SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                        
                          FORM 10-KSB

     (Mark One)
     [x] Annual Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

     [ ] Transitional Report Under Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

             For the Fiscal Year Ended June 30, 1998

                   Commission File No. 0-23208

              MONARCH INVESTMENT PROPERTIES, INC.
              -----------------------------------
         (Name of small business issuer in its charter)

                      IRON HOLDING CORP.
                      ------------------
                   (Former Name of Issuer)

          Nevada                               84-1251553
          ------                               ----------
(State or other jurisdiction of             (I.R.S. Employer
Incorporation or Organization)            Identification Number) 

                       82-17 153rd Ave.
                          Suite 202
                  Howard Beach, N.Y. 11414
                       (718) 641-1098
                       --------------
(Address, including zip code and telephone number, including area
            code, of registrant's executive offices)

 Securities registered under Section 12(b) of the Exchange Act:
                            none

Securities registered under to Section 12(g) of the Exchange Act:
                        Common Stock
                        ------------
                      (Title of class)

Check whether the issuer (1) 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
Company was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                        Yes  X   No    
                           -----   -----

Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure
will be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-KSB or any amendment to this
Form 10-KSB.  X 
            -----
                (Continued on Following Page)

<PAGE>
Issuer's revenues for its most recent fiscal year: $ -0-.         
   
State the aggregate market value of the voting stock held by non-
affiliates, computed by reference to the price at which the stock
was sold, or the average bid and asked prices of such stock, as of
a specified date within the past 60 days: As of September 30, 1998:
$239,172.

State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:  As of
September 30, 1998 there were 668,733 shares of the Company's
common stock issued and outstanding.                  

Documents Incorporated by Reference: none

            This Form 10-KSB consists of 50 pages.  
             Exhibit Index is Located at Page 45.



                                                                2

<PAGE>
                      TABLE OF CONTENTS

                  FORM 10-KSB ANNUAL REPORT 
  MONARCH INVESTMENT PROPERTIES, INC., F/K/A IRON HOLDINGS CORP.

                                                             PAGE
                                                             ----

Facing Page
Index
PART I
Item 1.    Description of Business.....................         4
Item 2.    Description of Property.....................         9
Item 3.    Legal Proceedings...........................        10
Item 4.    Submission of Matters to a Vote of
               Security Holders........................        10

PART II
Item 5.    Market for the Registrant's Common Equity
               and Related Stockholder Matters.........        11
Item 6.    Management's Discussion and Analysis of 
               Financial Condition and Results of
               Operations..............................        11
Item 7.    Financial Statements........................        16
Item 8.    Changes in and Disagreements With
               Accountants on Accounting
               and Financial Disclosure................        38

PART III
Item 9.    Directors, Executive Officers, Promoters
               and Control Persons; Compliance with 
               Section 16(a) of the Exchange Act.......        38
Item 10.   Executive Compensation......................        39
Item 11.   Security Ownership of Certain Beneficial
               Owners and Management...................        41
Item 12.   Certain Relationships and Related 
               Transactions............................        41

PART IV
Item 13.   Exhibits and Reports of Form 8-K............        42


SIGNATURES.............................................        44

EXHIBIT INDEX .........................................        45



                                                                3

<PAGE>
                             PART I

ITEM 1. DESCRIPTION OF BUSINESS.

History

     Monarch Investment Properties, Inc. (the "Company") was
incorporated under the laws of the State of Nevada on May 13, 1988,
under the name Comstock Tailings Company, Incorporated, for the
purpose of engaging in the acquisition and development of minerals,
metals and other natural resource products and the related
operations applicable to such activities.  Until September 1993 and
other than issuing shares to its original shareholders, the Company
never commenced activities relating to its original business
purpose.  In September 1993, the Board of Directors of the Company
elected to change the Company's principal business purpose to a
"shell" corporation engaged in seeking out and acquiring another
business entity or opportunity.  Applicable thereto, the Company
filed a registration statement on Form 10-SB with the Securities
and Exchange Commission on or about January 12, 1994, which
registration statement became effective in August 1994.

