**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        D.C. 20549**

**FORM        10-Q**

| [X]                                                                                                    | **QUARTERLY                  REPORT UNDER****SECTION                  13****OR 15(d)****OF THE SECURITIES EXCHANGE ACT OF 1934**           |
|--------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                   |
| For                  the quarter ended: **March                  31, 2007**                            |
|                                                                                                   |
| [                  ]                                                                                   |  **TRANSITION                  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT                  OF                  1934** |
|                                                                                                   |
| For                  the transition period from ____________________ to                  _____________ |
| Commission                  file number                  __________________________                    |

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

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

**APPLICABLE        ONLY TO CORPORATE ISSUERS**

----

**Landmark          Land Company, Inc.**

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

**QUARTER          ENDED MARCH 31, 2007**

|  **PART                      I** |  **FINANCIAL                      INFORMATION** | **Page****Number**                                                                                                                                                              |
|---------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  | **Item                      1.**                     | Condensed                      Consolidated Financial Statements                                                                                                                | 3 |
|                                  |
|                                  |                                                 | Condensed                      Consolidated Balance Sheet as of March 31, 2007 and December                      31,                      2006                                  | 4 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  |                                                 | Condensed                      Consolidated Statements of Operations for the three months                      ended March 31,                      2007 and 2006, respectively | 6 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  |                                                 | Condensed                      Consolidated Statement of Comprehensive Income for the three months                      ended March 31, 2007 and 2006, respectively        | 7 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  |                                                 | Condensed                      Consolidated Statements of Cash Flows for the three months                      ended March 31,                      2007 and 2006, respectively | 8 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  |                                                 | Notes                      to Condensed Consolidated Financial Statements                                                                                                       | 9 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  | **Item                      2.**                     | Management’s                      Discussion and Analysis of Financial Condition and Results                      of                      Operations                      | 13 |
|                                  |
|                                  | **Item                      3.**                     | Quantitative                      and Qualitative Disclosures about Market Risk                                                                                                 | 15 |
|                                  |
|                                  | **Item                      4.**                     | Controls                      and Procedures                                                                                                                                    | 16 |
|                                  |
| **PART                      II**      | **OTHER                      INFORMATION**           |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  | **Item                      1.**                     | Legal                      Proceedings                                                                                                                                          | 16 |
|                                  |
|                                  | **Item                      1A.**                    | Risk                      Factors                                                                                                                                               | 16 |
|                                  |
|                                  | **Item                      2.**                     | Unregistered                      Sales of Equity Securities and Use of Proceeds                                                                                                | 16 |
|                                  |
|                                  | **Item                      3.**                     | Defaults                      Upon Senior Securities                                                                                                                            | 16 |
|                                  |
|                                  | **Item                      4.**                     | Submission                      of Matters to a Vote of Security Holders                                                                                                        | 16 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  | **Item                      5.**                     | Other                      Information                                                                                                                                          | 16 |
|                                  |                                                 |                                                                                                                                                                            |   |
|                                  | **Item                      6.**                     | Exhibits                                                                                                                                                                        | 16 |
|                                  |
|                                  | **Signatures**                                       |                                                                                                                                                                            |
|                                  | **Exhibit                      Index**               |                                                                                                                                                                            |
|                                  | **Section                      302 Certifications**  |                                                                                                                                                                            |
|                                  | **Section                      906 Certifications**  |                                                                                                                                                                            |
|                                  |                                                 |                                                                                                                                                                            |

----

Table            of Contents

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

***Some        of the statements contained in this report on Form 10-Q constitute        forward-looking statements that involve risks and uncertainties. We caution        readers of this report that these statements involve a number of known and        unknown risks that may cause our actual results to be materially different        from        those contemplated by these statements. Factors that might cause such a        difference include, but are not limited to, those discussed in this report        as        well as those set forth in other periodic reports and filings that we make        with        the Securities and Exchange Commission.***

