EXHIBIT 23.1-1
                                --------------                        

                        CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference of our report dated March 1, 1994 
accompanying the financial statements and schedules of:

(a)  Santa Anita Realty Enterprises, Inc.:

(b)  Santa Anita Operating Company and Subsidiaries; and

(c)  Santa Anita Realty Enterprises, Inc. and Santa Anita Operating Company and 
     Subsidiaries Combined.

appearing in the above-listed entities' Annual Report on Form 10-K for the year 
ended December 31, 1993, in the Prospectus contained in Post-Effective Amendment
No. 3 to Joint Registration Statement on Form S-8 (No. 2-95226) and 
Registration Statement on Form S-8 (No. 33-51843).

                                                     KENNETH LEVENTHAL & COMPANY

Newport Beach,California
March 28, 1994


                                 EXHIBIT 23.1-2
                                 --------------

                        CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in the Joint Registration Statement
on Form S-8 (No. 2-96228), as amended through Post-Effective Amendment No. 3 and
Registration Statement on Form S-8 (No. 33-51843) and in the Prospectus, related
thereto, of Santa Anita Realty Enterprises, Inc. and Santa Anita Operating
Company of our report dated January 28, 1993, accompanying the 1992 consolidated
financial statements of H-T Associates and Subsidiary appearing in the Joint
Annual Report on Form 10-K of Santa Anita Realty Enterprises, Inc. and Santa
Anita Operating Company for the year ended December 31, 1993.



                                                     KENNETH LEVENTHAL & COMPANY



Newport Beach, California
March 28, 1994