|  [X]                                                                      |    QUARTERLY      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|
|                                                                           |
| For      the quarterly period ended: September 30,      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 |
|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|

----

|  PART I |  FINANCIAL      INFORMATION | Page Number                                                                                                                                           |
|--------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                             |                                                                                                                                                  |   |
|         | Item 1.                          | Condensed      Consolidated Financial Statements                                                                                                      | 3 |
|         |
|         |                             | Condensed      Consolidated Balance Sheet as of September 30, 2008 (unaudited) and      December 31, 2007                                             | 4 |
|         |                             |                                                                                                                                                  |   |
|         |                             | Condensed      Consolidated Statements of Operations (unaudited) for the three months and      nine months ended September 30, 2008 and 2007          | 6 |
|         |                             |                                                                                                                                                  |   |
|         |                             | Condensed      Consolidated Statement of Comprehensive Income (unaudited) for the three      months and nine months ended September 30, 2008 and 2007 | 7 |
|         |                             |                                                                                                                                                  |   |
|         |                             | Condensed      Consolidated Statements of Cash Flows (unaudited) for the nine months      ended September 30, 2008 and 2007                           | 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                                                                                       | 17 |
|         |
|         | 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               |                                                                                                                                                  |
|         |                             |                                                                                                                                                  |
|         |                             |                                                                                                                                                  |
|         |                             |                                                                                                                                                  |

----

Table of Contents

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

Item1.

----

Table of Contents

| Landmark      Land Company, Inc.                               |   |
|----------------------------------------------------------------|--------|
| Condensed      Consolidated Balance Sheets                     |   |
|                                                           |   |
|                                                           |   | September      30, |   |   | December      31, |   |
|                                                           |   | 2008 |   |   | 2007 |   |
| Assets                                                         |   | (Unaudited) |   |   |   |   |
| Current      assets                                            |   |
| Cash      and cash equivalents                                 |   | $ | 1,154,430 |   |   | $ | 4,934,820 |   |
| Accounts      receivable                                       |   |   | 531,695 |   |   |   | 315,932 |   |
| Receivable      from affiliates                                |   |   | 672,497 |   |   |   | 733,771 |   |
| Inventories                                                    |   |   | 134,486 |   |   |   | 117,028 |   |
| Other      current assets                                      |   |   | 140,225 |   |   |   | 235,128 |   |
| Total      current assets                                      |   |   | 2,633,333 |   |   |   | 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                                 |   |   | 1,151,156 |   |   |   | 1,379,203 |   |
| Real      estate held for or under development                 |   |   | 14,037,949 |   |   |   | 14,477,550 |   |
| Total      real estate                                         |   |   | 15,189,105 |   |   |   | 15,856,753 |   |
|                                                           |   |
| Property and equipment,      net of accumulated depreciation   |   |
| of      $1,228,264 and $785,818 in 2008 and 2007, respectively |   |   | 5,421,540 |   |   |   | 4,960,701 |   |
|                                                           |   |
| Other      assets                                              |   |
| Investment      in unconsolidated affiliates                   |   |   | 9,949,652 |   |   |   | 4,587,466 |   |
| Receivable      from affiliates, non-current                   |   |   | 592,650 |   |   |   | - |   |
| Deposits                                                       |   |   | 180,181 |   |   |   | 100,000 |   |
| Deferred      tax assets                                       |   |   | 4,400,000 |   |   |   | 4,668,000 |   |
| Total      other assets                                        |   |   | 15,122,483 |   |   |   | 9,355,466 |   |
|                                                           |   |
| Total      assets                                              |   | $ | 40,690,322 |   |   | $ | 38,870,714 |   |