**PART        I - FINANCIAL INFORMATION **

**Item        1.**
**Condensed        Consolidated Financial Statements**

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Table            of Contents

| **Landmark                  Land Company, Inc.**                                               |   |
|------------------------------------------------------------------------------------------------|--------|
| **Consolidated                  Balance Sheets**                                               |   |
| **(Unaudited)**                                                                                |   |
|                                                                                           |   |
|                                                                                           |   | **March                  31,** |   | December                  31, |   |
|                                                                                           |   | **2007** |   | 2006 |   |
| **Assets**                                                                                     |   |   |   |   |   |   |   |
| **Current                  assets**                                                            |
| Cash                  and cash equivalents                                                     |   | **$** | **7,451,622** |   | $ | 5,437,186 |   |
| Accounts                  receivable                                                           |   |   | **293,554** |   |   | 2,790,318 |   |
| Receivable                  from affiliates                                                    |   |   | **839,429** |   |   | 645,123 |   |
| Inventories                                                                                    |   |   | **112,331** |   |   | 95,541 |   |
| Other                  current assets                                                          |   |   | **338,781** |   |   | 261,726 |   |
| Deferred                  tax asset                                                            |   |   | **1,102,000** |   |   | 93,000 |   |
| Total                  current assets                                                          |   |   | **10,137,717** |   |   | 9,322,894 |   |
|                                                                                           |
| **Real                  estate and golf management contract rights                  acquired** |   |   | **3,285,587** |   |   | 3,843,504 |   |
| Less                  accumulated amortization                                                 |   |   | **(924,472** | **)** |   | (1,482,389 | ) |
| Total                  real estate and golf management contract rights                         |   |   |   |   |   |   |   |
| acquired,                  net                                                                 |   |   | **2,361,115** |   |   | 2,361,115 |   |
|                                                                                           |
| **Real                  Estate**                                                               |
| Real                  estate held for sale                                                     |   |   | **834,351** |   |   | 792,382 |   |
| Real                  estate held for or under development                                     |   |   | **11,998,790** |   |   | 11,666,315 |   |
| Total                  real estate                                                             |   |   | **12,833,141** |   |   | 12,458,697 |   |
|                                                                                           |
| **Property                  and equipment,**net                  of accumulated depreciation   |
| of                  $279,439 and $202,216 in 2007 and 2006, respectively                       |   |   | **5,404,654** |   |   | 267,460 |   |
|                                                                                           |
| **Other                  assets**                                                              |
| Investment                  in unconsolidated affiliates                                       |   |   | **4,048,938** |   |   | 4,096,627 |   |
| Deposits                                                                                       |   |   | **-** |   |   | 135,800 |   |
| Deferred                  tax assets, non-current                                              |   |   | **3,434,000** |   |   | 53,000 |   |
| Total                  other assets                                                            |   |   | **7,482,938** |   |   | 4,285,427 |   |
|                                                                                           |
| Total                  assets                                                                  |   | **$** | **38,219,565** |   | $ | 29,694,779 |   |

