UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                         For Quarter Ended June 30, 2001
                          Commission File Number 1-8893



                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)


                      DELAWARE                            59-2501059
--------------------------------------------------------------------------------
           (State of other jurisdiction                (I.R.S. Employer
         of incorporation or organization)           Identification Number)



             2501 S. Ocean Drive
             Hollywood, Florida                               33019
--------------------------------------------------------------------------------
 (Address of principal executive offices)                  (Zip Code)


Registrant's telephone number, including area code      (954) 927-3080
                                                        --------------

                                      NONE
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report


Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                YES [ X ] NO [  ]



Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.

           CLASS                          Outstanding at June 30, 2001
--------------------------                ----------------------------
 Limited Partnership Units                        4,485,504 units


<PAGE>


                                      INDEX


                                                                     Page Number
                                                                     -----------
PART I.  Financial Information

                           Balance sheets -
                             June 30, 2001 and
                             September 30, 2000                            2

                           Statements of operations -
                             Three months and nine months ended
                             June 30, 2001 and 2000                        3

                           Statements of cash flows -
                             Three months and nine months ended
                             June 30, 2001 and 2000                        4-5

                           Notes to financial statements                   6

                           Management's discussion and analysis
                             of financial condition and results
                             of operations                                 7-8

Part II. Other information and signatures                                  9






<PAGE>
<TABLE>
<CAPTION>

                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                                 BALANCE SHEETS


                                               June 30,     September 30,
                                                 2001           2000
                                              ----------     ----------
                                             (unaudited)




                          ASSETS

<S>                                           <C>            <C>
Cash                                          $  609,317     $  812,520
Other receivables                                  1,169        549,482
Property held for sale                         1,018,380      1,366,915
Other assets                                      85,674         55,994
                                              ----------     ----------

                                              $1,714,540     $2,784,911
                                              ==========     ==========



           LIABILITIES AND PARTNERS' EQUITY


Liabilities:
   Accounts payable and other
    liabilities                               $  202,747     $  215,551
                                              ----------     ----------



Partners' equity:
    4,485,504 units authorized and
     outstanding                               1,511,793      2,569,360
                                              ----------     ----------

                                              $1,714,540     $2,784,911
                                              ==========     ==========

</TABLE>

                        See notes to financial statements


                                       2
<PAGE>
<TABLE>
<CAPTION>

                          ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                                    STATEMENTS OF OPERATIONS
                               THREE MONTHS AND NINE MONTHS ENDED
                                     JUNE 30, 2001 AND 2000
                                           (UNAUDITED)




                                        Three Months Ended                Nine Months Ended
                                              June 30,                         June 30,
                                   ----------------------------     ---------------------------
                                       2001             2000             2001           2000
                                   -----------      -----------     -----------     -----------
<S>                                <C>             <C>              <C>             <C>
Land revenues                      $   250,000     $      --        $   580,000     $ 1,316,250
Interest income                         11,343          11,196           32,801          42,454
Other income                               287          20,670           10,287          21,110
                                   -----------      -----------     -----------     -----------
                                       261,630           31,866         623,088       1,379,814
                                   -----------      -----------     -----------     -----------

Cost and expenses:
  Cost of sales                         92,878            --            386,355       1,075,801
  Selling, general and
    administrative expenses            115,555         121,551          359,937         429,414
  Interest                                --              --               --               793
Property taxes                          11,543          24,013           37,262          75,993
                                   -----------      -----------     -----------     -----------

      Total costs and expenses         219,976         145,564          783,554       1,582,001
                                   -----------      -----------     -----------     -----------

Net income (loss)                  $    41,654     $  (113,698)     $  (160,466)    $  (202,187)
                                   ===========     ===========      ===========     ===========
Net income (loss) per unit         $      0.01     $     (0.03)     $     (0.04)    $     (0.05)
                                   ===========     ===========      ===========     ===========

Weighted average number of
  units outstanding                  4,485,504       4,485,504        4,485,504       4,485,504
                                   ===========     ===========      ===========     ===========


</TABLE>

                        See notes to financial statements

                                       3
<PAGE>
<TABLE>
<CAPTION>

                            ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                                      STATEMENTS OF CASH FLOWS
                                 THREE MONTHS AND NINE MONTHS ENDED
                                       JUNE 30, 2001 AND 2000
                                             (UNAUDITED)



                                              Three Months Ended             Nine Months Ended
                                                   June 30,                        June 30,
                                        ---------------------------     ---------------------------
                                             2001           2000            2001            2000
                                        -----------     -----------     -----------     -----------
<S>                                     <C>             <C>             <C>             <C>
Cash flows from operating
  activities:

   Cash was received from:
     Collections on sales
      and receivables                   $   250,000     $      --       $   580,000     $ 1,328,750
           Interest Income                   11,343          11,196          32,801          52,976
     Sale of utility system                    --              --           548,317         379,363
     Other                                      287           8,170          10,287           8,610
                                        -----------     -----------     -----------     -----------
                                            261,630          19,366       1,171,405       1,769,699
                                        -----------     -----------     -----------     -----------

