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 and Nine Months Ended June 30, 2002

                          Commission File Number 1-8893


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


       DELAWARE                                                   59-2501059
--------------------------------------------------------------------------------
(State or other jurisdiction                      I.R.S. employer Identification
of incorporation or Organization)                 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, 2002
  -----------------------                            ---------------------------
Limited Partnership Units                                 4,485,504 unit


<PAGE>


                  Royal Palm Beach Colony, Limited Partnership

                                      INDEX

PART I.                                                              Page Number
       Financial Information

       Balance Sheets -
          June 30, 2002 and
          September 30, 2001                                                  2

       Statements of operations -
          Three months and nine months ended                                  3
          June 30, 2002 and 2001

       Statements of cash flows -                                            4-5
          Three months and nine months ended
          June 30, 2002 and 2001

       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>


                  Royal Palm Beach Colony, Limited Partnership

                                 BALANCE SHEETS


                                                    June 30,       September 30,
                                                      2002             2001
                                                  ------------     -------------
                                                    (unaudited)

                                     ASSETS


Cash                                                $1,611,910        $  515,952
Mortgage receivable                                    729,175
Other receivables                                       17,702           444,558
Property held for sale                                                 1,024,834
Other assets                                            66,768            62,570
                                                    ----------        ----------
                                                    $2,425,555        $2,047,914
                                                    ==========        ==========


                        LIABILITIES AND PARTNERS' EQUITY


Liabilities:
      Accounts payable and other liabilities             $  127,964   $  203,233
                                                         ----------   ----------

Partners' equity:
      4,485,504 units authorized and outstanding
           General partners                                 116,818      107,217
           Limited partners                               2,180,773    1,737,464
                                                         ----------   ----------

                                                          2,297,591    1,844,681
                                                         ----------   ----------

                                                         $2,425,555   $2,047,914
                                                         ==========   ==========


                       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, 2002 AND 2001
                                   (UNAUDITED)


                                                         Three Months Ended                  Nine Months Ended
                                                              June 30,                            June 30,
                                                    ------------------------------        ------------------------------

                                                    2002                2001              2002              2001
                                                    ------------------------------        ------------------------------
Revenues:
<S>                                                 <C>                <C>                <C>                <C>
    Land sales                                      $ 1,428,000        $   250,000        $ 3,413,002        $   580,000
    Interest income                                      20,745             11,343             28,822             32,801
    Other income                                            310                287                310             10,287
                                                    -----------        -----------        -----------        -----------

          Total revenues                              1,449,055            261,630          3,442,134            623,088
                                                    -----------        -----------        -----------        -----------

Costs and expenses:
    Cost of sales                                       369,799             92,878          1,131,265            386,355
    Selling, general and administrative
       expenses                                         378,339            115,555            707,470            359,937
    Property taxes                                            0             11,543             29,113             37,762
                                                    -----------        -----------        -----------        -----------

          Total costs and expenses                      748,138            219,976          1,867,848            784,054
                                                    -----------        -----------        -----------        -----------

Net income (loss)                                   $   700,917        $    41,654        $ 1,574,286        $  (160,966)
                                                    ===========        ===========        ===========        ===========

Net income (loss) per unit                          $      0.16        $      0.01        $      0.35        $     (0.04)
                                                    ===========        ===========        ===========        ===========

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, 2002 AND 2001
                                   (UNAUDITED)


                                                             Three Months Ended                      Nine Months Ended
                                                                  June 30,                               June 30,
                                                       -------------------------------       --------------------------------
                                                         2002                 2001               2002                2001
                                                       -------------------------------       --------------------------------

Cash flows from operating activities:
<S>                                                    <C>                <C>                <C>                <C>
   Cash was received from:
    Collections on sales and receivables                $   698,825        $   250,000        $ 2,683,827        $   580,000
    Interest income                                           5,555             11,343             13,632             32,801
    Sale of utility system                                                                        442,478            548,317
    Other                                                                          287                                10,287
                                                        -----------        -----------        -----------        -----------
                                                            704,380            261,630          3,139,937          1,171,405
                                                        -----------        -----------        -----------        -----------

Cash was expended for:
   Selling, general and administrative expenses,
    and property taxes                                      386,141            173,449            841,149            471,382
   Improvements to property                                                        291             81,454              6,125
                                                        -----------        -----------        -----------        -----------
                                                            386,141            173,740            922,603            477,507
                                                        -----------        -----------        -----------        -----------

Net cash provided by operating
   activities                                               318,239             87,890          2,217,334            693,898
                                                        -----------        -----------        -----------        -----------

Cash flows from financing activities:
   Partner distributions                                                      (897,101)        (1,121,376)          (897,101)
                                                        -----------        -----------        -----------        -----------

