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 March 31, 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 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, 2001
---------------------------------------        ---------------------------------
       Limited Partnership Units                    4,485,504 units





<PAGE>


                  Royal Palm Beach Colony, Limited Partnership



                                      INDEX

PART I.                                                              Page Number
       Financial Information

       Balance Sheets -
          March 31, 2002 and
          September 30, 2001                                                2

       Statements of operations -
          Three months and six months ended                                 3
          March 31, 2002 and 2001

       Statements of cash flows -                                          4-5
          Three months and six months ended
          March 31, 2002 and 2001

       Notes to financial statements                                        6

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

PART II.
       Other information and signatures                                     9



<PAGE>

                  Royal Palm Beach Colony, Limited Partnership

                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                               March 31,     September 30,
                                                                 2002            2001
                                                              ----------      ----------
                                                             (unaudited)
<S>                                                           <C>             <C>
                                     ASSETS

Cash                                                          $1,293,671      $  515,952
Other receivables                                                  1,176         444,558
Property held for sale                                           357,313       1,024,834
Other assets                                                      23,621          62,570
                                                              ----------      ----------

                                                              $1,675,781      $2,047,914
                                                              ==========      ==========

                        LIABILITIES AND PARTNERS' EQUITY

Liabilities:
      Accounts payable and other liabilities                  $   79,107      $  203,233
                                                              ----------      ----------

Partners' equity:
      4,485,504 units authorized and outstanding
           General partners                                      101,960         107,217
           Limited partners                                    1,494,714       1,737,464
                                                              ----------      ----------

                                                               1,596,674       1,844,681
                                                              ----------      ----------

                                                              $1,675,781      $2,047,914
                                                              ==========      ==========
</TABLE>

                       See notes to finacial statements.


                                       2

<PAGE>


                  Royal Palm Beach Colony, Limited Partnership

                            STATEMENTS OF OPERATIONS

            THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                  Three Months Ended                 Six Months Ended
                                                       March, 31                         March 31,
                                             ----------------------------       ----------------------------
                                                 2002            2001              2002             2001
                                             -----------      -----------       -----------      -----------
<S>                                          <C>              <C>               <C>              <C>
Revenues:
Land sales                                   $   354,850      $   330,000       $ 1,985,002      $   330,000
    Interest income                                5,388           11,920             8,077           21,458
    Other income                                  10,000
                                             -----------      -----------       -----------      -----------

        Total revenues                         360,238          341,920         1,993,079          361,458
                                             -----------      -----------       -----------      -----------

Costs and expenses:
   Cost of sales                                 69,293          293,477           761,466          293,477
   Selling, general and administrative
      expenses                                  165,972          170,968           329,131          244,382
   Property taxes                                 3,063           12,154            29,113           25,719
                                             -----------      -----------       -----------      -----------

        Total costs and expenses               238,328          476,599         1,119,710          563,578
                                             -----------      -----------       -----------      -----------

Net income (loss)                            $   121,910      $  (134,679)      $   873,369      $  (202,120)
                                             ===========      ===========       ===========      ===========

Net income (loss) per unit                   $      0.03      $     (0.03)      $      0.19      $     (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>

                  Royal Palm Beach Colony, Limited Partnership

                            STATEMENTS OF CASH FLOWS

            THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                   Three Months Ended                 Six Months Ended
                                                        March 31,                         March 31,
                                             -----------------------------       ----------------------------
                                                 2002             2001              2002            2001
                                             -----------       -----------       -----------      -----------
<S>                                          <C>               <C>               <C>              <C>
Cash flows from operating activities:
  Cash was received from:
   Collections on sales and receivables      $   354,850       $   330,000       $ 1,985,002      $   330,000
   Interest income                                 5,388            11,920             8,077           21,458
   Sale of utility system                        442,478           548,317           442,478          548,317
   Other                                          10,000
                                             -----------       -----------       -----------      -----------
                                                 802,716           890,237         2,435,557          909,775
                                             -----------       -----------       -----------      -----------

Cash was expended for:
   Selling, administrative, and
     property taxes                              239,287           182,207           455,008          297,933
   Improvements to property                          478            81,454             5,834
                                             -----------       -----------       -----------      -----------
                                                 239,287           182,685           536,462          303,767
                                             -----------       -----------       -----------      -----------

Net cash provided by operating
   activities                                    563,429           707,552         1,899,095          606,008
                                             -----------       -----------       -----------      -----------

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

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

Net increase (decrease) in cash                 (557,947)          707,552           777,719          606,008

Cash, beginning of period                      1,851,618           710,976           515,952          812,520
                                             -----------       -----------       -----------      -----------

Cash, end of period                          $ 1,293,671       $ 1,418,528       $ 1,293,671      $ 1,418,528
                                             ===========       ===========       ===========      ===========

</TABLE>


                       See notes to financial statements.

