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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 GdODFlaY5aF555GbtxTHuQ==

<SEC-DOCUMENT>0001144204-07-018889.txt : 20070416
<SEC-HEADER>0001144204-07-018889.hdr.sgml : 20070416
<ACCEPTANCE-DATETIME>20070416165323
ACCESSION NUMBER:		0001144204-07-018889
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070412
FILED AS OF DATE:		20070416
DATE AS OF CHANGE:		20070416

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BUDD J RICHARD
		CENTRAL INDEX KEY:			0001173969

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13003
		FILM NUMBER:		07768662

	BUSINESS ADDRESS:	
		STREET 1:		58 PIPING ROCK ROAD
		CITY:			LOCAST VALLEY
		STATE:			NY
		ZIP:			11560

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERLEAF RESORTS INC
		CENTRAL INDEX KEY:			0001033032
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				752259890
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1221 RIVERBEND DR
		STREET 2:		SUITE 120
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75247
		BUSINESS PHONE:		2146311166

	MAIL ADDRESS:	
		STREET 1:		1221 RIVERBEND DR
		STREET 2:		SUITE 120
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75247
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v071716_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-04-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001033032</issuerCik>
        <issuerName>SILVERLEAF RESORTS INC</issuerName>
        <issuerTradingSymbol>SVLF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001173969</rptOwnerCik>
            <rptOwnerName>BUDD J RICHARD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>360 LEXINGTON AVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 302</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $0.01par value</value>
            </securityTitle>
            <transactionDate>
                <value>2007-04-12</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2007-04-12</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>W</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>185600</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>185600</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse, as Co-Trustee</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.01 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>60000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This 185,600 shares includes 61,867 shares held in a testamentary trust for the benefit of Mr. Budd's wife, Susan N. Budd.
 These 61,867 shares were distributed to the testamentary trust on April 12, 2007 in connection with the administration of
 the estate of Mrs. Budd's late mother.  Mrs. Budd is the beneficiary and co-trustee of the trust.  In addition to the 61,867
 shares held in the trust for the benefit of Mrs. Budd, a further 123,732 shares were also distributed from the estate of
 Mrs. Budd's late mother on April 12, 2007 to two additional testamentary trusts set up for the benefit of Mrs. Budd's
 brother and sister.</footnote>
        <footnote id="F2">(footnote 1 continued) Mrs. Budd serves as a co-trustee along with her brother and sister of all three testamentary trusts,
 but is a beneficiary of only one of the trusts.  The three trusts were established under the last will and testament of Mrs.
 Budd's late mother, and all 185,600 shares were held by Mrs. Budd's mother at the time of her death.  J. Richard Budd does
 not hold the power to either vote or dispose of any of these shares and disclaims beneficial ownership to all of the 185,600
 shares reported herein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ J. Richard Budd</signatureName>
        <signatureDate>2007-04-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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