----

Table of Contents

| Landmark      Land Company, Inc.                                        |   |
|-------------------------------------------------------------------------|--------|
| Condensed      Consolidated Balance Sheets                              |   |
|                                                                    |   |
|                                                                    |   | September      30, |   |   | December      31, |   |
|                                                                    |   | 2008 |   |   | 2007 |   |
| Liabilities      and Stockholders' Equity                               |   | (Unaudited) |   |   |   |   |
| Current      liabilities                                                |   |
| Current      portion of notes payable to others                         |   | $ | 12,682,675 |   |   | $ | 8,353,641 |   |
| Current      portion of liabilities to affiliates                       |   |   | 1,192,074 |   |   |   | 1,192,074 |   |
| Accounts      payable and accrued expenses                              |   |   | 571,210 |   |   |   | 623,629 |   |
| Accrued      payroll and related expenses                               |   |   | 338,793 |   |   |   | 326,309 |   |
| Accrued      interest due affiliates                                    |   |   | 935,377 |   |   |   | 845,845 |   |
| Accrued      interest due others                                        |   |   | 350,531 |   |   |   | 300,168 |   |
| Other      liabilities and deferred credits                             |   |   | 130,810 |   |   |   | 311,393 |   |
| Current      income taxes                                               |   |   | 7,561 |   |   |   | 76,000 |   |
| Total      current liabilities                                          |   |   | 16,209,031 |   |   |   | 12,029,059 |   |
|                                                                    |   |
| Notes payable to others, due      after one year                        |   |   | 3,381,817 |   |   |   | 7,941,090 |   |
|                                                                    |   |
| Total      liabilities                                                  |   |   | 19,590,848 |   |   |   | 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;      20,000 shares and 10,000 shares issued and outstanding |   |   |   |   |   |
| in      2008 and 2007 respectively, stated at liquidation value         |   |   | 2,000,000 |   |   |   | 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                                         |   |   | 30,487,840 |   |   |   | 30,424,367 |   |
| Treasury      stock, at cost, 1,236,938 shares                          |   |   | (1,299,820 | ) |   |   | (1,299,820 | ) |
| Accumulated      deficit                                                |   |   | (14,433,606 | ) |   |   | (15,560,779 | ) |
| Accumulated      other comprehensive loss                               |   |   | (57,174 | ) |   |   | (65,437 | ) |
| Total      stockholders' equity                                         |   |   | 21,099,474 |   |   |   | 18,900,565 |   |
|                                                                    |   |
| Total      liabilities and stockholders' equity                         |   | $ | 40,690,322 |   |   | $ | 38,870,714 |   |

