| Cash      dividends paid on preferred stock                       |   |   | (25,000 | ) |   |   | (25,000 | ) |
| Net      cash provided (used) by financing activities             |   |   | (450,411 | ) |   |   | 4,170,303 |   |
|                                                              |   |
| Net      increase (decrease) in cash during period                |   |   | (1,287,987 | ) |   |   | 2,014,436 |   |
|                                                              |   |
| Cash      balance, beginning of period                            |   |   | 4,934,820 |   |   |   | 5,437,186 |   |
|                                                              |   |
| Cash      balance, end of period                                  |   | $ | 3,646,833 |   |   | $ | 7,451,622 |   |
|                                                              |   |
| Supplemental      disclosure of cash flow information:            |   |
| Cash      paid for interest, including $40,000 paid to affiliates |   |
| in      2007, none in 2008                                        |   | $ | 263,481 |   |   | $ | 291,125 |   |

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|                                          |   | Three      Months Ended March 31, |     |
|-----------------------------------------------|--------|-----------------------------------|----------|
|                                          |   | 2008                              |     |   | 2007 |   |
| Revenue                                       |   | $                                 | 309      |   |   | $ | 513,103 |   |
| Gross      profit (loss)                      |   | $                                 | (380,686 | ) |   | $ | 102,306 |   |
| Profit      (loss) from continuing operations |   | $                                 | (380,686 | ) |   | $ | 102,306 |   |
| Net      income (loss)                        |   | $                                 | (380,686 | ) |   | $ | 102,306 |   |

|                                          |   | Three      Months Ended March 31, |       |
|-----------------------------------------------|--------|----------------------------------------|------------|
|                                          |   | 2008                                   |       |   | 2007 |   |
| Revenue                                       |   | $                                      | 28,533,432 |   |   |   | - |   |
| Gross      profit (loss)                      |   | $                                      | 17,154,976 |   |   | $ | (334,314 | ) |
| Profit      (loss) from continuing operations |   | $                                      | 16,478,472 |   |   | $ | (334,314 | ) |
| Net      income (loss)                        |   | $                                      | 16,478,472 |   |   | $ | (334,314 | ) |

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|                       |   |                |       |   | December      31, 2007 |   |
|----------------------------|--------|---------------------|------------|--------|------------------------|--------|
|                       |   |                |       |   | Per      Amended       |   |   | Per      Original |   |
|                       |   | March      31, 2008 |       |   | Agreement              |   |   | Agreement |   |
|                       |   |                |       |   |                   |   |   |   |   |
| Assets                     |   | $                   | 11,321,285 |   |                   | $      | 10,562,517 |   |   | $ | 16,512,301 |   |
| Liabilities                |   | $                   | 1,921,585  |   |                   | $      | 1,162,517 |   |   | $ | 15,112,301 |   |
| Members’      equity |   | $                   | 9,400,000  |   |                   | $      | 9,400,000 |   |   | $ | 1,400,000 |   |

|                                                              |   | Three      Months Ended March 31, |      |
|-------------------------------------------------------------------|--------|-----------------------------------|-----------|
|                                                              |   | 2008                              |      |   | 2007 |   |
|                                                              |   |                              |      |   |   |   |
| Net      income                                                   |   | $                                 | 4,321,212 |   |   | $ | 158,345 |   |
| Less:  Preferred      dividends                         |   |                              | (25,000   | ) |   |   | (25,000 |  ) |
| Net      income available to common stockholders                  |   | $                                 | 4,296,212 |   |   | $ | 133,345 |   |
| Weighted      average common shares outstanding                   |   |                              | 7,567,530 |   |   |   | 7,567,530 |   |
| Incremental      shares from assumed exercise of dilutive options |   |                              | -         |   |   |   | 161,975 |   |
| Diluted      weighted average common shares outstanding           |   |                              | 7,567,530 |   |   |   | 7,729,505 |   |
| Basic      income per common share                                |   | $                                 | 0.57      |   |   | $ | 0.02 |   |
| Diluted      income per common share                              |   | $                                 | 0.57      |   |   | $ | 0.02 |   |

