EXHIBIT 23.1
 
                      CONSENT OF INDEPENDENT ACCOUNTANTS
   
  We consent to the inclusion in the registration statement of Capital Trust
(f/k/a California Real Estate Investment Trust) on Form S-1 (File No. 37271),
of our report dated February 14, 1997, on our audits of the consolidated
financial statements and financial statement schedules of Capital Trust
(f/k/a/ California Real Estate Investment Trust) and its subsidiary as of
December 31, 1996 and 1995 and for the years ended December 31, 1996, 1995 and
1994. We also consent to the references to our firm under the caption
"Experts."     
 
                                          Coopers & Lybrand L.L.P.
 
San Francisco, California
   
November 12, 1997