<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-q FOR THE QUARTERLY PERIODS ENDED MARCH 31, 1998 AND 1997 AND IS QUALIFIED 
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>

       
  
<S>                         <C>                                <C>                     
<PERIOD-TYPE>              3-MOS                              3-MOS                     
<FISCAL-YEAR-END>                              Dec-31-1998              Dec-31-1997           
<PERIOD-START>                                 Jan-01-1998              Jan-01-1997           
<PERIOD-END>                                   Mar-31-1998              Mar-31-1997           
<CASH>                                          8,539,375               18,517,258             
<SECURITIES>                                   13,264,709                4,139,711                     
<RECEIVABLES>                                   7,344,062                  305,115             
<ALLOWANCES>                                            0                        0                      
<INVENTORY>                                    35,206,018 <F1>          42,383,819 <F1>       
<CURRENT-ASSETS>                                  682,047                  839,806             
<PP&E>                                                  0                        0                     
<DEPRECIATION>                                      8,180                        0                     
<TOTAL-ASSETS>                                 65,044,391               66,185,709                
<CURRENT-LIABILITIES>                           1,914,876                6,201,546             
<BONDS>                                        38,804,107 <F2>          39,084,011 <F2>       
<PREFERRED-MANDATORY>                                   0                        0                     
<PREFERRED>                                             0                        0                      
<COMMON>                                           42,918                   42,918                
<OTHER-SE>                                     24,282,490               20,857,234            
<TOTAL-LIABILITY-AND-EQUITY>                   65,044,391               66,185,709               
<SALES>                                           316,133                  184,286             
<TOTAL-REVENUES>                                  869,762                1,993,422             
<CGS>                                                   0                        0                     
<TOTAL-COSTS>                                           0                        0                      
<OTHER-EXPENSES>                                  845,890                  894,445             
<LOSS-PROVISION>                                        0                        0                     
<INTEREST-EXPENSE>                                904,120                  938,470              
<INCOME-PRETAX>                                  (880,248)                 160,507            
<INCOME-TAX>                                            0                        0              
<INCOME-CONTINUING>                              (880,248)                 160,507            
<DISCONTINUED>                                          0                        0                     
<EXTRAORDINARY>                                   800,676                  934,693              
<CHANGES>                                               0                        0                     
<NET-INCOME>                                      (79,572)               1,095,200                 
<EPS-PRIMARY>                                       (0.02)                    0.27                 
<EPS-DILUTED>                                       (0.02)                    0.27                  


<FN>
<F1> INCLUDES ASSETS HELD FOR SALE AND PURCHASED LIFE INSURANCE POLICIES FOR 
     1998 AND 1997.  
<F2> REPRESENTS LONG TERM BORROWINGS OF THE COMPANY.
</FN>
        


</TABLE>