<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 3,781,000 <SECURITIES> 7,251,000 <RECEIVABLES> 669,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 25,410,000 <DEPRECIATION> 1,286,000 <TOTAL-ASSETS> 35,939,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 6,000 <OTHER-SE> 31,849,000 <TOTAL-LIABILITY-AND-EQUITY> 35,939,000 <SALES> 0 <TOTAL-REVENUES> 4,886,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 697,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 3,792,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 3,792,000 <DISCONTINUED> 760,000 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 4,552,000 <EPS-PRIMARY> 0.72 <EPS-DILUTED> 0.00