----

Table            of Contents

| **Landmark                  Land Company, Inc.**                                 |   |
|----------------------------------------------------------------------------------|--------|
| **Consolidated                  Balance Sheets**                                 |   |
| **(Unaudited)**                                                                  |   |
|                                                                             |   |
|                                                                             |   | **March                  31,** |   | December                  31, |   |
|                                                                             |   | **2007** |   | 2006 |   |
| **Liabilities                  and Stockholders' Equity**                        |   |   |   |   |   |
| **Current                  liabilities**                                         |
| Current                  portion of notes payable to others                      |   | **$** | **9,975,893** |   | $ | 669,361 |   |
| Current                  portion of liabilities to affiliates                    |   |   | **1,192,074** |   |   | 1,192,074 |   |
| Accounts                  payable and accrued expenses                           |   |   | **636,149** |   |   | 714,039 |   |
| Accrued                  payroll and related expenses                            |   |   | **299,794** |   |   | 269,763 |   |
| Accrued                  interest due affiliates                                 |   |   | **769,013** |   |   | 771,140 |   |
| Accrued                  interest due others                                     |   |   | **257,716** |   |   | 239,776 |   |
| Dividends                  payable                                               |   |   | **194,182** |   |   | 382,698 |   |
| Other                  liabilities and deferred credits                          |   |   | **1,454,182** |   |   | 1,579,402 |   |
| Current                  income taxes                                            |   |   | **16,763** |   |   | 2,532,000 |   |
| Total                  current liabilities                                       |   |   | **14,795,766** |   |   | 8,350,253 |   |
|                                                                             |
| **Long                  term liabilities**                                       |
| Notes                  payable to others                                         |   |   | **3,714,563** |   |   | 8,637,274 |   |
|                                                                             |
| Total                  liabilities                                               |   |   | **18,510,329** |   |   | 16,987,527 |   |
|                                                                             |
| **Stockholders'                  equity**                                        |
| Preferred                  stock, Series C, non-voting, $.50 par value; $100     |   |   |   |   |   |   |   |
| liquidation                  value; $10 cumulative annual dividend;              |   |   |   |   |   |   |   |
| 50,000                  shares authorized; 10,000 shares issued and outstanding, |   |   |   |
| stated                  at liquidation value                                     |   |   | **1,000,000** |   |   | 1,000,000 |   |
| Common                  stock, $.50 par value; 20,000,000 shares authorized;     |   |   |   |   |   |   |   |
| 8,804,468                  shares issued; 7,567,530 shares outstanding           |   |   | **4,402,234** |   |   | 4,402,234 |   |
| Additional                  paid-in capital                                      |   |   | **30,310,566** |   |   | 30,304,044 |   |
| Treasury                  stock, at cost, 1,236,938 shares                       |   |   | **(1,299,820** | **)** |   | (1,299,820 | ) |
| Accumulated                  deficit                                             |   |   | **(14,649,169** | **)** |   | (21,649,514 | ) |
| Accumulated                  other comprehensive loss                            |   |   | **(54,575** | **)** |   | (49,692 | ) |
| Total                  stockholders' equity                                      |   |   | **19,709,236** |   |   | 12,707,252 |   |
|                                                                             |
| Total                  liabilities and stockholders' equity                      |   | **$** | **38,219,565** |   | $ | 29,694,779 |   |

----

Table            of Contents

| **Landmark                  Land Company, Inc.**                        |   |
|-------------------------------------------------------------------------|--------|
| **Consolidated                  Statements of Operations**              |   |
