SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                ----------------

                                  SCHEDULE 13D
                                 (Rule 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                               (Amendment No. 27)

                          Consolidated-Tomoka Land Co.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                     Common Stock, par value $1.00 per share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    210226106
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                David J. Winters
                            Wintergreen Advisers, LLC
                          333 Route 46 West, Suite 204
                        Mountain Lakes, New Jersey 07046
                                 (973) 263-2600
--------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                 March 10, 2011
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of This Statement)

     If the filing person  has previously filed  a statement on  Schedule 13G to
report the  acquisition  that is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box [ ].

          Note:  Schedules filed in paper format shall include a signed original
     and five copies of the schedule, including all exhibits. See Rule 13d-7 for
     other parties to whom copies are to be sent.

----------
(1)  The  remainder  of this  cover  page  shall be filled  out for a  reporting
     person's  initial  filing on this form with respect to the subject class of
     securities,  and for any subsequent amendment containing  information which
     would alter disclosures provided in a prior cover page.

     The  information  required on the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).



CUSIP No. 210226106
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Wintergreen Advisers, LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [x]
                                                                 (b)  [_]
3.   SEC USE ONLY



4.   SOURCE OF FUNDS*

     AF

5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware, USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

7.   SOLE VOTING POWER

     0

8.   SHARED VOTING POWER

     1,543,075

9.   SOLE DISPOSITIVE POWER

     0

10.  SHARED DISPOSITIVE POWER

     1,543,075

11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,543,075 - See Item 5

12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                      [_]

13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     27.0%

14.  TYPE OF REPORTING PERSON*

     IA



CUSIP No. 210226106
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Wintergreen Fund, Inc.

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [x]
                                                                 (b)  [_]
3.   SEC USE ONLY


4.   SOURCE OF FUNDS*

     WC

5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Maryland, USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

7.   SOLE VOTING POWER

     0

8.   SHARED VOTING POWER

     777,024

9.   SOLE DISPOSITIVE POWER

     0

10.  SHARED DISPOSITIVE POWER

     777,024

11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     777,024 - See Item 5

12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                      [x]

13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     13.6%

14.  TYPE OF REPORTING PERSON*

     IV



CUSIP No. 210226106
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Wintergreen Partners Fund, LP

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [x]
                                                                 (b)  [_]
3.   SEC USE ONLY


4.   SOURCE OF FUNDS*

     WC

5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware, USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

7.   SOLE VOTING POWER

     0

8.   SHARED VOTING POWER

     391,114

9.   SOLE DISPOSITIVE POWER

     0

10.  SHARED DISPOSITIVE POWER

     391,114

11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     391,114 - See Item 5

12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                      [x]

13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     6.8%

14.  TYPE OF REPORTING PERSON*

     PN



CUSIP No. 210226106
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Wintergreen Partners Offshore Master Fund, Ltd.

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [x]
                                                                 (b)  [_]
3.   SEC USE ONLY



4.   SOURCE OF FUNDS*

     WC

5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

7.   SOLE VOTING POWER

     0

8.   SHARED VOTING POWER

     213,762

9.   SOLE DISPOSITIVE POWER

     0

10.  SHARED DISPOSITIVE POWER

     213,762

11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     213,762 - See Item 5

12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                      [x]

13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     3.7%

14.  TYPE OF REPORTING PERSON*

     CO



CUSIP No. 210226106
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Renaissance Global Markets Fund

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [x]
                                                                 (b)  [_]
3.   SEC USE ONLY



4.   SOURCE OF FUNDS*

     WC

5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Canada

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

7.   SOLE VOTING POWER

     0

8.   SHARED VOTING POWER

     161,175

9.   SOLE DISPOSITIVE POWER

     0

10.  SHARED DISPOSITIVE POWER

     161,175

11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     161,175 - See Item 5

12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                      [x]

13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     2.8%

14.  TYPE OF REPORTING PERSON*

     CO



CUSIP No. 210226106
          ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     David J. Winters