----

Table of Contents

| Landmark      Land Company, Inc.                            |   |
|-------------------------------------------------------------|--------|
| Condensed      Consolidated Statements of Operations        |   |
| (Unaudited)                                                 |   |
|                                                        |   |
|                                                        |   | Three      months ended September 30, |   |   | Nine      months ended September 30, |   |
|                                                        |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
| Revenue                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Real      estate sales                                      |   | $ | 1,207,699 |   |   | $ | 4,149,806 |   |   | $ | 4,460,011 |   |   | $ | 17,489,740 |   |
| Golf      course revenue                                    |   |   | 201,910 |   |   |   | 283,506 |   |   |   | 950,175 |   |   |   | 1,025,215 |   |
| Golf      merchandise sales                                 |   |   | 56,302 |   |   |   | 63,552 |   |   |   | 204,410 |   |   |   | 219,704 |   |
| Food      and beverage sales                                |   |   | 211,446 |   |   |   | 62,252 |   |   |   | 529,205 |   |   |   | 235,852 |   |
| Management      and consulting fees                         |   |   | 835,094 |   |   |   | 478,548 |   |   |   | 2,752,065 |   |   |   | 1,676,678 |   |
| Reimbursement      of out-of-pocket expenses                |   |   | 344,297 |   |   |   | 401,945 |   |   |   | 1,162,952 |   |   |   | 1,214,386 |   |
| Total      revenues                                         |   |   | 2,856,748 |   |   |   | 5,439,609 |   |   |   | 10,058,818 |   |   |   | 21,861,575 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      of revenue                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of real estate sold                               |   |   | 773,011 |   |   |   | 2,486,071 |   |   |   | 3,044,995 |   |   |   | 11,438,259 |   |
| Real      estate operating expenses                         |   |   | 443,434 |   |   |   | 477,762 |   |   |   | 1,492,546 |   |   |   | 1,482,268 |   |
| Cost      of golf merchandise sold                          |   |   | 37,023 |   |   |   | 37,863 |   |   |   | 140,032 |   |   |   | 133,585 |   |
| Cost      of food and beverage sold                         |   |   | 97,056 |   |   |   | 30,181 |   |   |   | 233,075 |   |   |   | 110,386 |   |
| Golf      operating expenses                                |   |   | 558,513 |   |   |   | 473,109 |   |   |   | 1,631,990 |   |   |   | 1,383,083 |   |
| Out-of-pocket      expenses                                 |   |   | 344,297 |   |   |   | 401,945 |   |   |   | 1,162,952 |   |   |   | 1,214,386 |   |
| Management      and consulting payroll and related expenses |   |   | 1,029,040 |   |   |   | 931,621 |   |   |   | 3,187,959 |   |   |   | 2,887,795 |   |
| Depreciation      and amortization                          |   |   | 148,386 |   |   |   | 151,237 |   |   |   | 481,541 |   |   |   | 438,313 |   |
| Total      costs of revenue                                 |   |   | 3,430,760 |   |   |   | 4,989,789 |   |   |   | 11,375,090 |   |   |   | 19,088,075 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                                |   |   | (574,012 | ) |   |   | 449,820 |   |   |   | (1,316,272 | ) |   |   | 2,773,500 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General,      administrative and other expenses             |   |   | (482,200 | ) |   |   | (614,497 | ) |   |   | (1,553,845 | ) |   |   | (1,855,558 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      income (expenses)                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      in profit (loss) of unconsolidated affiliates   |   |   | (342,068 | ) |   |   | (12,444 | ) |   |   | 5,340,493 |   |   |   | (137,199 | ) |
| Interest      income                                        |   |   | 2,787 |   |   |   | 69,173 |   |   |   | 51,387 |   |   |   | 188,641 |   |
| Interest      expense                                       |   |   | (144,982 | ) |   |   | (155,482 | ) |   |   | (469,551 | ) |   |   | (448,522 | ) |
| Total      other income (expenses)                          |   |   | (484,263 | ) |   |   | (98,753 | ) |   |   | 4,922,329 |   |   |   | (397,080 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss) before income taxes                  |   |   | (1,540,475 | ) |   |   | (263,430 | ) |   |   | 2,052,212 |   |   |   | 520,862 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Federal      and state income taxes                         |   |   | 3,271 |   |   |   | 47,442 |   |   |   | (280,008 | ) |   |   | (308,718 | ) |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                      |   | $ | (1,537,204 | ) |   | $ | (215,988 | ) |   | $ | 1,772,204 |   |   | $ | 212,144 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      income (loss) per common share                   |   | $ | (0.21 | ) |   | $ | (0.03 | ) |   | $ | 0.22 |   |   | $ | 0.02 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      weighted average shares outstanding              |   |   | 7,567,530 |   |   |   | 7,567,530 |   |   |   | 7,567,530 |   |   |   | 7,567,530 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      income (loss) per common share                 |   | $ | (0.21 | ) |   | $ | (0.03 | ) |   | $ | 0.22 |   |   | $ | 0.02 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted      weighted average shares outstanding            |   |   | 7,567,530 |   |   |   | 7,567,530 |   |   |   | 7,567,530 |   |   |   | 7,725,538 |   |

----

Table of Contents

| Landmark      Land Company, Inc.                               |   |
|----------------------------------------------------------------|--------|
| Condensed      Consolidated Statements of Comprehensive Income |   |
| (Unaudited)                                                    |   |
|                                                           |   |
|                                                           |   | Three      months ended September 30, |   |   | Nine      months ended September 30, |   |
|                                                           |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                         |   | $ | (1,537,204 | ) |   | $ | (215,988 | ) |   | $ | 1,772,204 |   |   | $ | 212,144 |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      comprehensive income (loss)                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Foreign      currency translation adjustments                  |   |   | (632 | ) |   |   | (8,817 | ) |   |   | 8,263 |   |   |   | (15,024 | ) |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      income (loss)                               |   | $ | (1,537,836 | ) |   | $ | (224,805 | ) |   | $ | 1,780,467 |   |   | $ | 197,120 |   |

