<ARTICLE> 5
<MULTIPLIER> 1
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                      24,839,839
<SECURITIES>                                76,586,673
<RECEIVABLES>                                7,461,648
<ALLOWANCES>                                         0
<INVENTORY>                                124,090,229
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                       9,092,726
<DEPRECIATION>                               4,568,121
<TOTAL-ASSETS>                             305,967,780
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                    429,620,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                         52
<COMMON>                                       649,489
<OTHER-SE>                               (311,105,098)
<TOTAL-LIABILITY-AND-EQUITY>               305,967,780
<SALES>                                              0
<TOTAL-REVENUES>                          (12,067,454)
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            77,816,667
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                          43,280,304
<INCOME-PRETAX>                          (133,164,425)
<INCOME-TAX>                                   466,126
<INCOME-CONTINUING>                      (133,630,551)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                             (153,343,233)<F2>
<EPS-PRIMARY>                                   (2.71)
<EPS-DILUTED>                                   (2.71)
<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>