Net cash used in financing activities                                         (897,101)        (1,121,376)          (897,101)
                                                        -----------        -----------        -----------        -----------

Net increase (decrease) in cash                             318,239           (809,211)         1,095,958           (203,203)

Cash, beginning of period                                 1,293,671          1,418,528            515,952            812,520
                                                        -----------        -----------        -----------        -----------

Cash, end of period                                     $ 1,611,910        $   609,317        $ 1,611,910        $   609,317
                                                        ===========        ===========        ===========        ===========
</TABLE>


                                      4
<PAGE>

<TABLE>
<CAPTION>


                  Royal Palm Beach Colony, Limited Partnership

                            STATEMENTS OF CASH FLOWS

            THREE MONTHS AND NINE MONTHS ENDED JUNE 30, 2002 AND 2001
                                   (UNAUDITED)


                                                              Three Months Ended                   Nine Months Ended
                                                                  June 30,                               June 30,
                                                      -------------------------------        -------------------------------
                                                            2002              2001               2002                2001
                                                      ------------        -----------        -----------        ------------

<S>                                                    <C>                <C>                <C>                <C>
Net income (loss)                                      $   700,917        $    41,654        $ 1,574,286        $  (160,466)
                                                      ------------        -----------        -----------         -----------
Adjustments to reconcile net income
 (loss) to net cash provided by
   operating activities:

 Depreciation                                                  613                613              1,838              1,971

Change in assets and liabilities:
(Increase) decrease in:
 Mortgage notes and other receivables                     (745,701)               934           (302,319)           548,313
 Property held for sale                                    357,313             61,978          1,024,834            348,535
 Other assets                                              (43,760)           (57,751)            (6,036)           (31,651)
Increase (decrease) in:
 Accounts payable and accrued liabilities                   48,857             40,462            (75,269)           (12,804)
                                                       -----------        -----------        -----------        -----------

Total adjustments                                         (382,678)            46,236            643,048            854,364
                                                       -----------        -----------        -----------        -----------

Net cash flow provided by
   operating activities                                $   318,239        $    87,890        $ 2,217,334        $   693,898
                                                       ===========        ===========        ===========        ===========

</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, 2002 AND 2001


Note 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, 2002, are not necessarily indicative of the results that may be expected for
the fiscal year ending September 30, 2002.  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,
2001.


Note 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).
Selling,  general and administrative expenses include Federal tax of $19,800 and
$33,791 for the three and nine months  ended June 30, 2002,  respectively.  Such
amounts  were not material for the three and nine months ended June 30, 2001 and
accordingly,  no  provision  for Federal  taxes was  provided.  The partners are
required to include in their income tax returns their share of the Partnership's
taxable income or loss.


                                       6
<PAGE>


                    Part II. Other Information and Signatures
                  ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                           THREE AND NINE MONTHS ENDED
                         June 30, 2002 and June 30, 2001
                                   (UNAUDITED)

Results of Liquidation Activities; Intended Liquidation of the Partnership
--------------------------------------------------------------------------

     The  Partnership's  principal  business  has been to  operate,  manage  and
dispose of the assets which were  transferred  to it in 1985 by Royal Palm Beach
Colony,  Inc, the predecessor of the Partnership  (the  "Predecessor  Company").
                                                         --------------------
Since  the  effective  date  of  the  predecessor  company's  liquidation,   the
Partnership has engaged in a program of asset disposition  resulting in the sale
of assets for an aggregate gross consideration of $83,322,000.

     The partnership has declared aggregate distributions of $34,538,605 ($7.70)
per Unit since  inception  through March 31, 2002,  including a distribution  of
$0.25 per share paid to Unit  holders of record as of January  21,  2002.  It is
considered  likely that,  contingent on the  collection in October,  2002 of the
purchase money mortgage  receivable  described below, a further  distribution of
between ten cents and fifteen  cents per Unit will be made prior to December 31,
2002.

     In view of the Partnership's  disposition of its last remaining real estate
assets as discussed  below,  the Managing  General  Partner is  considering  the
liquidation  of  the  Partnership.  Although  the  precise  mechanism  for  such
liquidation has not been determined, it is likely that its remaining cash, (less
reserves  for  contingent  liabilities),  would be  distributed  to  holders  of
Partnership  Units on  approximately  December 20,2002 and the effective date of
the  liquidation  would occur shortly  thereafter.  On the Effective Date of the
liquidation,  the Partnership Units would no longer be transferable,  such Units
would be deemed cancelled in complete liquidation of each Unitholder's  interest
in the Partnership,  and undivided  interests in the Contingent  Utility Payment
described below would be distributed to the partners pro rata in accordance with
their percentage  interests in the Partnership.  The respective interests of the
Unitholders in such Contingent  Utility Payment would not be transferable and no
certificates  representing such undivided interests would be issued.  Collection
and  distribution  of the  Contingent  Utility  Payment to each record holder of
Partnership Units would be administered by an escrow agent,  liquidating  agent,
or paying agent and distributed when, as and if collected.

