<ARTICLE> 5
<LEGEND>
BALANCE SHEET AS OF JANUARY 31, 1996 AND 1995 AND STATEMENTS OF OPERATIONS FOR
THE YEARS ENDED JANUARY 31, 1996 1995 AND 1994.
</LEGEND>
<CIK> 0000082473
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JAN-31-1996
<PERIOD-START>                              FEB-1-1995
<PERIOD-END>                               JAN-31-1996
<CASH>                                          16,285
<SECURITIES>                                         0
<RECEIVABLES>                               22,422,010
<ALLOWANCES>                                 5,000,000
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1> 
<PP&E>                                       7,189,364
<DEPRECIATION>                                 793,000
<TOTAL-ASSETS>                              24,555,330
<CURRENT-LIABILITIES>                                0<F1> 
<BONDS>                                     18,527,450
<COMMON>                                     4,547,819
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                24,555,330
<SALES>                                              0
<TOTAL-REVENUES>                             5,430,006
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             6,012,367
<LOSS-PROVISION>                             5,000,000
<INTEREST-EXPENSE>                           1,971,990
<INCOME-PRETAX>                            (7,554,351)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (7,554,351)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (7,554,351)
<EPS-PRIMARY>                                   (7.40)
<EPS-DILUTED>                                   (7.40) 
<FN>
<F1>THE REGISTRANT UTILIZES AN UNCLASSIFIED BALANCE SHEET THEREFORE THE CAPTIONS
"TOTAL CURRENT ASSETS" AND "TOTAL CURRENT LIABILITIES" ARE NOT APPLICABLE.
</FN>