   Cash was expended for:
     Selling, administrative
      and property taxes                    173,449         138,062         471,382         603,505
     Interest paid (net of
      amounts capitalized)                     --              --              --               793
     Improvements to property                   291           2,077           6,125         111,442
                                        -----------     -----------     -----------     -----------
                                            173,740         140,139         477,507         715,740
                                        -----------     -----------     -----------     -----------

Net cash provided by (used in)
 operating activities                        87,890        (120,773)        693,898       1,053,959
                                        -----------     -----------     -----------     -----------

Cash flow from investing activities:
   Purchase of property
    and equipment                              --              --              --            (9,182)
                                        -----------     -----------     -----------     -----------
Net cash used in investing
 activities                                    --              --              --            (9,182)
                                        -----------     -----------     -----------     -----------

Cash flow from financing activities:
   Partner distributions                   (897,101)           --          (897,101)     (3,364,128)
                                        -----------     -----------     -----------     -----------
Net cash used in financing
 activities                                (897,101)           --          (897,101)     (3,364,128)
                                        -----------     -----------     -----------     -----------

Net decrease in cash                       (809,211)       (120,773)       (203,203)     (2,319,351)

Cash, beginning of period                 1,418,528         915,222         812,520       3,113,800
                                        -----------     -----------     -----------     -----------

Cash, end of period                     $   609,317     $   794,449     $   609,317     $   794,449
                                        ===========     ===========     ===========     ===========

</TABLE>






                        See notes to financial statements
                                       4
<PAGE>
<TABLE>
<CAPTION>
                           ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                                     STATEMENTS OF CASH FLOWS
                          RECONCILIATION OF NET INCOME (LOSS) TO NET CASH
                                 PROVIDED BY OPERATING ACTIVITIES
                     THREE MONTHS AND NINE MONTHS ENDED JUNE 30, 2001 AND 2000
                                            (UNAUDITED)



                                           Three Months Ended               Nine Months Ended
                                                JUNE  30,                        JUNE 30,
                                      ---------------------------     ---------------------------
                                          2001            2000            2001            2000
                                      -----------     -----------     -----------     -----------

<S>                                   <C>             <C>             <C>             <C>
Net income (loss)                     $    41,654     $  (113,698)    $  (160,466)    $  (202,187)
                                      -----------     -----------     -----------     -----------

Adjustments to reconcile net
 (income) loss to net cash
 provided by operating activities:

   Depreciation                               613             679           1,971           2,038
   Forfeited deposit on
    land sales                               --           (12,500)           --              --
Change in assets and
 liabilities:
    Increase in:
     Other assets                         (57,751)        (37,012)        (31,651)        (31,995)

    Decrease in:
     Mortgage notes and
      other receivables                       934            (606)        548,313         400,188
     Property held for sale                61,978            (401)        348,535       1,000,220
     Accounts payable and
      accrued liabilities                  40,462          42,765         (12,804)       (114,305)
 Total adjustments                         46,236          (7,075)        854,364       1,256,146
                                      -----------     -----------     -----------     -----------


Net cash flow provided by
  operating activities                $    87,890     $  (120,773)    $   693,89      $ 1,053,959
                                      ===========     ===========     ===========     ===========


</TABLE>

                        See notes to financial statements

                                        5
<PAGE>
                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                           THREE AND NINE MONTHS ENDED
                             JUNE 30, 2001 AND 2000




1. Interim financial statements:

         The accompanying unaudited financial statements have been prepared in
         accordance with the instructions to Form 10-Q and do not include all of
         the information and footnotes required by generally accepted accounting
         principles for complete financial statements. In the opinion of
         management, all adjustments (consisting of normal recurring accruals)
         considered necessary for a fair presentation have been included.
         Operating results for the three months and nine months ended June 30,
         2001 are not necessarily indicative of the results that may be expected
         for the fiscal year ending September 30, 2001. These statements should
         be read in conjunction with the financial statements and notes thereto
         included in the Company's Annual Report on Form 10-K for the fiscal
         year ended September 30, 2000.


2. Income tax:

         The Partnership has elected to continue its Partnership status beyond
         December 31, 1997, by agreeing to pay an annual 3.5% Federal tax on its
         gross income for Federal income tax purposes (principally revenues less
         cost of land sold). For the nine months ended June 30, 2001 and 2000,
         gross income for Federal tax payments is not material and accordingly,
         no provision for Federal taxes has been provided. The partners are
         required to include in their income tax returns their share of the
         Partnership's taxable income or loss.




                                        6
<PAGE>

                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                           THREE AND SIX MONTHS ENDED
                         June 30, 2001 AND June 30, 2000
                                   (UNAUDITED)

Results of Operations
---------------------

NOTE: Since the Partnership's activities consist principally of the sale of its
remaining properties, and the timing of closing dates for such sales is usually
subject to contingencies which often result in changes to such closing dates, a
comparison of sales and income results from comparable periods in different
years is not considered meaningful.

