Exhibit 99.3

             STATUS PROPERTIES INC. AND OLYMPUS REAL ESTATE CORPORATION
                    COMPLETE FORMATION OF STRATEGIC ALLIANCE FOR
                 REAL ESTATE ACQUISITION AND DEVELOPMENT ACTIVITIES

                 AUSTIN and DALLAS, TEXAS, May 26, 1998 - Stratus
            Properties Inc . (NASDAQ: STRS) and Olympus Real Estate
            Corporation (Olympus), an affiliate of Hicks, Muse, Tate &
            Furst Incorporated, announced today that they have completed
            the formation of their previously announced strategic
            alliance to develop certain of STRS' existing properties and
            to pursue new real estate acquisition and development
            opportunities.  Under the terms of the agreements, Olympus
            has made a $10 million investment in STRS' mandatory
            redeemable preferred stock, provided a $10 million
            convertible debt financing facility to STRS and made
            available up to $50 million of capital for direct investment
            in joint STRS/Olympus projects.

                 Stratus Properties Inc., headquartered in Austin,
            Texas, is engaged in the development and marketing of real
            estate in the Austin, Dallas, Houston and San Antonio, Texas
            areas.

                 Olympus Real Estate Corporation is a leading private
            investment firm which invests in real estate equities,
            mortgages, securities and operating businesses on a global
            basis.  Olympus was formed in 1994 by David B. Deniger as
            the real estate investment affiliate of Hicks, Muse, Tate &
            Furst Incorporated.  Since the formation Olympus has
            completed nearly $3 billion in real estate investments,
            including numerous commercial, residential, hospitality and
            golf-related projects throughout the world.