<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 1998 AND 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>
<PERIOD-TYPE> 3-MOS 3-MOS
<FISCAL-YEAR-END> Dec-31-1998 Dec-31-1997
<PERIOD-START> Jan-01-1998 Jan-01-1997
<PERIOD-END> Mar-31-1998 Mar-31-1997
<CASH> 8,539,375 18,517,258
<SECURITIES> 13,264,709 4,139,711
<RECEIVABLES> 7,344,062 305,115
<ALLOWANCES> 0 0
<INVENTORY> 35,206,018 <F1> 42,383,819 <F1>
<CURRENT-ASSETS> 682,047 839,806
<PP&E> 0 0
<DEPRECIATION> 8,180 0
<TOTAL-ASSETS> 65,044,391 66,185,709
<CURRENT-LIABILITIES> 1,914,876 6,201,546
<BONDS> 38,804,107 <F2> 39,084,011 <F2>
<PREFERRED-MANDATORY> 0 0
<PREFERRED> 0 0
<COMMON> 42,918 42,918
<OTHER-SE> 24,282,490 20,857,234
<TOTAL-LIABILITY-AND-EQUITY> 65,044,391 66,185,709
<SALES> 316,133 184,286
<TOTAL-REVENUES> 869,762 1,993,422
<CGS> 0 0
<TOTAL-COSTS> 0 0
<OTHER-EXPENSES> 845,890 894,445
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 904,120 938,470
<INCOME-PRETAX> (880,248) 160,507
<INCOME-TAX> 0 0
<INCOME-CONTINUING> (880,248) 160,507
<DISCONTINUED> 0 0
<EXTRAORDINARY> 800,676 934,693
<CHANGES> 0 0
<NET-INCOME> (79,572) 1,095,200
<EPS-PRIMARY> (0.02) 0.27
<EPS-DILUTED> (0.02) 0.27
<FN>
<F1> INCLUDES ASSETS HELD FOR SALE AND PURCHASED LIFE INSURANCE POLICIES FOR
1998 AND 1997.
<F2> REPRESENTS LONG TERM BORROWINGS OF THE COMPANY.
</FN>