<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 5,369,816 <SECURITIES> 2,082,673 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,452,489 <PP&E> 42,997,894 <DEPRECIATION> 0 <TOTAL-ASSETS> 50,450,383 <CURRENT-LIABILITIES> 169,935 <BONDS> 3,379,214 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 46,901,234 <TOTAL-LIABILITY-AND-EQUITY> 50,450,383 <SALES> 1,675,868 <TOTAL-REVENUES> 1,766,248 <CGS> 494,471 <TOTAL-COSTS> 494,471 <OTHER-EXPENSES> 435,010 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 836,767 <INCOME-TAX> 0 <INCOME-CONTINUING> 836,767 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 836,767 <EPS-PRIMARY> 8.72 <EPS-DILUTED> 8.72