----

Table of Contents

| Landmark      Land Company, Inc.                                              |   |
|-------------------------------------------------------------------------------|--------|
| Condensed      Consolidated Statements of Cash Flows                          |   |
| Nine      Months Ended September 30, 2008 and 2007                            |   |
| (Unaudited)                                                                   |   |
|                                                                          |   | 2008 |   |   | 2007 |   |
| Cash      flows from operating activities                                     |   |   |   |   |   |   |
| Net      income for the period                                                |   | $ | 1,772,204 |   |   | $ | 212,144 |   |
| Adjustments      to reconcile net income to net cash                          |   |   |   |   |   |   |   |   |
| provided      (used) by operating activities:                                 |   |   |   |   |   |   |   |   |
| Depreciation      and amortization                                            |   |   | 481,541 |   |   |   | 438,313 |   |
| Director      and employee bonus paid in stock or options                     |   |   | 63,473 |   |   |   | 102,728 |   |
| Equity      in (profit) loss of unconsolidated affiliates                     |   |   | (5,340,493 | ) |   |   | 137,199 |   |
| (Increase)      decrease in                                                   |   |   |   |   |   |   |   |   |
| Accounts      receivable                                                      |   |   | (215,763 | ) |   |   | 2,321,301 |   |
| Receivable      from affiliates                                               |   |   | (544,807 | ) |   |   | 175,205 |   |
| Inventories                                                                   |   |   | (17,458 | ) |   |   | (12,262 | ) |
| Other      current assets                                                     |   |   | 94,903 |   |   |   | 27,877 |   |
| Deposits                                                                      |   |   | (80,181 | ) |   |   | 35,800 |   |
| Deferred      tax assets                                                      |   |   | 268,000 |   |   |   | 93,000 |   |
| Increase      (decrease) in                                                   |   |   |   |   |   |   |   |   |
| Accounts      payable and accrued expenses                                    |   |   | (52,419 | ) |   |   | (322,657 | ) |
| Accrued      payroll and related expenses                                     |   |   | 12,484 |   |   |   | 81,096 |   |
| Accrued      interest                                                         |   |   | 139,895 |   |   |   | 90,145 |   |
| Other      liabilities and deferred credits                                   |   |   | (180,583 | ) |   |   | (1,113,064 | ) |
| Current      income taxes                                                     |   |   | (68,439 | ) |   |   | 38,000 |   |
| Net      cash provided (used) by operating activities                         |   |   | (3,667,643 | ) |   |   | 2,304,825 |   |
|                                                                          |   |
| Cash      flows from investing activities                                     |   |   |   |   |   |   |   |   |
| Purchase      of property and equipment , net                                 |   |   | (50,380 | ) |   |   | (4,267,596 | ) |
| Purchase      and development of real estate inventory                        |   |   | (3,422,333 | ) |   |   | (14,909,521 | ) |
| Sale      of real estate inventory                                            |   |   | 3,235,238 |   |   |   | 11,622,192 |   |
| Investment      in unconsolidated affiliate                                   |   |   | - |   |   |   | (148,750 | ) |
| Net      cash (used) by investing activities                                  |   |   | (237,475 | ) |   |   | (7,703,675 | ) |
|                                                                          |   |
| Cash      flows from financing activities                                     |   |   |   |   |   |   |   |   |
| Proceeds      from debt to others                                             |   |   | 2,445,595 |   |   |   | 18,157,593 |   |
| Repayments      on debt to others                                             |   |   | (2,675,836 | ) |   |   | (11,082,282 | ) |
| Sale      of preferred stock                                                  |   |   | 1,000,000 |   |   |   | - |   |
| Cash      dividends on common stock                                           |   |   | (567,565 | ) |   |   | (571,271 | ) |
| Cash      dividends on preferred stock                                        |   |   | (77,466 | ) |   |   | (75,000 | ) |
| Net      cash provided by financing activities                                |   |   | 124,728 |   |   |   | 6,429,040 |   |
|                                                                          |   |
| Net      increase (decrease) in cash during period                            |   |   | (3,780,390 | ) |   |   | 1,030,190 |   |
|                                                                          |   |
| Cash      balance, beginning of period                                        |   |   | 4,934,820 |   |   |   | 5,437,186 |   |
|                                                                          |   |
| Cash      balance, end of period                                              |   | $ | 1,154,430 |   |   | $ | 6,467,376 |   |
|                                                                          |   |
| Supplemental      disclosure of cash flow information:                        |   |   |   |   |   |   |   |   |
| Cash      paid for interest, including $80,000 paid to affiliates in          |   |   |   |   |   |   |   |   |
| 2007      and $20,000 in 2008                                                 |   | $ | 729,231 |   |   | $ | 846,666 |   |
| Housing      units leased to others, transferred from Real estate held    for |   |   |   |   |   |   |   |   |
| development      to Property and equipment at cost                            |   | $ | 840,612 |   |   | $ | - |   |