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [x]
                                                                 (b)  [_]
3.   SEC USE ONLY



4.   SOURCE OF FUNDS*

     AF

5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON

7.   SOLE VOTING POWER

     0

8.   SHARED VOTING POWER

     1,543,075

9.   SOLE DISPOSITIVE POWER

     0

10.  SHARED DISPOSITIVE POWER

     1,543,075

11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,543,075 - See Item 5

12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
                                                                      [_]

13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     27.0%

14.  TYPE OF REPORTING PERSON*

     IN



 CUSIP No. 210226106
           ---------------------

--------------------------------------------------------------------------------
Item 1.  Security and Issuer.

     Consolidated-Tomoka Land Co. (the "Issuer"), Common Stock, par value $1.00
      per share (the "Shares").
     The address of the Issuer is 1530 Cornerstone Boulevard, Suite 100
      Daytona Beach, Florida 32117.
--------------------------------------------------------------------------------
Item 2.  Identity and Background.

(a-c,  f) This  statement  is  being  filed  by (i)  Wintergreen  Fund,  Inc,  a
Maryland  USA  corporation   registered  as  an  investment  company  under  the
Investment  Company  Act  of  1940,   as  amended  ("Wintergreen  Fund"),   (ii)
Wintergreen  Partners  Fund,  LP,  an  unregistered  pooled  investment  vehicle
organized as a Delaware USA limited partnership ("Wintergreen Partners"),  (iii)
Wintergreen  Partners  Offshore  Master  Fund,  Ltd.,   an  unregistered  pooled
investment vehicle organized as a  Cayman Islands exempted company ("Wintergreen
Offshore"), (iv) Renaissance Global Markets Fund,  a mutual fund trust organized
under the laws of Ontario Canada ("Renaissance"), (v) Wintergreen Advisers, LLC,
("Wintergreen Advisers"), a Delaware USA limited liability company which acts as
investment  manager  of  Wintergreen  Fund,  Wintergreen  Partners,  Wintergreen
Offshore, Renaissance and other investment vehicles, and  (vi) David J. Winters,
a  citizen  of the  United States  ("David Winters"),  the  managing member  and
portfolio  manager  of   Wintergreen  Advisers.   (Each  of   Wintergreen  Fund,
Wintergreen Partners, Wintergreen Offshore,  Renaissance,  Wintergreen Advisers,
and  David  Winters  may be  referred  to  herein  as a  "Reporting Person"  and
collectively may be referred to as "Reporting Persons").

The  principal  business and  principal office address of each of David Winters,
Wintergreen Fund, Wintergreen Partners and Wintergreen Advisers  is 333 Route 46
West, Suite 204, Mountain Lakes, New Jersey.

     (d) None of the  Reporting Persons have, during the last five  years,  been
convicted  in a  criminal proceeding  (excluding  traffic  violations or similar
misdemeanors).

     (e) None of the Reporting Persons have, during the last five years,  been a
party to a  civil  proceeding of a  judicial or Administrative body of competent
jurisdiction  and as  a result  of such  proceeding  were or  are  subject  to a
judgment,  decree or final order enjoining future violations  of, or prohibiting
or mandating activities  subject to, Federal or state securities laws or finding
any violation with respect to such laws.

--------------------------------------------------------------------------------
Item 3.  Source and Amount of Funds or Other Consideration.

As of the date hereof  Wintergreen Advisers may  be deemed  to beneficially own
1,543,075 Shares.

As of the date hereof Wintergreen Fund beneficially owns 777,024 Shares.

As of the date hereof Wintergreen Partners beneficially owns 391,114 Shares.

As of the date hereof Wintergreen Offshore beneficially owns 213,762 Shares.

As of the date hereof Renaissance beneficially owns 161,175 Shares.

The source of funds used to  purchase  the  securities  reported  herein was the
working capital of Wintergreen Fund, Wintergreen Partners, Wintergreen Offshore,
and Renaissance.   The aggregate funds used by the forgoing Reporting Persons to
make the purchases was approximately $88.7 million.

