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                                                                   EXHIBIT 23.1


                  Consent of Independent Public Accountants


As independent public accountants, we hereby consent to the use of our report
dated May 4, 1998 with respect to Presidio Golf Trust, our report dated 
January 23, 1998 with respect to the Predecessor Courses, our report dated 
January 23, 1998 with respect to Olympus/Montclair - Chicago General 
Partnership and to all references to our Firm included in or made a part of 
this registration statement.



                                                             
San Francisco, California                                   ARTHUR ANDERSEN LLP
May 7, 1998