----

Table of Contents

|                                          |   | Three      Months Ended September 30, |    |   | Nine      Months Ended September 30, |   |
|-----------------------------------------------|--------|---------------------------------------|---------|--------|--------------------------------------|--------|
|                                          |   | 2008                                  |    |   | 2007                                 |   |   | 2008 |   |   | 2007 |   |
| Revenue                                       |   | $                                     | 9,111   |   |                                 | $      | 736,170 |   |   | $ | 312,782 |   |   | $ | 2,008,379 |   |
| Gross      profit (loss)                      |   | $                                     | (65,570 | )      |                                 | $      | 336,241 |   |   | $ | (354,327 | ) |   |   | 745,913 |   |
| Profit      (loss) from continuing operations |   | $                                     | (65,570 | )      |                                 | $      | 336,241 |   |   | $ | (354,327 | ) |   |   | 745,913 |   |
| Net      income (loss)                        |   | $                                     | (65,570 | )      |                                 | $      | 336,241 |   |   | $ | (354,327 | ) |   |   | 745,913 |   |

|                                          |   | Three Months Ended September      30, |      |   | Nine Months Ended September 30, |   |
|-----------------------------------------------|--------|---------------------------------------|-----------|--------|--------------------------------------|--------|
|                                          |   | 2008                                  |      |   | 2007                                 |   |   | 2008 |   |   | 2007 |   |
| Revenue                                       |   | $                                     | 1,059,373 |   |                                 |   | - |   |   | $ | 32,182,248 |   |   |   | - |   |
| Gross      profit (loss)                      |   | $                                     | 542,377   |   |                                 | $      | (541,707 | ) |   | $ | 19,052,088 |   |   | $ | (1,530,480 | ) |
| Profit      (loss) from continuing operations |   | $                                     | (927,851  | )      |                                 | $      | (541,707 | ) |   | $ | 16,552,968 |   |   | $ | (1,530,480 | ) |
| Net      profit (loss)                        |   | $                                     | (927,851  | )      |                                 | $      | (541,707 | ) |   | $ | 16,552,968 |   |   | $ | (1,530,480 | ) |