No borrowed  funds were used to purchase  the  Shares,  other than any  borrowed
funds used for working capital purposes in the ordinary course of business.


--------------------------------------------------------------------------------
Item 4.  Purpose of Transaction.

On March 10, 2011,  Wintergreen  delivered  a letter  (the "March 10 Letter") to
the  Board of Directors  of  the Issuer.   In the  March 10 Letter,  Wintergreen
urges CEO Bill McMunn  to resign  his roles  as CEO and Board Member  as soon as
reasonably  practicable,  and states its belief  that his continued  involvement
could negatively impact  the recruitment  of a new CEO.   A copy of the March 10
Letter is attached hereto as Exhibit B and incorporated herein by reference.

Advisory  clients  of   Wintergreen  Advisers  are   the  beneficial  owners  of
approximately  27.0%  of the Issuer's  common stock.   Wintergreen  Advisers has
initiated  discussions with the Issuer on maximizing the value  of  the  Daytona
properties,  through  direct development  or partnerships.  Wintergreen Advisers
intends to  continue its dialogue with,  and to take an active interest in,  the
Issuer  to encourage  strategic focus on the Volusia county properties.  To this
end,  Wintergreen Advisers, from time to time,  will communicate with the Issuer
and other holders of Common Stock regarding such matters.

The Reporting Persons may in the future purchase additional Shares or dispose of
some or  all of such Shares in open-market  transactions or privately negotiated
transactions.  Other than as described herein, the Reporting Persons do not have
any  plans  or proposals  that would result  in any of  the actions described in
paragraphs (b) through (j) of Item 4 of the instructions to Schedule 13D.


--------------------------------------------------------------------------------
Item 5.  Interest in Securities of the Issuer.

(a, b) The  Reporting  Persons  are a  group  and  are  each  deemed  to be  the
beneficial owner  of 1,543,075 Shares,  constituting 27.0%  of the Shares of the
Issuer, based upon 5,723,980 Shares outstanding as of the date of this filing.

Each Reporting  Person disclaims  beneficial ownership  in  the  Shares reported
herein except to the extent of its pecuniary interest therein.

(a, b) As of  the date  hereof,  Wintergreen Advisers  as investment  manager of
Wintergreen Fund,  Wintergreen Partners,  Wintergreen Offshore and  Renaissance,
and  David Winters,  a  managing member  and  portfolio manager  of  Wintergreen
Advisers  may  be  deemed  to be  the  beneficial  owner  of  1,543,075  Shares,
constituting  27.0%  of the  Shares of the Issuer,  based upon  5,723,980 Shares
outstanding as of the date of this filing.

     Wintergreen  Advisers  has the sole power  to vote or direct  the vote of 0
Shares; has the shared power to vote or direct the vote of 1,543,075 Shares; has
sole power  to dispose  or direct  the disposition  of 0 Shares;  and has shared
power to dispose or direct the disposition of 1,543,075 Shares.

     David Winters has the sole power  to vote  or direct  the vote of 0 Shares;
has the shared power  to vote or direct  the vote of 1,543,075 Shares;  has sole
power to dispose or direct  the disposition of 0 Shares; and has shared power to
dispose or direct the disposition of 1,543,075 Shares.

(a,  b) As of the  date  hereof,  Wintergreen  Fund is the  beneficial  owner of
777,024  Shares (1), constituting  13.6% of the Shares of the Issuer, based upon
5,723,980 Shares outstanding as of the date of this filing.

     Wintergreen Fund has the sole power to vote or direct the vote of 0 Shares;
has the  shared  power to vote or direct the vote of  777,024  Shares;  has sole
power to dispose or direct the disposition of 0 Shares;  and has shared power to
dispose or direct the disposition of 777,024 Shares.


(a,  b) As of the date hereof,  Wintergreen  Partners is the beneficial owner of
391,114  Shares (1), constituting  6.8% of the Shares of the Issuer,  based upon
5,723,980 Shares outstanding as of the date of this filing.

