<TABLE> <S> <C>


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

       
  
<S>                         <C>                                <C>                     
<PERIOD-TYPE>              9-MOS                              9-MOS                     
<FISCAL-YEAR-END>                              Dec-31-1998              Dec-31-1997           
<PERIOD-START>                                 Jan-01-1998              Jan-01-1997           
<PERIOD-END>                                   Sep-30-1998              Sep-30-1997           
<CASH>                                          8,389,169               18,247,437            
<SECURITIES>                                   13,487,150                5,750,508                     
<RECEIVABLES>                                   7,093,698                  146,000            
<ALLOWANCES>                                            0                        0                      
<INVENTORY>                                    34,060,167 <F1>          37,586,356 <F1>       
<CURRENT-ASSETS>                                  645,532                  724,854             
<PP&E>                                             29,833                        0                     
<DEPRECIATION>                                     (2,784)                       0                     
<TOTAL-ASSETS>                                 63,702,765               62,455,155                
<CURRENT-LIABILITIES>                             552,458                4,426,647             
<BONDS>                                        41,528,914 <F2>          38,804,107 <F2>       
<PREFERRED-MANDATORY>                                   0                        0                     
<PREFERRED>                                             0                        0                      
<COMMON>                                           42,918                   42,918                
<OTHER-SE>                                     21,578,475               19,181,483            
<TOTAL-LIABILITY-AND-EQUITY>                   63,702,765               62,455,155               
<SALES>                                           430,819                  377,450             
<TOTAL-REVENUES>                                1,988,416                3,489,545             
<CGS>                                                   0                        0                     
<TOTAL-COSTS>                                           0                        0                      
<OTHER-EXPENSES>                                3,639,897                2,386,362             
<LOSS-PROVISION>                                        0                        0                     
<INTEREST-EXPENSE>                              2,697,587                2,721,030              
<INCOME-PRETAX>                                (4,349,068)              (1,617,847)            
<INCOME-TAX>                                            0                        0              
<INCOME-CONTINUING>                            (4,349,068)              (1,617,847)           
<DISCONTINUED>                                          0                        0                     
<EXTRAORDINARY>                                 2,300,037                2,827,594             
<CHANGES>                                               0                        0                     
<NET-INCOME>                                   (2,049,031)               1,209,747                 
<EPS-PRIMARY>                                       (0.63)                    0.33                 
<EPS-DILUTED>                                       (0.63)                    0.33                  


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


</TABLE>