<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 1,616,311 <SECURITIES> 0 <RECEIVABLES> 5,119 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1,621,430 <PP&E> 9,145,654 <DEPRECIATION> 195,256 <TOTAL-ASSETS> 14,126,834 <CURRENT-LIABILITIES> 186,235 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 12,049 <OTHER-SE> 10,281,653 <TOTAL-LIABILITY-AND-EQUITY> 14,126,834 <SALES> 924,788 <TOTAL-REVENUES> 1,062,316 <CGS> 0 <TOTAL-COSTS> 302,857 <OTHER-EXPENSES> 216,652 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 542,807 <INCOME-TAX> 0 <INCOME-CONTINUING> 542,807 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 542,807 <EPS-PRIMARY> .51 <EPS-DILUTED> .50