     Wintergreen Partners  has the sole power  to vote or  direct the vote  of 0
Shares;  has the shared power to vote or direct the vote of 391,114 Shares;  has
sole power  to dispose or  direct the disposition  of 0 Shares;  and  has shared
power to dispose or direct the disposition of 391,114 Shares.


(a,  b) As of the date hereof,  Wintergreen  Offshore is the beneficial owner of
213,762  Shares (1), constituting  3.7% of the Shares of the Issuer,  based upon
5,723,980 Shares outstanding as of the date of this filing.

     Wintergreen Offshore  has the sole power  to vote or  direct the vote  of 0
Shares;  has the shared power to vote or direct the vote of 213,762 Shares;  has
sole power  to dispose or  direct the disposition  of 0 Shares;  and  has shared
power to dispose or direct the disposition of 213,762 Shares.


(a,  b) As of the date hereof,  Renaissance is  the beneficial owner  of 161,175
Shares (1), constituting  2.8% of the Shares of the Issuer, based upon 5,723,980
Shares outstanding as of the date of this filing.

     Renaissance has the sole power to vote or direct the vote of 0 Shares;  has
the shared power to vote or direct the vote of 161,175 Shares; has sole power to
dispose or direct the disposition  of 0 Shares; and  has shared power to dispose
or direct the disposition of 161,175 Shares.


     (c) None  of the  Reporting Persons  has effected  any transactions  in the
Shares during the past  sixty days  or since  the most recent filing of Schedule
13D.


     (d) N/A

     (e) N/A

--------------------------------------------------------------------------------
Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect
         to Securities of the Issuer.

         N/A.

--------------------------------------------------------------------------------
Item 7.  Material to be Filed as Exhibits.

Exhibit A: Agreement between the Reporting Persons to file jointly
Exhibit B: Letter to the Board of Directors of the Issuer dated March 10, 2011



--------------------------------------------------------------------------------







                                    SIGNATURE


     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

Wintergreen Advisers, LLC
By: David J. Winters, Managing Member.

/s/ David J. Winters
______________________________________

Wintergreen Fund, Inc.
By: David J. Winters, Executive Vice President

/s/ David J. Winters
______________________________________

Wintergreen Partners Fund, LP
By: Wintergreen GP, LLC
By: David J. Winters, Managing Member

/s/ David J. Winters
______________________________________

Wintergreen Partners Offshore Master Fund, Ltd.
By: Wintergreen Advisers, LLC
By: David J. Winters, Managing Member

/s/ David J. Winters
______________________________________

Renaissance Global Markets Fund
By: David J. Winters, Attorney-in-Fact

/s/ David J. Winters
______________________________________

David J. Winters

/s/ David J. Winters
______________________________________

March 16, 2011



Attention.  Intentional  misstatements  or omissions of fact constitute  federal
criminal violations (see 18 U.S.C. 1001).



                                                                Exhibit A


                                    AGREEMENT
The undersigned agree  that this Amendment No 27 to Schedule 13D dated March 16,
2011,  relating to the Common Stock,  par value $1.00 per share of Consolidated-
Tomoka Land Co. shall be filed on behalf of the undersigned.


Wintergreen Advisers, LLC.
By: David J. Winters, Managing Member

/s/ David J. Winters
______________________________________

Wintergreen Fund, Inc.
By: David J. Winters, Executive Vice President

/s/ David J. Winters
______________________________________

Wintergreen Partners Fund, LP
By: Wintergreen GP, LLC
By: David J. Winters, Managing Member

/s/ David J. Winters
______________________________________

Wintergreen Partners Offshore Master Fund, Ltd.
By: Wintergreen Advisers, LLC
By: David J. Winters, Managing Member

/s/ David J. Winters
______________________________________

Renaissance Global Markets Fund
By: David J. Winters, Attorney-in-Fact

/s/ David J. Winters
______________________________________

David J. Winters

/s/ David J. Winters
______________________________________
March 16, 2011



                                                                Exhibit B
March 10, 2011

Wintergreen Advisers, LLC
333 Route 46 West
Suite 204
Mountain Lakes, New Jersey
07046

