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 December 31, 2000
                          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 Identification Number)
of incorporation or organization)

        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 December 31, 2000
-------------------------------      --------------------------------------
    Limited Partnership Units                     4,485,504 units


<PAGE>


                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP

                                      INDEX
                                      -----

                                                                   Page Number
                                                                   -----------
PART I.   Financial information

                  Balance sheets -
                    December 31, 2000 and
                    September 30, 2000                                 3

                  Statements of operations -
                    Three months ended
                    December 31, 2000 and 1999                         4

                  Statements of cash flows -
                    Three months ended
                    December 31, 2000 and 1999                        5-6

                  Notes to financial statements                        7

                  Management's discussion and analysis
                  of financial condition and results
                  of operations                                       8-9


Part II.  Other information and signatures                            10


<PAGE>


                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                                 BALANCE SHEETS

                                                   December 31,   September 30,
                                                       2000           2000
                                                   -----------    ------------
                                                   (unaudited)

                 ASSETS

Cash                                               $   710,976     $  812,520
Other receivables                                      549,482        549,482
Property held for sale                               1,368,313      1,366,915
Other assets                                            34,467         55,994
                                                   -----------     ----------
                                                   $ 2,663,238     $2,784,911
                                                   ===========     ==========



         LIABILITIES AND EQUITY

Liabilities:
   Accounts payable and
    other liabilities                             $   161,319     $   215,551
                                                  -----------     -----------
                                                      161,319         215,551

Partners' equity:
   4,485,504 units authorized
    and outstanding                                 2,501,919       2,569,360
                                                  -----------     -----------
                                                  $ 2,663,238     $ 2,784,911
                                                  ===========     ===========


                        See notes to financial statements

                                       3

<PAGE>


                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
                               THREE MONTHS ENDED
                           DECEMBER 31, 2000 AND 1999
                                   (UNAUDITED)

                                                 2000        1999
                                              ---------  ----------

Interest income                               $   9,538      15,311
Other income                                     10 000         440
                                              ---------  ----------
                                                 19,538      15,751

Cost and expenses:
  Selling, general and
    administrative expenses                      73,414     103,792
  Interest                                                      496
  Property taxes                                 13,565      32,990
                                              ---------  ----------

      Total costs and expenses                   86,979     137,278
                                              ---------  ----------

Net loss                                      $ (67,441) $ (121,527)
                                              =========  ==========-
1.

Net loss per unit                             $   (0.02) $    (0.03)
                                              =========  ==========

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


                        See notes to financial statements


                                        4

<PAGE>


                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                            STATEMENTS OF CASH FLOWS
                               THREE MONTHS ENDED
                           DECEMBER 31, 2000 AND 1999
                                   (UNAUDITED)


                                               2000        1999
                                            -----------  -----------
Cash flows from operating activities:
  Cash was received from:
    Interest income                         $     9,538      25,833
    Other cash received                          10,000         440
                                            -----------  -----------
                                                 19,538      26,273

  Cash was expended for:
    Selling, general and
     administrative, property
     taxes and other expenses                   115,726     184,601
    Interest paid                                  -            496
    Improvements to property
     held for sale                                5,356      97,876
                                            -----------  -----------
                                                121,082     282,973

Net cash used in
  operating activities                         (101,544)   (256,700)
                                            -----------  -----------

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                            -     (2,242,752)
                                            ===========  -----------

  Net cash used in financing
    activities                                     -     (2,242,752)
                                            ===========  -----------

Net decrease in cash                           (101,544) (2,508,634)

Cash at beginning of year                       812,520   3,113,800
                                            -----------  -----------

Cash, end of period                         $   710,976  $  605,166
                                            ===========  ===========


                                   (continued)


                                        5

<PAGE>

                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                            STATEMENTS OF CASH FLOWS
                     RECONCILIATION OF NET LOSS TO NET CASH
                          USED IN OPERATING ACTIVITIES
                  NINE MONTHS ENDED DECEMBER 31, 2000 AND 1999
                                   (UNAUDITED)



                                                    2000         1999
                                                 ----------   ----------
Reconciliation of net loss
  to cash used in operating activities:

Net loss                                         $ (67,441)   $(121,527)
                                                 ----------   ----------

Adjustments to reconcile net
  loss to net cash used in operating
  activities:

  Depreciation and amortization                        679          679

Change in assets and
  liabilities:

    Increase in:
      Property held for sale                        (1,398)     (41,472)
    Decrease in:
      Mortgage notes and
        other receivables                              -         10,071
      Other assets                                  20,848        4,552
      Accounts payable and
        accrued liabilities                        (54,232)    (109,003)
                                                 ----------   ----------

Total Adjustments                                  (34,103)    (135,173)
                                                 ----------   ----------

Net cash flow used in
  operating activities                           $(101,544)   $(256,700)
                                                 ==========   ==========


                        See notes to financial statements


                                        6

<PAGE>


                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS

                               THREE MONTHS ENDED
                           DECEMBER 31, 2000 AND 1999

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 ended December 31, 2000 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) and estimates that Federal tax due, if any, on gross
         income for Federal tax  purposes  for the tax year ending  December 31,
         2000 will be  approximately  $25,000.  The  partners  are  required  to
         include in their  income tax returns  their share of the  Partnership's
         taxable income or loss.


                                        7

<PAGE>

                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                               THREE MONTHS ENDED
                     December 31, 2000 AND December 31, 1999
                                   (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 three month periods ended December 31, 2000 and 1999, the Partnership
had net revenues  totaling $19,538 and $15,751  respectively,  and a net loss of
($67,441)  or ($0.02) per unit and a net loss of  ($121,527)  or $0.03 per unit,
respectively.  During the quarters  ended December 31, of both 2000 and 1999 the
Partnership  did not effect any sales of its real  estate and its only  revenues
were derived primarily from interest and miscellaneous other income.

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

Selling,  general and administrative  expenses were $73,414 in the quarter ended
December 31, 2000,  compared with $103,792 in the corresponding  quarter of 1999
resulting  principally from a reduction of professional fees during the December
31, 2000 quarter..

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

Cash  decreased  from $812,520 at September 30, 2000 to $710,976 at December 31,
2000, resulting  principally from the Partnership's  ongoing  administrative and
selling  expenses  without  sales  revenues  during the  period.  See  Financial
Information - Statements of Cash Flows. 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.  See Financial  Information -
Statements  of Cash  Flows.  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 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.

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 December 29, 2000, 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) a tract of approximately  4.54 acres in the Village of Royal Palm
Beach zoned for multi-family  residential  units; 3) 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

                                       8

<PAGE>

permits; and (4) 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 was entitled to receive 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 $32, 519, 094 ($7.25)
per unit since inception through December 29, 2000,  including $3,364.128 ($0.75
per Unit) during the fiscal year ended  September 30, 2000.  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   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: February 15, 2001