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|                                                              |   | Three      Months Ended September      30, |       |   | Nine      Months Ended September 30, |   |
|-------------------------------------------------------------------|--------|--------------------------------------------|------------|--------|--------------------------------------|--------|
|                                                              |   | 2008                                       |       |   | 2007                                 |   |   | 2008 |   |   | 2007 |   |
| Net      income (loss)                                            |   | $                                          | (1,537,204 | )      |                                 | $      | (215,988 | ) |   | $ | 1,772,204 |   |   | $ | 212,144 |   |
| Less:  Preferred      dividends                         |   |                                       | (27,466    | )      |                                 |   | (25,000 | ) |   |   | (77,466 | ) |   |   | (75,000 | ) |
| Net      income (loss) available to common shareholders           |   | $                                          | (1,564,670 | )      |                                 | $      | (240,988 | ) |   | $ | 1,694,738 |   |   | $ | 137,144 |   |
| Weighted      average common shares outstanding                   |   |                                       | 7,567,530  |   |                                 |   | 7,567,530 |   |   |   | 7,567,530 |   |   |   | 7,567,530 |   |
| Incremental      shares from assumed exercise of dilutive options |   |                                       | -          |   |                                 |   | - |   |   |   | - |   |   |   | 158,008 |   |
| Diluted      weighted average common shares outstanding           |   |                                       | 7,567,530  |   |                                 |   | 7,567,530 |   |   |   | 7,567,530 |   |   |   | 7,725,538 |   |
| Basic      income (loss) per common share                         |   | $                                          | (0.21      | )      |                                 | $      | (0.03 | ) |   | $ | 0.22 |   |   | $ | 0.02 |   |
| Diluted      income (loss) per common share                       |   | $                                          | (0.21      | )      |                                 | $      | (0.03 | ) |   | $ | 0.22 |   |   | $ | 0.02 |   |

| Options                                |   | Shares  |   | Weighted-Average      Grant-DateFair Value |
|----------------------------------------|--------|---------|--------|--------------------------------------------|
| Outstanding      at January 1, 2008    |   | 708,000 |   | $0.64                                      |
| Granted                                |   | -       |   | -                                          |
| Vested                                 |   | -       |   | -                                          |
| Forfeited                              |   | 17,000  |   | -                                          |
| Outstanding      at September 30, 2008 |   | 691,000 |   | $0.64                                      |
| Exercisable      at September 30, 2008 |   | -       |   | -                                          |

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| 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 September 30, 2008 | 300,000 |   | $2.23                                |   | 3.2      years                                    |   | -                              |
| Exercisable      at September 30, 2008 | 300,000 |   | $2.23                                |   | 3.2      years                                    |   | -                              |

|                                                |   | 2008   |    |   | 2007   |   |
|-----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Warranty      accrual balance January  1, |   | $      | 132,165 |   |   | $      | 146,635 |   |
| Provision      for warranty                         |   |   | 20,090  |   |   |   | 74,440 |   |
| Payments                                            |   |   | (55,413 | )      |   |   | (87,808 | ) |
| Warranty      accrual balance September 30,         |   | $      | 96,842  |   |   | $      | 133,267 |   |

