<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 8,184,052 <SECURITIES> 3,805,534 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 11,989,586 <PP&E> 47,275,006 <DEPRECIATION> 0 <TOTAL-ASSETS> 59,264,592 <CURRENT-LIABILITIES> 166,162 <BONDS> 656,036 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 58,442,394 <TOTAL-LIABILITY-AND-EQUITY> 59,264,592 <SALES> 1,755,590 <TOTAL-REVENUES> 1,906,800 <CGS> 534,296 <TOTAL-COSTS> 534,296 <OTHER-EXPENSES> 574,663 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 797,841 <INCOME-TAX> 0 <INCOME-CONTINUING> 797,841 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 797,841 <EPS-PRIMARY> 9.58 <EPS-DILUTED> 9.58