<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 7,349,667 <SECURITIES> 0 <RECEIVABLES> 133,267 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,482,934 <PP&E> 10,389,999 <DEPRECIATION> (52,752) <TOTAL-ASSETS> 17,820,181 <CURRENT-LIABILITIES> 206,932 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 17,613,249 <TOTAL-LIABILITY-AND-EQUITY> 17,820,181 <SALES> 268,105 <TOTAL-REVENUES> 347,924 <CGS> 0 <TOTAL-COSTS> 47,533 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 300,391 <INCOME-TAX> 0 <INCOME-CONTINUING> 300,391 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 300,391 <EPS-PRIMARY> 0 <EPS-DILUTED> 0