<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FIRST QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-Q. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 6,470,735 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 13,210,804 <CURRENT-LIABILITIES> 0 <BONDS> 43,909,737 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (30,807,424) <TOTAL-LIABILITY-AND-EQUITY> 13,210,804 <SALES> 0 <TOTAL-REVENUES> 114,857 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 160,694 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,381,941 <INCOME-PRETAX> (1,427,778) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,427,778) <DISCONTINUED> 4,884,657 <EXTRAORDINARY> 1,653,096 <CHANGES> 0 <NET-INCOME> 5,109,975 <EPS-PRIMARY> 99.13 <EPS-DILUTED> 99.13