                                       4

<PAGE>

                  Royal Palm Beach Colony, Limited Partnership

                            STATEMENTS OF CASH FLOWS

            THREE MONTHS AND SIX MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                     Three Months Ended                 Six Months Ended
                                                           March 31,                        March 31,
                                                 -----------------------------    -----------------------------
                                                    2002              2001           2002               2001
                                                 -----------       -----------    -----------       -----------
<S>                                              <C>               <C>            <C>               <C>
Net income (loss)                                $   121,910       $  (134,679)   $   873,369       $  (202,120)
                                                 -----------       -----------    -----------       -----------
Adjustments to reconcile net (income)
   loss to net cash provided by
      operating activities:

      Depreciation                                       613               679          1,225             1,358

Change in assets and liabilities:
   Decrease in:
      Mortgage notes and other receivables           442,467           547,379        443,382           547,379
      Property held for sale                          61,976           287,955        667,521           286,557
      Other assets                                     6,171             5,252         37,724            26,100
      Accounts payable and accrued liabilities       (69,708)              966       (124,126)          (53,266)
                                                 -----------       -----------    -----------       -----------

Total adjustments                                    441,519           842,231      1,025,726           808,128
                                                 -----------       -----------    -----------       -----------

Net cash flow provided by
          operating activities                   $   563,429       $   707,552    $ 1,899,095       $   606,008
                                                 ===========       ===========    ===========       ===========
</TABLE>




                       See notes to financial statements.

                                       5


<PAGE>


                 Royal Palm Beach Colony, Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS

                           THREE AND SIX MONTHS ENDED
                             MARCH 31, 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 six
months ended March 31, 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
$6,098  and  $13,991  for the  three  and  six  months  ended  March  31,  2002,
respectively.  Such amounts were not material for the three and six months ended
March 31, 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>



               ROYAL PALM BEACH COLONY, LIMITED PARTNERSHIP

                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                             SIX MONTHS ENDED
                     MARCH 31, 2002 AND MARCH 31, 2001
                                (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 six-month  periods ended March 31, 2002 and March 31, 2001, the
Partnership had land sales totaling $1,985,002 and $330,000,  respectively,  and
net income of $873,369 or $0.19 per unit and a net loss of ($202,120) or ($0.05)
per unit,  respectively.  During the three-months ended March 31, 2002 and March
31,  2001,  the  Partnership  had land sales  totaling  $354,850  and  $330,000,
respectively,  and net  income of  $121,910  or $0.03 per unit and a net loss of
($134,679)  or ($0.03) per unit,  respectively.  For the quarter ended March 31,
2002 the Partnership's  land sales revenues were derived solely from the sale of
a tract  of a 1.6 acre  "Crestwood"  tract  described  above  which  was sold in
February, 2002 for approximately $355,000.

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

      Selling,  general and  administrative  expenses were $165,972 in the three
months ended March 31, 2002, compared with $170,968 in the corresponding quarter
of 2001,  For the  six-month  periods  ending March 31, 2002 and 2001,  selling,
general and administrative expenses were $329,131 and $244,382, respectively. In
both cases, the differing selling,  general and administrative expenses resulted
principally from different  commission  expenses related to land revenues during
the relevant periods.

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

      Cash decreased from $1,851,618 at December 31, 2001 to $1,293,671 at March
31, 2002, resulting principally from the sale in February 2002 for $355,000 of a
50% interest in 1.6 acres of commercial property in the "Crestwood" tract in the
Village of Royal Palm Beach,  reported  under  "Results of  Operations"  and the
collection  of  $442,478  representing  collection  of the year 2001  contingent
utilities contract receivable as described under "Contingent  Utilities Contract
Receivable" below,  offset by distributions to partners  aggregating  $1,121,376
during the quarter ended March 31, 2002.  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 at March  31,  2002  plus (1) net  cash  proceeds  of
$536,556 after



                                       7

<PAGE>

expenses  received by the Partnership in April 2002 on the sale of approximately
20 acres in the Crestwood multi-family tract in the Village of Royal Palm Beach,
plus (2)  amortization  and  interest  payments to be received  under a purchase
money mortgage note of $729,175  delivered to the Partnership in connection with
such sale.  Such  purchase  money  mortgage  note is payable on October 17, 2002
together with interest at the rate of ten percent (10%) per annum.

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

      During April 2002,  the  Partnership  sold its last  remaining real estate
asset (other than isolated parcels which it intends to dispose of at nominal net
amounts).  See "Liquidity and Capital  Resources"  above.  Its remaining  assets
other than such  isolated  parcels  consisted  of the  purchase  money  mortgage
referred to in the preceding  paragraph,  plus the Contingent Utilities Contract
Receivable described in the following paragraph.

Contingent  Utilities Contract Receivable
-----------------------------------------

      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 March 31, 2001 the Partnership had received total payments of $7,158,000
in "consumption"  payments and $361,000 in Guaranteed payments under the Utility
Contract, and received an additional $442,000 in January, 2002 in respect of the
year 2001.  The Utility  Contract will expire in 2003.  Since the highest annual
payment in the ten years ending  September 30, 2001 was only  $519,000,  it is a
virtual certainty that the rate of new construction or water consumption in such
area will not be  sufficient  to enable the  Partnership  to receive the maximum
remaining  $3,358,000 in contingent payments under the Utility Contract prior to
the expiration of the contingent payment term.

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 six month  periods  ended  March  31,  2002 was  $69,293  and
$761,466, respectively, as compared with $293,477 during the three and six month
periods  ended  March  31,  2001 (no  sales  having  been  effected  during  the
three-month period ended December 31, 2000).

Results of Liquidation Activities
---------------------------------

      The  Partnership's  principal  business  has been to  operate,  manage and
dispose of the assets which were  transferred to it on the Effective Date by 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 $
81,894,000.


                                       8
<PAGE>


      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.


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: May 15, 2002






                                       10