<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT ON FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-K. </LEGEND> <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 2,128,849 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 9,740,065 <CURRENT-LIABILITIES> 0 <BONDS> 45,566,046 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (35,917,399) <TOTAL-LIABILITY-AND-EQUITY> 9,740,065 <SALES> 0 <TOTAL-REVENUES> 408,367 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 574,888 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 5,552,780 <INCOME-PRETAX> (5,719,301) <INCOME-TAX> 0 <INCOME-CONTINUING> (5,719,301) <DISCONTINUED> 0 <EXTRAORDINARY> 1,803,902 <CHANGES> 0 <NET-INCOME> (3,915,399) <EPS-PRIMARY> (75.96) <EPS-DILUTED> (75.96)