During the nine month periods ended June 30, 2001 and June 30, 2000, the
Partnership had land sale revenues totaling $580,000 and $1,316,2250
respectively, and a net loss of ($160,466) or ($0.04) per unit and a net loss of
($202,187) or ($0.05) per unit, respectively. During the quarter ended June 30,
2001 the Partnership's land sale revenues were $250,000, derived from the sale
of a tract of approximately 4.54 acres in the Village of Royal Palm Beach zoned
for multi-family residential units. During the corresponding quarter of 2000,
the partnership had no land sale revenues. Net income (loss) during the quarters
ended June 30, 2001 and June 30, 2000 was $41,654 or $0.01 per Unit and
($113,698) or ($0.03) per Unit


Selling, Administrative and Other Expenses
------------------------------------------

Selling, general and administrative expenses were $359,937 in the nine months
ended June 30, 2001, compared with $429,414 in the corresponding quarter of
2000, the reduction resulting principally from lower commission expenses due to
lower land sales during the period.

Liquidity and Capital Resources
-------------------------------

Cash decreased from $812,520 at September 30, 2000 to $609,317 at June 30, 2001,
resulting principally from from an excess of selling, general and administrative
costs, and property taxes, plus a distribution to partners of $897,101 paid in
the quarter ended June 30, 2001, over cash received from land sales ($580,000)
and contingent Utility Contract income ($548,000 - as described below under
"Affect of Land Sales on Future Cash Flow." The Partnership's cash balances at
any particular point depend primarily on the timing of sales of its real estate,
which timing can be affected by numerous factors. During the current fiscal
year, and based upon management's judgment that ordinary operating expenses will
not increase, the Partnership anticipates that cash flow and liquidity
requirements will be satisfied by cash on hand. Future sales of land are

                                       7

<PAGE>

subject to conditions which might not be satisfied, although the Partnership has
no present knowledge of circumstances which would render likely the
non-satisfaction of such conditions.

Cost of Sales
-------------

Cost of sales relates to the sales of land as discussed above. This item varies
as a result of dissimilar profit margins and income recognition methods on the
various sales of land and buildings as discussed above. The cost of sales for
the three months ended June 30, 2001 was $92,878 as compared with no cost of
sales during the three months ended June 30, 2000.


Affect of Land Sales on Future Cash Flow
----------------------------------------

The Partnership's future revenues will depend solely upon its ability to develop
and/or sell its remaining real estate, and upon receipts from a prior sale of a
utility plant. As of June 30, 2001, the Partnership retained and was holding for
sale: (1) a 50% interest in 3.2 acres of commercial property in the "Crestwood"
tract in the Village of Royal Palm Beach under option for sale for a price which
would generate gross proceeds to the Partnership of approximately $400,000; (2)
162 lots in the vicinity of the Village of Royal Palm Beach zoned for
residential use but presently the subject of litigation as to the availability
of building permits; and (3) a tract of approximately 20 acres in the Crestwood
multi-family tract in the Village of Royal Palm Beach.

In 1983 the Partnership's Predecessor Company sold to the Village of Royal Palm
Beach a water and sewage treatment system servicing the Village. Pursuant to the
agreement of sale ("Utility Contract"), the Partnership was entitled to receive
annual payments through 2003 based on water consumption in the Village. Through
December 29, 2000 the Partnership had received total payments of $6,639,000 in
"consumption" payments and $331,935 in Guaranteed payments under the Utility
Contract, and received approximately $548,000 in January, 2001 in respect of the
year 2000. The Utility Contract will expire in 2003. Since the highest annual
payment in the previous ten years was $427,000, it is considered extremely
unlikely that the rate of new construction or water consumption in such area
will be sufficient to enable the Partnership to receive the maximum remaining
$4,261,000 in contingent payments under the Utility Contract prior to the
expiration of the contingent payment term.


The partnership has declared aggregate distributions of $33,417,005 ($7.45) per
unit since inception through June 30, 2001, including $897,101 paid in the
quarter ended June 30, 2001. Total net cash flow which might become available
for additional distributions is unpredictable due to uncertain conditions in the
South Florida real estate market in which the Partnership's remaining real
estate is located, and competition from other owners and developers of real
estate in the South Florida market. These conditions will continue to affect the
realizable value of the Partnership's remaining land, including

                                       8

<PAGE>

decisions by parties holding options on the Partnership's land to exercise such
options in whole or in part.


Environmental Matters
---------------------

There are no environmental contingencies in respect of the Partnership or its
properties. Use of all of the Partnership's properties is subject to compliance
with state and county land use regulations relating to environmental matters,
which the Partnership takes into account in considering the values of its
properties.

Income Taxes
------------

See Note 2 to the Financial statements.


                                       9

<PAGE>




              PART II - OTHER INFORMATION


     (a)   Exhibits -  None


     (b)   Reports on Form 8-K - None



                                       10

<PAGE>



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


ROYAL PALM BEACH COLONY,
LIMITED PARTNERSHIP


     By: Stein Management Company, Inc.
         Managing General Partner


By:  /s/ Irving Cowan
   -----------------------
   Irving Cowan, President

DATE: August 14, 2001