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|                                  |   | Three      Months Ended September 30, 2008 |       |
|---------------------------------------|--------|--------------------------------------------|------------|
|                                  |   | Real      Estate                           |       |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
| Revenue                               |   | $                                          | 1,207,699  |   |   | $ | 469,658 |   |   | $ | 1,179,391 |   |   | $ | - |   |   | $ | 2,856,748 |   |
| Costs      of revenue                 |   |                                       | (1,216,445 | ) |   |   | (692,592 | ) |   |   | (1,373,337 | ) |   |   | - |   |   |   | (3,282,374 | ) |
| Depreciation      and amortization    |   |                                       | (8,235     | ) |   |   | (31,036 | ) |   |   | (7,472 | ) |   |   | (101,643 | ) |   |   | (148,386 | ) |
| Operating (loss)                 |   |                                       | (16,981    | ) |   |   | (253,970 | ) |   |   | (201,418 | ) |   |   | (101,643 | ) |   |   | (574,012 | ) |
| General      and administrative       |   |                                       | -          |   |   |   | - |   |   |   | - |   |   |   | (482,200 | ) |   |   | (482,200 | ) |
| Other (expenses)                 |   |                                       | -          |   |   |   | - |   |   |   | - |   |   |   | (484,263 | ) |   |   | (484,263 | ) |
| Federal      & state income taxes |   |                                       | 8,316      |   |   |   | 102,799 |   |   |   | 84,723 |   |   |   | (192,567 | ) |   |   | 3,271 |   |
| Net (loss)                       |   | $                                          | (8,665     | ) |   | $ | (151,171 | ) |   | $ | (116,695 | ) |   | $ | (1,260,673 | ) |   | $ | (1,537,204 | ) |
|                                  |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived      assets                |   | $                                          | 16,427,238 |   |   | $ | 1,090,960 |   |   | $ | 5,468,489 |   |   | $ | 14,477,652 |   |   | $ | 37,464,339 |   |
| Other      assets                     |   |                                       | 604,624    |   |   |   | 247,740 |   |   |   | 1,562,009 |   |   |   | 811,610 |   |   |   | 3,225,983 |   |
| Total      assets                     |   | $                                          | 17,031,862 |   |   | $ | 1,338,700 |   |   | $ | 7,030,498 |   |   | $ | 15,289,262 |   |   | $ | 40,690,322 |   |
|                                  |   |
|                                  |   | Three      Months Ended September 30, 2007 |       |
|                                  |   | Real      Estate                           |       |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
| Revenue                               |   | $                                          | 4,149,806  |   |   | $ | 409,310 |   |   | $ | 880,493 |   |   | $ | - |   |   | $ | 5,439,609 |   |
| Costs      of revenue                 |   |                                       | (2,963,833 | ) |   |   | (541,153 | ) |   |   | (1,333,566 | ) |   |   | - |   |   |   | (4,838,552 | ) |
| Depreciation      and amortization    |   |                                       | (8,221     | ) |   |   | (32,495 | ) |   |   | (8,452 | ) |   |   | (102,069 | ) |   |   | (151,237 | ) |
| Operating income      (loss)     |   |                                       | 1,177,752  |   |   |   | (164,338 | ) |   |   | (461,525 | ) |   |   | (102,069 | ) |   |   | 449,820 |   |
| General      and administrative       |   |                                       | -          |   |   |   | - |   |   |   | - |   |   |   | (614,497 | ) |   |   | (614,497 | ) |
| Other (expenses)                 |   |                                       | -          |   |   |   | - |   |   |   | - |   |   |   | (98,753 | ) |   |   | (98,753 | ) |
| Federal      & state income taxes |   |                                       | (1,165,406 | ) |   |   | 107,740 |   |   |   | 380,721 |   |   |   | 724,387 |   |   |   | 47,442 |   |
| Net      income (loss)                |   | $                                          | 12,346     |   |   | $ | (56,598 | ) |   | $ | (80,804 | ) |   | $ | (90,932 | ) |   | $ | (215,988 | ) |
|                                  |   |                                       |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-lived      assets                |   | $                                          | 16,105,315 |   |   | $ | 1,127,435 |   |   | $ | 3,726,733 |   |   | $ | 10,628,840 |   |   | $ | 31,588,323 |   |
| Other      assets                     |   |                                       | 1,493,950  |   |   |   | 219,067 |   |   |   | 1,184,986 |   |   |   | 5,092,861 |   |   |   | 7,990,864 |   |
| Total      assets                     |   | $                                          | 17,599,265 |   |   | $ | 1,346,502 |   |   | $ | 4,911,719 |   |   | $ | 15,721,701 |   |   | $ | 39,579,187 |   |