     Relevant thereto, on or about March 31, 1997, the Company
successfully consummated a merger with Iron Holdings Corp. ("Old
IHC"), a New York corporation.  The terms of the transaction
involved the Company issuing an aggregate of 4,500,000 shares of
its "restricted" Common Stock (pre reverse split) to the former
shareholders of Old IHC in exchange for all of the issued and
outstanding stock of Old IHC.  Old IHC did not survive the
transaction.  The Company also changed its name to Iron Holdings
Corp.  As a result of this transaction, Anthony Gurino, among
others, assumed his respective positions, replacing all of former
management.  Thereafter, the Company did elect to change the
Company's fiscal year from December 31 to June 30, in order to
establish continuity between Old IHC and the Company's financial
reporting requirements.  On June 29, 1998, the Company's
shareholders approved the change of the Company's name to its
present name.

     Old IHC was incorporated on October 3, 1996 in the State of
New York.  On January 8, 1997, Old IHC entered into an agreement
and acquired all of the shares of Iron Eagle Contracting and
Mechanical, Inc., a New York corporation ("IECM").  The effective
date of this acquisition was October 3, 1996.  It operated all of
its business through this subsidiary, which business is
construction contracting engaged in pipe work including gas and
water mains as well as steel installation, primarily in the New
York City metropolitan area.  As a result of the reorganization
described above herein, Old IHC ceased to exist following the
merger.  The Company is presently a publicly traded holding company
whose Common Stock commenced trading on the OTC Bulletin Board

                                                                4

<PAGE>
operated by the National Association of Securities Dealers, Inc.
("NASD") on June 26, 1997.  

     Subsequent to the closing of the merger, the Company was a
holding company for three wholly owned subsidiary companies,
including IECM.   IECM engaged in two lines of business since its
incorporation in December 1995.  Its principal business has been
construction contracting.  The other business line has been the
development and sale of residential real estate.  However, due to
this company incurring significant losses from operations, it
ceased operations in June 1998.  The other two subsidiary
companies, L.W. Plaza Realty Corp. ("LWP") and Tahoe Realty Corp.
("Tahoe"), each a New York corporation, were dormant until April
1998.  At that time, Tahoe commenced business activities, engaging
in real estate acquisition, development and management activities. 
LWP remains dormant as of the date of this report, but is expected
to commence business by being the entity which acquires the
apartment building discussed hereinbelow.

Description of Business

     On June 29, 1998, the Company's shareholders and Directors
approved a reverse split of its issued and outstanding Common
Stock, effective July 31, 1998, whereby one share of Common Stock
was issued in exchange for every 10 shares then issued and
outstanding.  This reverse stock split was adopted by a majority of
the Company's voting Common Stock.  All references to the number of
issued and outstanding shares of the Company's Common Stock
included in this report have been adjusted to reflect this reverse
stock split, except as stated therein.

     As stated above, to date, the Company's previous business, the
contracting business, generated insufficient gross profits and in
some instances, significant losses.  While the circumstances that
have led to these disappointing results have varied from contract
to contract, the principal deficiencies have arisen from jobs being
under bid or being poorly managed in the field.  In addition, for
one major contract, extended delays due to inclement weather
conditions during the last calendar quarter of 1997 caused
significant cost overruns.  These overruns were the result of
inefficiencies which included additional payroll and equipment
costs due to idle labor and machinery.

     During the time in which the Company was engaged in the
contracting business, it also commenced a real estate development
business, which has been a significant success.  In 1996, Old IHC
acquired undeveloped land in Ozone Park, Queens, New York.  The
cost of the land acquisition was $320,000.  During 1997, the
Company built and sold five two-family homes on Albert Road on the
Ozone Park property.  As of the date of this report, the Company
has sold all five of these homes, ranging in sales prices from
$320,000 through $330,000.  The total cost to the Company for both

                                                                5

<PAGE>
the land and materials necessary to complete construction of all
five homes was approximately $1,200,000.  The performance of the
Albert Road project is summarized as follows:

               Sales                    $1,642,450
               Costs                     1,264,249
                                        ----------
               Gross Profit             $  378,201
                                        ==========

     Albert Road was the only project that was managed in the field
by Anthony Gurino, President of the Company.  In part, the success
of Albert Road was achieved by using non-union labor, an option
which was not available on many of its contracting jobs.  At this
stage, the Company has ceased to bid any further contracting work
due to the discontinued operations of IECM.

