<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) THE
CONSOLIDATED BALANCE SHEET AT JUNE 30, 1997 (UNAUDITED) AND THE CONSOLIDATED
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK>                         0000771934
<NAME>                        ATLANTIC GULF COMMUNITIES
<MULTIPLIER>                            1,000
       
                                     
<PERIOD-TYPE>                               6-MOS
<FISCAL-YEAR-END>                        DEC-31-1997
<PERIOD-START>                           JAN-01-1997
<PERIOD-END>                             JUN-30-1997
<CASH>                                      8,432
<SECURITIES>                                    0
<RECEIVABLES>                              55,997<F1>
<ALLOWANCES>                                    0
<INVENTORY>                               140,066
<CURRENT-ASSETS>                                0<F2>
<PP&E>                                      2,730<F1>
<DEPRECIATION>                                  0
<TOTAL-ASSETS>                            232,929
<CURRENT-LIABILITIES>                           0<F2>
<BONDS>                                   137,140
<PREFERRED-MANDATORY>                      16,851
<PREFERRED>                                     0
<COMMON>                                    1,160
<OTHER-SE>                                 49,623
<TOTAL-LIABILITY-AND-EQUITY>              232,929
<SALES>                                    34,059
<TOTAL-REVENUES>                           38,621
<CGS>                                      31,347
<TOTAL-COSTS>                              35,993
<OTHER-EXPENSES>                           12,164
<LOSS-PROVISION>                                0
<INTEREST-EXPENSE>                          8,506
<INCOME-PRETAX>                           (15,946)
<INCOME-TAX>                                    0
<INCOME-CONTINUING>                       (15,946)
<DISCONTINUED>                                  0
<EXTRAORDINARY>                                 0
<CHANGES>                                       0
<NET-INCOME>                              (15,946)
<EPS-PRIMARY>                               (1.63)
<EPS-DILUTED>                               (1.63)
        
<FN>
<F1> The values for receivables and PP&E represent net amounts.
<F2> The Company does not prepare a classified balance sheet, therefore current
     assets and current liabilities are not applicable.
</FN>