<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEET AS OF OCTOBER 31 AND JANUARY 31, 1997, STATEMENTS OF OPERATIONS FOR THE
NINE MONTHS ENDED OCTOBER 31, 1997 AND 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000082473
<NAME> REALTY REFUND TRUST
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          JAN-31-1998
<PERIOD-START>                              FEB-1-1997
<PERIOD-END>                               OCT-31-1997
<CASH>                                       2,682,947
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F1>
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,729,881
<CURRENT-LIABILITIES>                                0<F1>
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     2,712,071
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                 2,729,881
<SALES>                                              0
<TOTAL-REVENUES>                             1,367,366
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,635,345
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             118,082
<INCOME-PRETAX>                              (386,062)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (386,062)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (386,062)
<EPS-PRIMARY>                                    (.38)
<EPS-DILUTED>                                    (.38)
<FN>
<F1>THE REGISTRANT UTILIZES AN UNCLASSIFIED BALANCE SHEET. THEREFORE, THE
CAPTIONS "TOTAL CURRENT ASSETS" AND "TOTAL CURRENT LIABILITIES" ARE NOT
APPLICABLE.
</FN>