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     FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
            OF THE SECURITIES EXCHANGE ACT OF 1934

                         UNITED STATES

              SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C. 20549



                                    FORM 10-Q



                                    (Mark One)

  [X] Quarterly Report Pursuant to Section 13 or 15(d) of the
                Securities Exchange Act of 1934
                     For the period ended

                       September 30, 1996

                                         or
[  ]  Transition Report Pursuant to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
For the transition period from __________ to _______________

              Commission File Number: 33-11396-A

                    LMR LAND COMPANY, LTD.
    (Exact name of Registrant as specified in its charter)

      Tennessee                         62-1299384
 (State or other jurisdiction of     (I.R.S. Employer
 incorporation or organization)       Identification)

   4400 Harding Road, Suite 500, Nashville, Tennessee 37205
(Address of principal executive office) (Zip Code)

                                  (615)  292-1040
     (Registrant's telephone number, including area code)

      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 at least the past 90 days.


                                 YES    X     NO  ___  

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                         PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


                              LMR LAND COMPANY, LTD.
                       (A Tennessee Limited Partnership)


                             FINANCIAL STATEMENTS
                 For The Nine Months Ended September 30, 1996


                                     INDEX



        Financial Statements:

              Balance Sheets                        3
              Statements of Operations              4
              Statements of Cash Flows              5
              Notes to Financial Statements         6




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<TABLE>


                    LMR LAND COMPANY, LTD.
                    (A Limited Partnership)

                        BALANCE SHEETS
                          (Unaudited)



<CAPTION>
                                  September 30,  December 31,
                                      1996           1995
                                  -------------  -------------
<S>                              <C>            <C>           

                            ASSETS

CASH                                $  535,095   $    484,893

RECEIVABLE FROM AFFILIATE               40,628         40,628

LAND HELD FOR INVESTMENT             3,875,411      3,974,437

            Total Assets            $4,451,134   $  4,499,958
                                    ==========     ==========



               LIABILITIES AND PARTNERS' EQUITY


ACCOUNTS PAYABLE                    $   15,146    $    15,078

ACCRUED PROPERTY TAXES                  31,901         20,278

DEPOSITS ON LAND SALE CONTRACTS           -           100,000

PARTNERS' EQUITY                     4,404,087      4,364,602

Total Liabilities & Partners' Equity$4,451,134   $  4,499,958
                                    ==========     ==========






<FN>
                      See notes to financial statements.



/TABLE
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<TABLE>

                    LMR LAND COMPANY, LTD.
                    (A Limited Partnership)

                   STATEMENTS OF OPERATIONS
                          (Unaudited)

<CAPTION>

                      Quarter Ending         Year to Date Ending
                       SEPTEMBER 30,            SEPTEMBER 30,
                   _____________________     __________________

                      1996       1995          1996       1995
                       ____      ____          _____      _____

<S>                 <C>        <C>            <C>        <C>    

REVENUE:

Land Sales
Sale Proceeds       $ 93,800      -         93,800         -
Cost of Land Sold    (87,546)     -        (87,546)        -
Closing Costs         (5,785)     -         (5,785)        -

Gain on Sale             469      -            469         -

Interest                 112      -         11,866    13,118
Miscellaneous          5,585      250        5,585    30,972
Expired Land Option     -         -        100,000      -   

Total Revenue          6,166      250      117,920    44,090

EXPENSES:

Property Taxes        32,244   31,326        32,786   31,598
Management Fees        3,500    3,500        10,500   10,500
Legal & Accounting Fees  400      923        17,695   16,473
Administation Exp       -       2,188         2,302    3,079
Land Maintenace Exp    6,168    2,268        15,152   11,124

Total Expenses        42,312   40,205        78,435   72,774

NET INCOME(LOSS)     (36,146) (39,955)       39,485 (28,684)



<FN>
                       See notes to financial statements

</TABLE>
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<TABLE>


                     LMR LAND COMPANY, LTD.
                     (A Limited Partnership)

                    STATEMENTS OF CASH FLOWS
                           (Unaudited)
<CAPTION>

                                           Year-to-date
                                           SEPTEMBER 30,
                                    __________________________
                                        1996           1995
                                        ____           ____
<S>                                  <C>           <C>         
Cash Flows from Operating Activities:

