diff --git a/django/db/models/loading.py b/django/db/models/loading.py
index 06ddd7a4e4..d9c338f15d 100644
--- a/django/db/models/loading.py
+++ b/django/db/models/loading.py
@@ -75,16 +75,23 @@ class AppCache(object):
         app_module = import_module(app_name)
         try:
             imp.find_module('models', app_module.__path__)
+        except ImportError: 
+            self.nesting_level -= 1
+            # App has no models module, that's not a problem.
+            return None
+        try:
+            models = import_module('.models', app_name)
         except ImportError:
             self.nesting_level -= 1
             if can_postpone:
-                # Either the app has no models, or the package is still being
+                # Either the app has an error, or the package is still being
                 # imported by Python and the model module isn't available yet.
                 # We will check again once all the recursion has finished (in
                 # populate).
                 self.postponed.append(app_name)
-            return None
-        models = import_module('.models', app_name)
+                return None
+            else:
+                raise
         self.nesting_level -= 1
         if models not in self.app_store:
             self.app_store[models] = len(self.app_store)
diff --git a/tests/regressiontests/admin_scripts/complex_app/__init__.py b/tests/regressiontests/admin_scripts/complex_app/__init__.py
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/tests/regressiontests/admin_scripts/complex_app/admin/__init__.py b/tests/regressiontests/admin_scripts/complex_app/admin/__init__.py
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/tests/regressiontests/admin_scripts/complex_app/admin/foo.py b/tests/regressiontests/admin_scripts/complex_app/admin/foo.py
new file mode 100644
index 0000000000..1b933d028d
--- /dev/null
+++ b/tests/regressiontests/admin_scripts/complex_app/admin/foo.py
@@ -0,0 +1,3 @@
+from django.contrib import admin
+from admin_scripts.complex_app.models.foo import Foo
+admin.site.register(Foo)
diff --git a/tests/regressiontests/admin_scripts/complex_app/models/__init__.py b/tests/regressiontests/admin_scripts/complex_app/models/__init__.py
new file mode 100644
index 0000000000..a4d6d9539a
--- /dev/null
+++ b/tests/regressiontests/admin_scripts/complex_app/models/__init__.py
@@ -0,0 +1,4 @@
+from admin_scripts.complex_app.models.bar import Bar
+from admin_scripts.complex_app.models.foo import Foo
+
+__all__ = ['Foo', 'Bar']
diff --git a/tests/regressiontests/admin_scripts/complex_app/models/bar.py b/tests/regressiontests/admin_scripts/complex_app/models/bar.py
new file mode 100644
index 0000000000..1da16f8f65
--- /dev/null
+++ b/tests/regressiontests/admin_scripts/complex_app/models/bar.py
@@ -0,0 +1,7 @@
+from django.db import models
+
+from ..admin import foo
+class Bar(models.Model):
+    name = models.CharField(max_length=5)
+    class Meta:
+        app_label = 'complex_app'
diff --git a/tests/regressiontests/admin_scripts/complex_app/models/foo.py b/tests/regressiontests/admin_scripts/complex_app/models/foo.py
new file mode 100644
index 0000000000..70c285e392
--- /dev/null
+++ b/tests/regressiontests/admin_scripts/complex_app/models/foo.py
@@ -0,0 +1,6 @@
+from django.db import models
+
+class Foo(models.Model):
+    name = models.CharField(max_length=5)
+    class Meta:
+        app_label = 'complex_app'
diff --git a/tests/regressiontests/admin_scripts/simple_app/__init__.py b/tests/regressiontests/admin_scripts/simple_app/__init__.py
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/tests/regressiontests/admin_scripts/simple_app/models.py b/tests/regressiontests/admin_scripts/simple_app/models.py
new file mode 100644
index 0000000000..65b30ed38a
--- /dev/null
+++ b/tests/regressiontests/admin_scripts/simple_app/models.py
@@ -0,0 +1 @@
+from admin_scripts.complex_app.models.bar import Bar
diff --git a/tests/regressiontests/admin_scripts/tests.py b/tests/regressiontests/admin_scripts/tests.py
index 62a1b49637..77ed8d25cc 100644
--- a/tests/regressiontests/admin_scripts/tests.py
+++ b/tests/regressiontests/admin_scripts/tests.py
@@ -957,7 +957,7 @@ class ManageMultipleSettings(AdminScriptTestCase):
         self.assertOutput(err, "Unknown command: 'noargs_command'")
 
 
-class ManageValidateImportErrorsReported(AdminScriptTestCase):
+class ManageValidate(AdminScriptTestCase):
     def tearDown(self):
         self.remove_settings('settings.py')
 
@@ -976,7 +976,17 @@ class ManageValidateImportErrorsReported(AdminScriptTestCase):
         out, err = self.run_manage(args)
         self.assertNoOutput(out)
         self.assertOutput(err, 'ImportError')
-       
+
+    def test_complex_app(self):
+        "manage.py validate does not raise an ImportError validating a complex app with nested calls to load_app"
+        self.write_settings('settings.py',
+            apps=['admin_scripts.complex_app', 'admin_scripts.simple_app'],
+            sdict={'DEBUG': True})
+        args = ['validate']
+        out, err = self.run_manage(args)
+        self.assertNoOutput(err)
+        self.assertOutput(out, '0 errors found')
+
 
 ##########################################################################
 # COMMAND PROCESSING TESTS