| **Three                  Months ended March 31, 2007 and 2006**         |   |
| **(Unaudited)**                                                         |   |
|                                                                    |   | **2007** |   | 2006 |   |
| **Revenues**                                                            |
| Real                  estate sales                                      |   | **$** | **5,915,051** |   | $ | 6,107,777 |   |
| Golf                  course revenue                                    |   |   | **413,715** |   |   | 437,979 |   |
| Golf                  merchandise sales                                 |   |   | **64,292** |   |   | 76,401 |   |
| Food                  and Beverage sales revenue                        |   |   | **93,950** |   |   | 41,874 |   |
| Management                  and consulting revenue                      |   |   | **487,674** |   |   | 892,662 |   |
| Reimbursement                  of out-of-pocket expenses                |   |   | **339,710** |   |   | 284,029 |   |
| Total                                                                   |   |   | **7,314,392** |   |   | 7,840,722 |   |
|                                                                    |
| **Costs                  of revenues**                                  |
| Cost                  of real estate sold                               |   |   | **3,862,693** |   |   | 4,057,675 |   |
| Real                  estate operating expenses                         |   |   | **485,123** |   |   | 343,493 |   |
| Cost                  of golf merchandise sold                          |   |   | **40,105** |   |   | 46,812 |   |
| Cost                  of food and beverage sold                         |   |   | **40,144** |   |   | 18,006 |   |
| Golf                  operating expenses                                |   |   | **433,472** |   |   | 349,595 |   |
| Out-of-pocket                  expenses                                 |   |   | **339,710** |   |   | 284,029 |   |
| Management                  and consulting payroll and related expenses |   |   | **964,763** |   |   | 735,107 |   |
| Depreciation                  and amortization                          |   |   | **77,223** |   |   | 103,319 |   |
| Total                                                                   |   |   | **6,243,233** |   |   | 5,938,036 |   |
|                                                                    |
| **Operating                  income**                                   |   |   | **1,071,159** |   |   | 1,902,686 |   |
|                                                                    |
| **General,                  administrative and other expenses**         |   |   | **(638,351** | **)** |   | (183,664 | ) |
|                                                                    |
| **Other                  income (expenses)**                            |
| Equity                  in loss of unconsolidated affiliates            |   |   | **(60,285** | **)** |   | (184,855 | ) |
| Interest                  income                                        |   |   | **57,675** |   |   | 25,198 |   |
| Interest                  expense                                       |   |   | **(138,693** | **)** |   | (98,331 | ) |
| Total                  other (expenses)                                 |   |   | **(141,303** | **)** |   | (257,988 | ) |
|                                                                    |
| **Net                  income before income taxes**                     |   |   | **291,505** |   |   | 1,461,034 |   |
|                                                                    |
| **Federal                  and state income taxes**                     |   |   | **(133,160** | **)** |   | (476,181 | ) |
|                                                                    |
| **Net                  income**                                         |   | **$** | **158,345** |   | $ | 984,853 |   |
|                                                                    |
| **Basic                  income per common share**                      |   | **$** | **0.02** |   | $ | 0.13 |   |
|                                                                    |
| **Diluted                  income per common share**                    |   | **$** | **0.02** |   | $ | 0.13 |   |
|                                                                    |
| **Basic                  weighted average shares outstanding**          |   |   | **7,567,530** |   |   | 7,660,055 |   |
|                                                                    |
| **Diluted                  weighted average shares outstanding**        |   |   | **7,729,505** |   |   | 7,660,055 |   |