Net Income                           $ 39,485     $ (28,684)
Adjustments to reconcile Net Income
to Net Cash used in Operating Activities:
Change in Accounts Payable                 68          (620)
Change in Accrued Property Taxes       11,623       (21,112)
Increase in Deposits                 (100,000)        77,500
Gain on Land Sale                        (469)             -
Change in Receivable                     -             1,849

Total Adjustments                     (88,778)        57,617

Net Cash provided by (used
in) Operating Activities              (49,293)        28,933

Cash Flows from Investing Activities:

Proceeds from Land Sale                88,015             - 
Land Improvements                      (8,520)            - 
Refund of Bond money                   20,000 

Net Cash provided by 
Investing Activities                   99,495             - 

Net increase/decrease in Cash
and Cash Equivalents                   50,202         28,933

CASH AT JANUARY 1,                    484,893        484,714

CASH AT SEPTEMBER 30,                 535,095     $  513,647
                                      ========      ========


<FN>
                      See notes to financial statements.

</TABLE>
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                     LMR LAND COMPANY, LTD.
                     (A Limited Partnership)

                  NOTES TO FINANCIAL STATEMENTS

          For the Nine Months Ended September 30, 1996
                           (Unaudited)


A.ACCOUNTING POLICIES

  The unaudited financial statements presented herein  have  been 
prepared  in  accordance  with  the instructions to Form 10-Q and
do not include all of the  information and note  disclosures 
required  by generally accepted accounting  principles.   These 
statements  should  be  read  in  conjunction  with  the 
financial statements and notes thereto included in the
Partnership's Form 10-  K for the year ended December 31, 1995. 
In the opinion  of  management, such  financial  statements 
include  all  adjustments, consisting only  of  normal  recurring 
adjustments,  necessary  to  summarize  fairly  the 
Partnership's  financial position and results of operations.  
The results of operations for  the nine month period ended
September 30, 1996 may  not  be indicative of the  results that
may be expected for the year ending December 31, 1996.

B.RELATED PARTY TRANSACTIONS

  The  General  Partner  and  its  affiliates  have been actively 
involved  in  managing the Partnership's operations. 
Compensation earned for these services  in the first nine months
were as follows:

<TABLE>
<CAPTION>
                                     1996            1995   
                                   ________        ________ 
<S>                              <C>            <C>         
Management Fees                      $  10,500       $10,500
Accounting Fees                          2,100         2,000


</TABLE>





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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 1996.

During the third quarter of 1996 the Registrant sold
approximately 6.6 acres of the Lebanon Property.  During the
second quarter of 1996, the sale contract for the entire Macon
Property expired.  The $100,000 in non-refundable earnest money
was reclassified to reflect Expired option money revenue.  During
the second quarter of 1995, the Registrant received a $30,722
refund of excess construction escrow funds related to the sale of
the Roanoke Property in 1993.  This receipt reduces the cost of
land sold for the 1993 sale transaction and is therefore
reflected as revenue in 1995.

Overall operations of the Registrant have not changed
significantly from prior quarters.  

FINANCIAL CONDITION

DEVELOPMENT

The City of Lebanon completed the road through the Registrant's
Lebanon Property.  This road provides access to approximately 40
acres of land and opens them up for sale.   

There is currently no development on the Macon Property.

LIQUIDITY

At October 31, 1996, the Registrant had approximately $516,054 in
cash reserves.  These funds are expected to be sufficient through
1997.  





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                         PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


  (a)  Exhibits

          Exhibit 27 - Financial Data Schedule

  (b)  No 8-K's have been filed during this quarter.





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                                  SIGNATURES



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


                             LMR LAND COMPANY, LTD.

                             By: 222 LMR, LTD.
                                 General Partner


                                 By: 222 PARTNERS, INC.
                                     General Partner



Date: November 14, 1996              By:/s/ Steven D. Ezell
                                     ___________________
                                     Steven D. Ezell
                                     President



Date: November 14, 1996              By:/s/ Michael A. Hartley
                                     ______________________
                                     Michael A. Hartley
                                     Secretary/Treasurer