EXHIBIT 23.2
 
                        CONSENT OF INDEPENDENT AUDITORS
 
     We consent to the reference to our firm under the caption 'Experts' in
Registration Statement on Form S-11 and the related Preliminary Official
Statement and Prospectus for the Offering of the Undivided Interests in the Loan
Agreement between Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority and El Conquistador
Partnership L.P. and to the use of our report dated October 16, 1998 with
respect to the Balance Sheet of Conquistador Holding, Inc. which is included in
the Registration Statement on Form S-11 and the related Preliminary Official
Statement and Prospectus of El Conquistador Partnership L.P., to be filed with
the Securities and Exchange Commission on or about October 20, 1998.
 
                                          ERNST & YOUNG LLP
 
Dallas, Texas
October 16, 1998