----

Table            of Contents

| **Landmark                  Land Company, Inc.**                     |   |
|----------------------------------------------------------------------|--------|
| **Consolidated                  Statements of Comprehensive Income** |   |
| **Three                  months ended March 31, 2007 and 2006**      |   |
| **(Unaudited)**                                                      |   |
|                                                                 |   |
|                                                                 |   | **2007** |   | 2006 |   |
|                                                                 |   |
| Net                  income                                          |   | **$** | **158,345** |   | $ | 984,853 |   |
|                                                                 |
| Other                  comprehensive income (loss)                   |
| Foreign                  currency translation adjustments            |   |   | **(4,883** | **)** |   | (3,298 | ) |
|                                                                 |
| Comprehensive                  income                                |   | **$** | **153,462** |   | $ | 981,555 |   |

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Table            of Contents

| **LandmarkLand                  Company, Inc.**                         |   |
|-------------------------------------------------------------------------|--------|
| **Consolidated                  Statements of Cash Flows**              |   |
| **Three                  months ended March 31, 2007 and 2006**         |   |
|                                                                    |   |
|                                                                    |   | **2007** |   | 2006 |   |
| **Cash                  flows from operating activities**               |   |
| Net                  income for the period                              |   | **$** | **158,345** |   | $ | 984,853 |   |
| Adjustments                  to reconcile net income to net cash        |
| provided                  by operating activities:                      |
| Depreciation                  and amortization                          |   |   | **77,223** |   |   | 103,319 |   |
| Stock                  bonus and options expensed                       |   |   | **6,522** |   |   | - |   |
| Equity                  in loss of unconsolidated subsidiary            |   |   | **60,285** |   |   | 184,855 |   |
| (Increase)                  decrease in                                 |
| Accounts                  receivable                                    |   |   | **2,496,764** |   |   | (55,767 | ) |
| Receivable                  from affiliates                             |   |   | **(148,036** | **)** |   | 1,350,137 |   |
| Inventories                                                             |   |   | **(16,790** | **)** |   | (4,902 | ) |
| Other                  current assets                                   |   |   | **(77,055** | **)** |   | 67,876 |   |
| Deposits                                                                |   |   | **135,800** |   |   | - |   |
| Increase                  (decrease) in                                 |
| Accounts                  payable and accrued expenses                  |   |   | **(77,890** | **)** |   | (178,420 | ) |
| Accrued                  payroll and related expenses                   |   |   | **30,031** |   |   | 39,870 |   |
| Accrued                  interest                                       |   |   | **15,813** |   |   | 11,222 |   |
| Income                  tax liability                                   |   |   | **(38,237** | **)** |   | 384,000 |   |
| Other                  liabilities and deferred credits                 |   |   | **(125,220** | **)** |   | 349,890 |   |
|                                                                    |
| Net                  cash provided by operating activities              |   |   | **2,497,555** |   |   | 3,236,933 |   |
|                                                                    |
| **Cash                  flows from investing activities**               |
| Purchase                  of property and equipment                     |   |   | **(4,128,414** | **)** |   | (38,328 | ) |
| Purchase                  and development of real estate                |   |   | **(4,428,009** | **)** |   | (4,190,021 | ) |
| Sale                  of real estate inventory                          |   |   | **3,966,747** |   |   | 4,140,978 |   |
| Investment                  in unconsolidated affiliate                 |   |   | **(63,746** | **)** |   | (4,360,000 | ) |
|                                                                    |
| Net                  cash (used) by investing activities           |   |   | **(4,653,422** | **)** |   | (4,447,371 | ) |
|                                                                    |
| **Cash                  flows from financing activities**               |
| Proceeds                  from debt to others                           |   |   | **8,331,054** |   |   | 3,666,799 |   |
| Repayments                  on debt to others                           |   |   | **(3,947,235** | **)** |   | (2,918,060 | ) |
| Cash                  dividends paid on common stock                    |   |   | **(188,516** | **)** |   | (190,830 | ) |
| Cash                  dividends paid on preferred stock                 |   |   | **(25,000** | **)** |   | (28,562 | ) |
|                                                                    |
| Net                  cash provided by financing activities         |   |   | **4,170,303** |   |   | 529,347 |   |
|                                                                    |
| **Net                  increase in cash during period**                 |   |   | **2,014,436** |   |   | (681,091 | ) |
|                                                                    |
| **Cash                  balance, beginning of period**                  |   |   | **5,437,186** |   |   | 4,944,004 |   |
|                                                                    |
| **Cash                  balance, end of period**                        |   | **$** | **7,451,622** |   | $ | 4,262,913 |   |
|                                                                    |
| **Supplemental                  disclosure of cash flow information:**  |
| Cash                  paid for interest, including $100,000 and $72,682 |
| paid                  to affiliates in 2007 and 2006, respectively      |   | **$** | **668,609** |   | $ | 214,512 |   |

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Table            of Contents

**Landmark        Land Company, Inc.**

**Notes        To Condensed Consolidated Financial Statements**

**(Unaudited)**

**1.        Basis of Presentation**

|                                                      |   | Three                  Months Ended March 31, |        |
|-----------------------------------------------------------|--------|-----------------------------------------------|-------------|
|                                                      |   | **2007**                                      |        | 2006 |   |
| Revenue                                                   |   | **$**                                         | **513,103** |   | $ | 501,120 |   |
| Gross                  profit (loss)                      |   | **$**                                         | **102,306** |   | $ | (199,147 | ) |
| Profit                  (loss) from continuing operations |   | **$**                                         | **102,306** |   | $ | (199,147 | ) |
| Net                  income (loss)                        |   | **$**                                         | **102,306** |   | $ | (199,147 | ) |

|                                               |   | Three                  Months Ended March 31, |         |
|----------------------------------------------------|--------|-----------------------------------------------|--------------|
|                                               |   | **2007**                                      |         | 2006 |   |
| Revenue                                            |   |                                          | **-**        |   |   | - |   |
| Gross                  (loss)                      |   | **$**                                         | **(334,314** | **)** | $ | (255,843 | ) |
| (Loss)                  from continuing operations |   | **$**                                         | **(334,314** | **)** | $ | (255,843 | ) |
| Net                  (loss)                        |   | **$**                                         | **(334,314** | **)** | $ | (255,843 | ) |

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Table            of Contents

