<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 2,392,976 <SECURITIES> 546,313 <RECEIVABLES> 8,013 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 2,947,302 <PP&E> 10,292,397 <DEPRECIATION> 0 <TOTAL-ASSETS> 13,514,982 <CURRENT-LIABILITIES> 409,654 <BONDS> 654,543 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 12,450,785 <TOTAL-LIABILITY-AND-EQUITY> 13,514,982 <SALES> 240,543 <TOTAL-REVENUES> 274,500 <CGS> 72,667 <TOTAL-COSTS> 72,667 <OTHER-EXPENSES> 90,843 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 110,990 <INCOME-TAX> 0 <INCOME-CONTINUING> 110,990 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 110,990 <EPS-PRIMARY> 3.66 <EPS-DILUTED> 3.66