<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM
10-q FOR THE QUARTERLY PERIODS ENDED JUNE 30, 1998 AND 1997 AND IS QUALIFIED 
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATEMENTS.
</LEGEND>

       
  
<S>                         <C>                                <C>                     
<PERIOD-TYPE>              6-MOS                              6-MOS                     
<FISCAL-YEAR-END>                              Dec-31-1998              Dec-31-1997           
<PERIOD-START>                                 Jan-01-1998              Jan-01-1997           
<PERIOD-END>                                   Jun-30-1998              Jun-30-1997           
<CASH>                                          6,054,215               18,892,526             
<SECURITIES>                                   18,578,631                3,954,029                     
<RECEIVABLES>                                   6,901,133                  577,702             
<ALLOWANCES>                                            0                        0                      
<INVENTORY>                                    34,614,356 <F1>          39,173,887 <F1>       
<CURRENT-ASSETS>                                  714,233                  773,366             
<PP&E>                                                  0                        0                     
<DEPRECIATION>                                     17,542                        0                     
<TOTAL-ASSETS>                                 66,880,110               63,371,510                
<CURRENT-LIABILITIES>                           1,570,844                5,484,977             
<BONDS>                                        38,528,914 <F2>          38,900,690 <F2>       
<PREFERRED-MANDATORY>                                   0                        0                     
<PREFERRED>                                             0                        0                      
<COMMON>                                           42,918                   42,918                
<OTHER-SE>                                     26,737,434               18,942,925            
<TOTAL-LIABILITY-AND-EQUITY>                   66,880,110               63,371,510               
<SALES>                                           365,652                  285,977             
<TOTAL-REVENUES>                                1,384,221                2,963,585             
<CGS>                                                   0                        0                     
<TOTAL-COSTS>                                           0                        0                      
<OTHER-EXPENSES>                                1,669,672                1,696,367             
<LOSS-PROVISION>                                        0                        0                     
<INTEREST-EXPENSE>                              1,772,042                1,824,259              
<INCOME-PRETAX>                                (2,057,493)                (557,041)            
<INCOME-TAX>                                            0                        0              
<INCOME-CONTINUING>                            (2,057,493)                (557,041)           
<DISCONTINUED>                                          0                        0                     
<EXTRAORDINARY>                                 1,892,713                1,884,651              
<CHANGES>                                               0                        0                     
<NET-INCOME>                                     (164,780)               1,327,610                 
<EPS-PRIMARY>                                       (0.05)                    0.35                 
<EPS-DILUTED>                                       (0.05)                    0.34                  


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


</TABLE>