<ARTICLE> 5 <PERIOD-TYPE> 6-mos <FISCAL-YEAR-END> Dec-31-1997 <PERIOD-START> Jan-01-1997 <PERIOD-END> Jun-30-1997 <CASH> 869,000 <SECURITIES> 6,770,000 <RECEIVABLES> 719,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 20,060,000 <DEPRECIATION> 0 <TOTAL-ASSETS> 28,566,000 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 6,000 <OTHER-SE> 27,268,000 <TOTAL-LIABILITY-AND-EQUITY> 28,566,000 <SALES> 0 <TOTAL-REVENUES> 1,973,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 325,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (822,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (822,000) <DISCONTINUED> 212,000 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (610,000) <EPS-PRIMARY> (0.10) <EPS-DILUTED> 0.00