**2.          Earnings Per Share**

|                                                                          |   | Three                  Months Ended March 31, |          |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------|---------------|
|                                                                          |   | **2007**                                      |          | 2006 |   |
|                                                                          |   |                                          |          |   |   |
| Net                  income                                                   |   | **$**                                         | **158,345**   |   | $ | 984,853 |   |
| Less:                  Preferred dividends                                    |   |                                          | **25,000**    |   |   | 28,562 |   |
| Net                  income available to common stockholders                  |   |                                          | **133,345**   |   |   | 956,291 |   |
| Weighted                  average common shares outstanding                   |   |                                          | **7,567,530** |   |   | 7,660,055 |   |
| Incremental                  shares from assumed exercise of dilutive options |   |                                          | **161,975**   |   |   | - |   |
| Diluted                  weighted average common shares outstanding           |   |                                          | **7,729,505** |   |   | 7,660,055 |   |
| Basic                  income per common share                                |   | **$**                                         | **.02**       |   | $ | .13 |   |
| Diluted                  income per common share                              |   | **$**                                         | **.02**       |   | $ | .13 |   |

**3.        Stock Option Plans**

|    Options                             |   |  Shares |   |  Weighted-Average                      Exercise Price |   | Weighted-                      Average Remaining Contractual Term |   |   Aggregate                      Intrinsic Value |
|-------------------------------------------------------|--------|--------------|--------|------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|------------------------------------------------------------|
|                                                  |   |         |   |                                                       |   |                                                              |   |                                                       |
| Outstanding                      at December 31, 2006 |   | 200,000      |   | $2.00                                                      |   |                                                              |   |                                                       |
| Granted                                               |   | -            |   | -                                                          |   |                                                              |   |                                                       |
| Exercised                                             |   | -            |   | -                                                          |   |                                                              |   |                                                       |
| Forfeited                      or expired             |   | -            |   | -                                                          |   |                                                              |   |                                                       |
| Outstanding                      at March 31, 2007    |   | 200,000      |   | 2.00                                                       |   | 4.1                      years                                    |   | $220,000                                                   |
| Exercisable                      at March 31, 2007    |   | 200,000      |   | 2.00                                                       |   | 4.1                      years                                    |   | $220,000                                                   |

----

Table              of Contents

| Non-vested                    Options            |   | Shares  |   | Weighted-Average                    Grant-DateFair                    Value |
|--------------------------------------------------|--------|---------|--------|-----------------------------------------------------------------------------|
|                                             |   |    |   |                                                                        |
| Non-vested                    at January 1, 2007 |   | 247,500 |   | $0.56                                                                       |
| Granted                                          |   | -       |   | -                                                                           |
| Vested                                           |   | -       |   | -                                                                           |
| Forfeited                                        |   | 5,000   |   | $0.60                                                                       |
| Non-vested                    at March 31, 2007  |   | 242,500 |   | $0.56                                                                       |

**4.          Reclassifications**

**5.        Commitments**

|                                                       |   | **2007** |        | 2006   |   |
|------------------------------------------------------------|--------|----------|-------------|--------|--------|
| Warranty                        accrual balance January 1, |   | **$**    | **146,635** |   | $      | 82,260 |   |
| Provision                        for warranty              |   |     | **21,987**  |   |   | 22,941 |   |
| Payments                                                   |   |     | **(7,820**  | **)**  |   | (7,806 | ) |
| Warranty                        accrual balance March 31,  |   | **$**    | **160,802** |   | $      | 97,395 |   |

**6.            Income Taxes**

*Accounting            for Income Taxes*

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Table                of Contents

