<TABLE> <S> <C>
 
<ARTICLE> 5 
 
 
 
        
 
<S>                                        <C>                              
<C>        
<PERIOD-TYPE>                            6-Mos                             
Year 
<FISCAL-YEAR-END>                        Dec-31-1996                       
Dec-31-1996 
<PERIOD-END>                             Jun-30-1997                       
Dec-31-1996 
<CASH>                                          70,460                         
 1,916,104 
<SECURITIES>                                         0                         
         0 
<RECEIVABLES>                                        0                         
         0 
<ALLOWANCES>                                         0                         
         0 
<INVENTORY>                                 28,095,180                         
22,082,317 
<CURRENT-ASSETS>                                     0                         
         0 
<PP&E>                                          24,994                         
    21,794 
<DEPRECIATION>                                (11,920)                         
   (9,526) 
<TOTAL-ASSETS>                              28,335,316                         
24,063,164 
<CURRENT-LIABILITIES>                          547,056                         
 1,542,343 
<BONDS>                                     12,119,459                         
12,119,459 
<COMMON>                                        10,000                         
    10,000 
<PREFERRED-MANDATORY>                                0                         
         0 
<PREFERRED>                                          0                         
         0 
<OTHER-SE>                                   5,556,149                         
 5,556,149 
<TOTAL-LIABILITY-AND-EQUITY>                28,335,316                     
24,063,164 
<SALES>                                              0                         
         0 
<PAGE>






<TOTAL-REVENUES>                                17,116                         
    11,573 
<CGS>                                                0                         
         0 
<TOTAL-COSTS>                                (242,988)                         
  (45,676) 
<OTHER-EXPENSES>                                     0                         
         0 
<LOSS-PROVISION>                                     0                         
         0 
<INTEREST-EXPENSE>                                   0                         
         0 
<INCOME-PRETAX>                              (225,872)                         
  (34,103) 
<INCOME-TAX>                                         0                         
         0 
<INCOME-CONTINUING>                          (225,872)                         
  (34,103) 
<DISCONTINUED>                                       0                         
         0 
<EXTRAORDINARY>                                      0                         
         0 
<CHANGES>                                            0                         
         0 
<NET-INCOME>                                 (225,872)                         
  (34,103) 
<EPS-PRIMARY>                                   (.023)                         
    (.003) 
<EPS-DILUTED>                                        0                         
         0 
 
         
<PAGE>






 
</TABLE>