     At such time as the procedures for liquidation of the Partnership have been
determined,  the Partnership  will notify each record holder of Units in writing
of the  procedures  to be  implemented  and provide  relevant  financial and tax
information.   The   Partnership   will  remain  subject  to  public   reporting
requirements under the Securities and Exchange Act of 1934 through the Effective
Date of its liquidation.

                                    7


<PAGE>


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

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

     During the nine month  periods  ended June 30, 2002 and June 30, 2001,  the
Partnership   had  land  sale   revenues   totaling   $3,413,002   and  $580,000
respectively,  and net income of  $1,574,286 or $0.35 per Unit and a net loss of
($160,966)  or ($0.04) per Unit,  respectively.  Net income  during the quarters
ended June 30, 2002 and June 30, 2001 was $700,917 or $0.16 per Unit and $41,654
or $0.01 per Unit,  respectively.  Land sales  revenues  during  the  nine-month
period were derived  solely from (a) the sale during the quarter  ended June 30,
2002 of approximately  20 acres in a multi-family  tract in the Village of Royal
Palm Beach for gross proceeds of $1,428,000  including a purchase money mortgage
note of $729,175 payable in October,  2002 together with interest at the rate of
ten percent (10%) per annum (b) the sale during the quarter ended March 31, 2002
of a tract of a 1.6 acre for gross  proceeds of  approximately  $355,000 and (c)
the sale  during the  quarter  ended  December  31,  2001 for gross  proceeds of
approximately  $1,630,000  of a tract of  approximately  162 lots located in the
Village of Royal Palm Beach.

Contingent  Utilities Payments
------------------------------

     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 June 30, 2002 the  Partnership had received total payments of $7,158,000
in "consumption"  payments and $361,000 in Guaranteed payments under the Utility
Contract.  As the result of water  usage  restrictions  imposed by  governmental
authorities  the  period  through  which  Contingent  Utility  Payments  will be
computed has been extended through August 11, 2004.

The highest annual Contingent Payment made by the Village under the Utility
Agreement during the past 10 years was $519,000 and the most recent payment, in
January 2002, was $442,000. However, the amount of past payments is not
necessarily indicative of future payment levels. The Partnership can not predict
the level of future Contingent Payments, since the amount depends entirely on
the number of new residences constructed and hooked up to the water plant during
the period for which Contingent Payments will be due. Future new residential
construction will be the result of independent and unrelated housing decisions
made by individual land owners in the community served by the water plant. In
turn, such decisions are likely to be affected by economic conditions, including
the state of the general economy and the level of interest rates, which cannot
be predicted.

Remaining Assets
----------------

     As a result of the sales described above, the Partnership has completed the
sale of  substantially  all of its real  estate  assets,  other than for certain
parcels  considered  unsaleable and which the Partnership  intends to abandon or
donate to a local or state agency.
Its remaining assets other than such isolated parcels consisted of:

     (a)  the purchase  money mortgage  referred to in the preceding  paragraph,
          plus
                                    8


<PAGE>


     (b)  the Contingent Utilities Contract Receivable described above; and

     (c)  cash of approximately $1,612,000. See the Financial statements annexed
          hereto.

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

Selling,  general and administrative  expenses were $378,399 in the three months
ended June, 2002,  compared with $115,555 in the corresponding  quarter of 2001.
For the nine-month  periods  ending June,  2002 and 2001,  selling,  general and
administrative expenses were $707,470 and $359,937,  respectively. The differing
selling, general and administrative expenses resulted principally from different
commission expenses related to land revenues during the relevant periods.

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 and nine  month  periods  ended  June 30,  2002 was  $369,799  and
$1,131,265, respectively, as compared with $92,878 and $386,355 during the three
and nine month periods ended June 30 2001.

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

Cash increased from $1,293,671 at March 31, 2002 to $1,611,910 at June 30, 2002,
resulting principally from the sale in April 2002 of approximately 20 acres in a
multi-family  tract in the "Crestwood"  tract in the Village of Royal Palm Beach
as reported under "Results of  Operations."  During the current fiscal year, the
Partnership does not anticipate the receipt of any additional revenues; however,
based upon management's judgment that ordinary operating expenses will decrease,
the Partnership  anticipates that cash flow and liquidity  requirements  will be
satisfied by cash on hand at June, 2002.

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

See Note 2 to the Financial statements.

              PART II - OTHER INFORMATION


     (a)   Exhibits -  None

     (b)   Reports on Form 8-K - None

                                      9


<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: September 13, 2002


                                     10