<ARTICLE>   5
       
                         
<PERIOD-TYPE>               YEAR  
<FISCAL-YEAR-END>                                 DEC-31-1997
<PERIOD-START>                                    JAN-01-1997
<PERIOD-END>                                      DEC-31-1997
<CASH>                                              2,594,163
<SECURITIES>                                      126,475,656
<RECEIVABLES>                                       9,524,535
<ALLOWANCES>                                                0
<INVENTORY>                                        99,820,761
<CURRENT-ASSETS>                                            0<F1>
<PP&E>                                              8,073,153
<DEPRECIATION>                                      2,014,947
<TOTAL-ASSETS>                                    398,557,182
<CURRENT-LIABILITIES>                                       0<F1>
<BONDS>                                           429,620,000
<PREFERRED-MANDATORY>                                       0
<PREFERRED>                                                53
<COMMON>                                              476,487
<OTHER-SE>                                      (177,301,548)
<TOTAL-LIABILITY-AND-EQUITY>                      398,557,182
<SALES>                                                     0
<TOTAL-REVENUES>                                   34,032,024
<CGS>                                                       0
<TOTAL-COSTS>                                               0
<OTHER-EXPENSES>                                   99,925,312
<LOSS-PROVISION>                                   12,614,269
<INTEREST-EXPENSE>                                 70,689,198
<INCOME-PRETAX>                                 (136,582,486)
<INCOME-TAX>                                     (18,076,574)
<INCOME-CONTINUING>                             (118,505,912)
<DISCONTINUED>                                  (295,845,996)
<EXTRAORDINARY>                                            0
<CHANGES>                                                  0
<NET-INCOME>                                    (418,898,969)<F2>
<EPS-PRIMARY>                                         (12.60)
<EPS-DILUTED>                                         (12.60)
        
<FN>
<F1>       The Company makes use of an unclassified balance sheet style due to
           the nature of its business. Current Assets and Current Liabilities
           are therefore reflected as zero in accordance with the instructions
           of Appendix E to the EDGAR Filer Manual.
<F2>       Net income represents net earnings applicable to common stock.
</FN>