Board of Directors
Consolidated-Tomoka Land Co
c/o Linda Crisp, Corporate Secretary
1530 Cornerstone Blvd., Suite 100
Daytona Beach, FL 32117


Dear Board Members,

We were pleased to see  the recent announcement  of the upcoming resignation  of
Consolidated-Tomoka CEO Bill McMunn.   However,  we do not believe the interests
of shareholders will be well served by delaying his departure,  and suggest that
the Board  consider  making  Bill's departure  effective  as soon as  reasonably
practicable.

Having a strong, ambitious new CEO whose interests and compensation are directly
aligned  with shareholders  should  serve  the company  well.   We believe  this
succession process  is one of many steps  necessary  to place CTO  on the proper
footing for when the Florida real estate market rebounds.   We are unclear as to
the purpose  served  by Bill's  continued involvement  with  the Company  in any
capacity, and believe his continued involvement could negatively impact the
recruitment of a new CEO.

While considering this suggestion we remind the Board of specifics we believe to
be representative of Bill's performance at CTO:

-  the lack of  meaningful analysis  on $120 million  worth of income properties
   purchased with  shareholder funds  in  contravention  of CTO's  policies  and
   procedures.  Specifically,  other than the three very rudimentary examples of
   income property models, management has been unable to produce any evidence of
   analytical work done prior to spending $120 million of shareholder funds on a
   portfolio of 26 income properties.   This runs directly counter  to CTO's own
   policies and procedures which state, "For each transaction, a financial model
   is constructed to value the acquisition property.  Since property types vary,
   a model is created specific to each transaction.";

-  the negotiation of the LPGA lease  and the subsequent inaction as millions of
   dollars of losses accumulated on the golf operations;

-  the use  of imprecise  and  potentially misleading  statements  in  documents
   mailed to all shareholders and filed with the SEC, and;

-  the creation of his own compensation program in 2008.

CTO has  clearly  not  been run  in the  diligent manner  we  believe  should be
expected  of a  public company,  and ultimate  responsibility  for this  failure
should reside with Bill.  We can conceive of no rational reason for a nine month
grace  period  and an  additional  one-year  consultancy  period,  at additional
shareholder expense  and at the potential consternation of the incoming CEO.  We
believe the progress of CTO  will be better served by the board taking the steps
necessary to conclude Bill's involvement with CTO promptly.

We believe the ultimate responsibility  for demanding excellence from management
rests upon the shoulders of the board members,  and with the benefit of the time
that has passed since CTO's announcement  of the end of Bill's tenure as CEO, we
hope you will disregard any social pressure which may be directed toward you to,
in effect, place the interests of management ahead of those of shareholders.

We have not  been directly involved  with CTO's operations,  nor do we desire to
be.  Our preference  is for the board  and management  to work together  for the
long-term benefit of all shareholders.  In Bill's absence,  we look forward to a
more  collaborative   management   regime,   an  improved   relationship   among
Wintergreen, the incoming CEO and the board,  and putting the litigation between
Wintergreen and CTO behind us.

To board  members  old and new  who embrace their  fiduciary responsibility  and
endeavor to set CTO  on the path  towards increased shareholder value,  we thank
you for your continued hard work and offer you our full support.

As it  has  recently  been disclosed  in  CTO's 2011  proxy statement  that Bill
intends to stand  for reelection to the  board for  another three year term,  we
must inform you  that should Bill  follow through on this,  we intend to solicit
votes against his reelection.   Given past CTO voter turnout and voting patterns
in uncontested elections,  we anticipate being able to garner enough shareholder
support   to  deny  Bill  the  majority  vote   necessary  to  retain  his seat.
Accordingly, we urge him and the Board to reconsider.



Sincerely yours,

/s/ David J. Winters

David J. Winters, CEO
Wintergreen Advisers, LLC


-----END PRIVACY-ENHANCED MESSAGE-----