<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,423,240 <SECURITIES> 942,075 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 2,365,315 <PP&E> 18,986,579 <DEPRECIATION> 168,190 <TOTAL-ASSETS> 21,351,,894 <CURRENT-LIABILITIES> 118,493 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 21,233,401 <TOTAL-LIABILITY-AND-EQUITY> 21,351,894 <SALES> 484,046 <TOTAL-REVENUES> 510,297 <CGS> 17,298 <TOTAL-COSTS> 17,298 <OTHER-EXPENSES> 135,803 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 357,196 <INCOME-TAX> 0 <INCOME-CONTINUING> 357,196 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 357,196 <EPS-PRIMARY> 5.17 <EPS-DILUTED> 5.17