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| Options                             |   | Shares  |   | Weighted-Average      Grant-DateFair Value |
|-------------------------------------|--------|---------|--------|--------------------------------------------|
| Outstanding      at January 1, 2008 |   | 708,000 |   | $0.64                                      |
| Granted                             |   | -       |   | -                                          |
| Vested                              |   | -       |   | -                                          |
| Forfeited                           |   | -       |   | -                                          |
| Outstanding      at March 31, 2008  |   | 708,000 |   | $0.64                                      |
| Exercisable      at March 31, 2008  |   | -       |   | -                                          |

| Options                             | Shares  |   | Weighted-Average      Exercise Price |   | Weighted-      Average Remaining Contractual Term |   | Aggregate      Intrinsic Value |
|-------------------------------------|---------|--------|--------------------------------------|--------|---------------------------------------------------|--------|--------------------------------|
| Outstanding      at January 1, 2008 | 300,000 |   | $2.23                                |   |                                              |   |                           |
| Granted                             | -       |   | -                                    |   |                                              |   |                           |
| Exercised                           | -       |   | -                                    |   |                                              |   |                           |
| Forfeited      or expired           | -       |   | -                                    |   |                                              |   |                           |
| Outstanding      at March 31, 2008  | 300,000 |   | $2.23                                |   | 3.4      years                                    |   | -                              |
| Exercisable      at March 31, 2008  | 300,000 |   | $2.23                                |   | 3.4      years                                    |   | -                              |

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|                                                |   | 2008   |    |   | 2007   |   |
|-----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Warranty      accrual balance January  1, |   | $      | 132,165 |   |   | $      | 146,635 |   |
| Provision      for warranty                         |   |   | 6,525   |   |   |   | 21,987 |   |
| Payments                                            |   |   | (13,999 | )      |   |   | (7,820 | ) |
| Warranty      accrual balance March 31,             |   | $      | 124,691 |   |   | $      | 160,802 |   |

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|                                  |   | Three      Months Ended March 31, 2008 |
|---------------------------------------|--------|----------------------------------------|
|                                  |   | Real      Estate                       |   |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
|                                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                               |   | $                                      | 1,557,127 |   |   | $ | 623,128 |   |   | $ | 1,603,716 |   |   | - |   |   | $ | 3,783,971 |   |
| Costs      of revenue                 |   |                                   | (1,548,089 | ) |   |   | (575,357 | ) |   |   | (1,451,725 | ) |   |  - |   |   |   | (3,575,171 | ) |
| Depreciation      and amortization    |   |                                   | (7,639 | ) |   |   | (30,699 | ) |   |   | (145,988 | ) |   |  - |   |   |   | (184,326 | ) |
| Operating      income (loss)          |   |                                   | 1,399 |   |   |   | 17,072 |   |   |   | 6,003 |   |   |  - |   |   |   | 24,474 |   |
| General      and administrative       |   |                                   | -  |   |   |   | -  |   |   |   | -  |   |   |  $ | (589,802 | ) |   |   | (589,802 | ) |
| Other      income (expenses)          |   |                                   | -  |   |   |   | -  |   |   |   | -  |   |   |   | 5,159,972 |   |   |   | 5,159,972 |   |
| Federal      & state income taxes |   |                                   | (83 | ) |   |   | (1,016 | ) |   |   | (357 | ) |   |   | (271,976 | ) |   |   | (273,432 | ) |
| Net      income (loss)                |   |  $                                | 1,316 |   |   |  $ | 16,056 |   |   |  $ | 5,646 |   |   |  $ | 4,298,194 |   |   |  $ | 4,321,212 |   |
|                                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived      assets                |   |  $                                | 14,709,653 |   |   |  $ | 1,071,544 |   |   |  $ | 7,977,728 |   |   |  $ | 13,496,821 |   |   |  $ | 37,255,746 |   |
| Other      assets                     |   |                                   | 785,198 |   |   |   | 414,552 |   |   |   | 692,472 |   |   |   | 3,619,878 |   |   |   | 5,512,100 |   |
| Total      assets                     |   |  $                                | 15,494,851 |   |   |  $ | 1,486,096 |   |   |  $ | 8,670,200 |   |   |  $ | 17,116,699 |   |   |  $ | 42,767,846 |   |
|                                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                  |   |                                   |
|                                  |   | Three      Months Ended March 31, 2007 |
|                                  |   | Real      Estate                       |   |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
|                                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                               |   | $                                      | 5,915,051 |   |   | $ | 571,957 |   |   | $ | 827,384 |   |   |   | - |   |   | $ | 7,314,392 |   |
| Costs      of revenue                 |   |                                   | (4,347,816 | ) |   |   | (513,721 | ) |   |   | (1,304,473 | ) |   |   | - |   |   |   | (6,166,010 | ) |
| Depreciation      and amortization    |   |                                   | (2,988 | ) |   |   | (29,395 | ) |   |   | (44,840 | ) |   |   | - |   |   |   | (77,223 | ) |
| Operating      income (loss)          |   |                                   | 1,564,247 |   |   |   | 28,841 |   |   |   | (521,929 | ) |   |   | - |   |   |   | 1,071,159 |   |
| General      and administrative       |   |                                   | - |   |   |   | - |   |   |   | - |   |   | $ | (638,351 | ) |   |   | (638,351 | ) |
| Other      income (expenses)          |   |                                   | - |   |   |   | - |   |   |   | - |   |   |   | (141,303 | ) |   |   | (141,303 | ) |
| Federal      & state income taxes |   |                                   | (714,551 | ) |   |   | (13,175 | ) |   |   | 238,418 |   |   |   | 356,147 |   |   |   | (133,160 | ) |
| Net      income (loss)                |   | $                                      | 849,696 |   |   | $ | 15,666 |   |   | $ | (283,511 | ) |   | $ | (423,507 | ) |   | $ | 158,345 |   |
|                                  |   |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived      assets                |   | $                                      | 11,670,302 |   |   | $ | 1,154,414 |   |   | $ | 8,389,194 |   |   | $ | 6,867,938 |   |   | $ | 28,081,848 |   |
| Other      assets                     |   |                                   | 1,440,803 |   |   |   | 311,468 |   |   |   | 2,432,330 |   |   |   | 5,953,116 |   |   |   | 10,137,717 |   |
| Total      assets                     |   | $                                      | 13,111,105 |   |   | $ | 1,465,882 |   |   | $ | 10,821,524 |   |   | $ | 12,821,054 |   |   | $ | 38,219,565 |   |