|                                  |   | Nine      Months Ended September 30, 2008 |        |
|---------------------------------------|--------|-------------------------------------------|-------------|
|                                  |   | Real      Estate                          |        |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
| Revenue                               |   | $                                         | 4,460,011   |   |   | $ | 1,683,790 |   |   | $ | 3,915,017 |   |   | $ | - |   |   | $ | 10,058,818 |   |
| Costs      of revenue                 |   |                                      | (4,537,541  | ) |   |   | (2,005,097 | ) |   |   | (4,350,911 | ) |   |   | - |   |   |   | (10,893,549 | ) |
| Depreciation      and amortization    |   |                                      | (25,479     | ) |   |   | (92,141 | ) |   |   | (58,991 | ) |   |   | (304,930 | ) |   |   | (481,541 | ) |
| Operating (loss)                 |   |                                      | (103,009    | ) |   |   | (413,448 | ) |   |   | (494,885 | ) |   |   | (304,930 | ) |   |   | (1,316,272 | ) |
| General      and administrative       |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | (1,553,845 | ) |   |   | (1,553,845 | ) |
| Other      income                     |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | 4,922,329 |   |   |   | 4,922,329 |   |
| Federal      & state income taxes |   |                                      | 40,457      |   |   |   | 162,382 |   |   |   | 194,367 |   |   |   | (677,214 | ) |   |   | (280,008 | ) |
| Net      income (loss)                |   | $                                         | (62,552     | ) |   | $ | (251,066 | ) |   | $ | (300,518 | ) |   | $ | 2,386,340 |   |   | $ | 1,772,204 |   |
|                                  |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                  |   | Nine      Months Ended September 30, 2007 |        |
|                                  |   | Real      Estate                          |        |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
| Revenue                               |   | $                                         | 17,489,740  |   |   | $ | 1,480,771 |   |   | $ | 2,891,064 |   |   | $ | - |   |   | $ | 21,861,575 |   |
| Costs      of revenue                 |   |                                      | (12,920,527 | ) |   |   | (1,627,054 | ) |   |   | (4,102,181 | ) |   |   | - |   |   |   | (18,549,762 | ) |
| Depreciation      and amortization    |   |                                      | (19,302     | ) |   |   | (92,629 | ) |   |   | (23,722 | ) |   |   | (302,660 | ) |   |   | (438,313 | ) |
| Operating income      (loss)     |   |                                      | 4,549,911   |   |   |   | (238,912 | ) |   |   | (1,234,839 | ) |   |   | (302,660 | ) |   |   | 2,773,500 |   |
| General      and administrative       |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | (1,855,558 | ) |   |   | (1,855,558 | ) |
| Other (expenses)                 |   |                                      | -           |   |   |   | - |   |   |   | - |   |   |   | (397,080 | ) |   |   | (397,080 | ) |
| Federal      & state income taxes |   |                                      | (2,696,759  | ) |   |   | 141,605 |   |   |   | 731,896 |   |   |   | 1,514,540 |   |   |   | (308,718 | ) |
| Net      income (loss)                |   | $                                         | 1,853,152   |   |   | $ | (97,307 | ) |   | $ | (502,943 | ) |   | $ | (1,040,758 | ) |   | $ | 212,144 |   |
|                                  |   |                                      |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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|   | • |   | Statement      of Financial Accounting Standards No. 141 (revised 2007) (“SFAS 141(R)”),      “Business Combinations;” and                                                            |
|--------|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |   |                                                                                                                                                                                                          |
|   | • |   | Statement      of Financial Accounting Standards No. 160 (“SFAS 160”), “Non-controlling      Interests in Consolidated Financial Statements — an amendment of ARB No.      51.” |

Item2.

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|                                      |   |      |   |   | Three Months Ended September      30, |   |     | Nine Months Ended September    30, |   |
|-------------------------------------------|--------|-----------|--------|--------|---------------------------------------|--------|----------|------------------------------------|--------|
|                                      |   | Ownership |   |   | 2008                                  |   |     | 2007                               |   |   | 2008 |   |   | 2007 |   |
| Landmark      Developments of Spain, S.L. |   |      | 50%    |   |                                  | $      | (33,000  | )                                  |   | $ | 168,000 |   |   | $ | (177,000 | ) |   | $ | 373,000 |   |
| Apes      Hill Development SRL            |   |      | 33%    |   |                                  |   | (309,000 | )                                  |   |   | (180,000 | ) |   |   | 5,518,000 |   |   |   | (510,000 | ) |
|                                      |   |      |   |   |                                  | $      | (342,000 | )                                  |   | $ | (12,000 | ) |   | $ | 5,341,000 |   |   | $ | (137,000 | ) |

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Item 3.

Item 4. 

Item 1.

Items 1A 

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 |
| November      13, 2008                    |

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