**7.              Segment Information**

|                                                        |   | **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** |   |
|                                                        |   |                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                        |   |                                                               | Three                        Months Ended March 31, 2006 |
|                                                        |   |                                                               | Real                          Estate |   |   | Golf |   |   | Management |   |   | Corporate |   |   | Total |   |
|                                                        |   |                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                     |   | $                                                                  | 6,107,777 |   | $ | 556,254 |   | $ | 1,176,691 |   | $ | - |   | $ | 7,840,722 |   |
| Costs                        of revenue                     |   |                                                               | (4,401,168 | ) |   | (414,413 | ) |   | (1,019,136 | ) |   | - |   |   | (5,834,717 | ) |
| Depreciation                        and amortization        |   |                                                               | (3,038 | ) |   | (15,673 | ) |   | (84,608 | ) |   | - |   |   | (103,319 | ) |
| Operating                        income (loss)              |   |                                                               | 1,703,571 |   |   | 126,168 |   |   | 72,947 |   |   | - |   |   | 1,902,686 |   |
| General                        and administrative           |   |                                                               | - |   |   | - |   |   | - |   |   | (183,664 | ) |   | (183,644 | ) |
| Other                        income (expenses)              |   |                                                               | - |   |   | - |   |   | - |   |   | (257,988 | ) |   | (257,988 | ) |
| Federal                        & state income taxes     |   |                                                               | (555,229 | ) |   | (41,121 | ) |   | (23,775 | ) |   | 143,943 |   |   | (476,181 | ) |
| Net                        income (loss)                    |   | $                                                                  | 1,148,342 |   | $ | 85,047 |   | $ | 49,172 |   | $ | (297,709 | ) | $ | 984,853 |   |

----

Table                  of Contents

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

**Overview**

**Revenue**

*Real            estate sales*

*Golf*

*Management            and consulting*

**Costs            of Revenues**

*Cost            of real estate sold, *

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

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

----

Table                of Contents

*Golf            operating expenses*

*Management            and consulting payroll and related expenses*

*Depreciation            and amortization*

**General,            administrative and other expense**

*General,            administrative and other expenses*

**Other            income and expense**

*Equity            in loss of unconsolidated affiliates*

|                                                      |   |      |   | Three                      Months Ended** **March                      31, |   |
|-----------------------------------------------------------|--------|-----------|--------|---------------------------------------------------------------------------------|--------|
|                                                      |   | Ownership |   | 2007                                                                            |   | 2006 |   |
| Landmark                      Developments of Spain, S.L. |   |      | 50%    |                                                                            | $      | 51,153 |   | $ | (99,573 | ) |
| Apes                      Hill Development SRL            |   |      | 33%    |                                                                            | $      | (111,438 | ) | $ | (85,282 | ) |
| Presidential                      Golf Club, LLC          |   |      | 50%    |                                                                            |   | - |   |   | - |   |
|                                                      |   |      |   |                                                                            | $      | (60,285 | ) | $ | (184,855 | ) |

*Interest            income*

*Interest            expense*

**Federal            and state income taxes**

----

Table                of Contents

**Net            income**

**Liquidity            and capital resources**

*Current            assets *

*Real            estate and golf management contract rights acquired*

*Real            estate *

*Property            and equipment *

*Liabilities            *

*off-balance sheet            arrangements*

*Stockholders’            equity *

**Critical              accounting estimates**

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

----

Table                of Contents

**Item            4.**
**Controls            and Procedures **

**PART            II - OTHER INFORMATION**

**Item            1.**
**Legal            Proceedings**

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

**Item            6.**
**Exhibits**

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

----

Table            of Contents

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

----

Table            of Contents

**SIGNATURES**

| LANDMARK                  LAND COMPANY, INC.          |
|-------------------------------------------------------|
|                                                  |
|                                                  |
|                                                  |
| /s/                  Gerald G. Barton                 |
| Gerald                  G. Barton                     |
| Chairman                  and Chief Executive Officer |
| May                  11, 2007                         |

| LANDMARK                  LAND COMPANY, INC.                       |
|--------------------------------------------------------------------|
|                                                               |
|                                                               |
|                                                               |
| /s/                  Joe V. Olree                                  |
| Joe                  V. Olree                                      |
| Senior                  Vice President and Chief Financial Officer |
| May                  11, 2007                                      |

----

Table            of Contents

**LANDMARK        LAND COMPANY, INC.**

**FORM        10-Q**

**EXHIBIT        INDEX**

**Exhibit        **

**Number        **

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