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Item2.  

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|                                      |   |      |   |   | Three      Months Ended March      31, |   |
|-------------------------------------------|--------|-----------|--------|--------|---------------------------------------------|--------|
|                                      |   | Ownership |   |   | 2008                                        |   |   | 2007 |   |
| Landmark      Developments of Spain, S.L. |   |      | 50%    |   |                                        | $      | (190,343 | ) |   | $ | 51,153 |   |
| Apes      Hill Development SRL            |   |      | 33%    |   |                                        | $      | 5,492,824 |   |   | $ | (111,438 | ) |
|                                      |   |      |   |   |                                        | $      | 5,302,481 |   |   | $ | (60,285 | ) |

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Item3.

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Item1

Items 1A through 

Item6. 

| 31.1* | Certification      of the Chief Executive Officer filed pursuant to Section 302 of the      Sarbanes-Oxley Act of 2004 |
|-------|------------------------------------------------------------------------------------------------------------------------|

| 31.2* | Certification      of the Chief Financial Officer filed pursuant to Section 302 of the      Sarbanes-Oxley Act of 2004 |
|-------|------------------------------------------------------------------------------------------------------------------------|

| 32.1* | Certification      of the Chief Executive Officer filed pursuant to 18 U.S.C. Section 1350,      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2004 |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2* | Certification      of the Chief Financial Officer filed pursuant to 18 U.S.C. Section 1350,      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2004 |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | __________________________ |
|--------|----------------------------|

|   | *      Filed herewith |
|--------|-----------------------|

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SIGNATURES

| LANDMARK      LAND COMPANY, INC.          |
|-------------------------------------------|
|                                      |
|                                      |
|                                      |
| /s/ Gerald G. Barton                      |
| Gerald      G. Barton                     |
| Chairman      and Chief Executive Officer |
| May      15, 2008                         |

| LANDMARK      LAND COMPANY, INC.                       |
|--------------------------------------------------------|
|                                                   |
|                                                   |
|                                                   |
| /s/ Joe V. Olree                                       |
| Joe      V. Olree                                      |
| Senior      Vice President and Chief Financial Officer |
| May      15, 2008                                      |

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EXHIBIT INDEX

| 31.1*  | Certification      of the Chief Executive Officer filed pursuant to Section 302 of the      Sarbanes-Oxley Act of 2004                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                       |
| 31.2*  | Certification      of the Chief Financial Officer filed pursuant to Section 302 of the      Sarbanes-Oxley Act of 2004                                                     |
|   |                                                                                                                                                                       |
| 32.1*  | Certification      of the Chief Executive Officer filed pursuant to 18 U.S.C. Section 1350,      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2004 |
|   |                                                                                                                                                                       |
| 32.2*  | Certification      of the Chief Financial Officer filed pursuant to 18 U.S.C. Section 1350,      as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of      2004 |