     The Company is now seeking to do what it has done best by
following up the success of the Albert Road project with other real
estate development and rental projects, including the following:

Tahoe Street Development Project

     Tahoe Street involves the development and sale of eight two-
family homes.  The project is virtually adjacent to the Albert Road
project and is being managed by Anthony Gurino using non-union
labor.  Construction began in June 1998 and is expected to be
completed by March 1999.  The purchase price of this property was
$400,000, $200,000 of which the Company paid at closing, with the
balance being financed by the unaffiliated seller, with interest
accruing at the rate of 10% thereon.  This obligation will be
repaid by the Company as each home is sold.  Proceeds from sales
and total costs to develop the property, including administrative
and financing costs, are estimated to be approximately $2,870,000
and $2,310,000, respectively.  To date, two of the homes have been
pre-sold for an aggregate of $705,000, with the Company receiving
deposits totalling $150,000 pursuant to the applicable contracts. 
The acquisition and development of this property has been financed
from the pre-sale of the two homes and private loans.  While no
assurances can be provided, it is anticipated that the first home
will close on or about October 15, 1998.

Hegeman Street Project

     On September 5, 1998, the Company closed on a contract to
acquire real estate in Brooklyn, New York, on which it plans to
build six single-family homes.  The total acquisition cost for the
real estate was $230,000, including permits and plans.  The Company
paid $65,000 down, with the balance of the $165,000 carried back by
the seller on two notes, including one note in the principal amount
of $110,000, with interest accruing at the rate of 7% per annum and
the second note in the principal amount of $55,000 accruing

                                                                6

<PAGE>
interest at the rate of 10.5% per annum.  Each note will become due
upon the earlier of 2 years, or upon closing of the sale of the
residential homes.  The Company is seeking to obtain a $250,000
construction loan commitment to finance the project.  Construction
is scheduled to commence in early calendar 1999 and is expected to
take approximately six months to complete.

     The homes will be offered for sale at $199,000 each and will
be eligible for FHA/VA approved mortgages.  If the Company
commences marketing of the sale of these homes, net profits for the
project are projected to be approximately $200,000.  However, the
Company is also reviewing the possibility of constructing 3 family
homes as opposed to single family homes and thereafter, co-owning
these homes upon completion of construction and renting the same. 
If this scenario is undertaken, it is estimated that the Company
will rent each home at the rate of $900 per month, with the Company
maintaining these properties as landlord.  As of the date of this
report, the architect retained by the Company is reviewing the
feasibility of this proposal.  It is anticipated that a decision as
to how to proceed will be made in October 1998. 

Apartment Building

     The Company is evaluating the prospect of acquiring a 34 unit
apartment building in Manhattan, on which the Company will assume
management.  The total acquisition price is $2,685,000.  The
Company has received a $2 million mortgage commitment from Lehman
Holdings, Inc.  The $685,000 balance of the acquisition price would
be payable in cash at closing.  In order to acquire this property,
management has received a verbal commitment from private financing
sources to provide $600,000 in exchange for a 60% interest in this
building, with the Company retaining the balance of the 40%
interest in consideration for the Company serving as the managing
partner of the project.  Based on current rentals and expenses, the
building is expected to generate $125,000 of annual cash flow after
debt service on the new mortgage.  The Company would then consider
whether to continue to develop the real estate rental subsidiary,
possibly developing it into a Real Estate Investment Trust
("REIT"), or other alternatives, including providing for the
private investors to convert their interest in the project into
stock of the Company.  As of the date of this report, no
discussions in this regard have occurred.

Other Events

     Effective December 24, 1997, the Company entered into a letter
of intent with CRT Corporation ("CRT"), a privately held Nevada
corporation, whereby the Company agreed in principle to acquire all
of the issued and outstanding shares of CRT, in exchange for
issuance by the Company of previously unissued "restricted" common
stock.  Simultaneous thereto, the Company intended to unwind the
merger which took place on or about March 31, 1997 with Iron

                                                                7

<PAGE>
Holdings Corp., a New York corporation ("Old Iron").  The Company
intended to cancel all of the shares previously issued to the
shareholders of Old Iron aggregating 4,500,000 shares as part of
the material terms of unwinding this transaction.

     The relevant terms of the proposed CRT transaction required
the Company to issue to the CRT shareholders an aggregate of
8,748,000 "restricted" common shares, representing 80% of the
Company's then outstanding common stock, in exchange for all of the
issued and outstanding shares of CRT.  This transaction was subject
to satisfaction of certain conditions, including completion of due
diligence activities, the approval of the transaction by the
Company's and CRT shareholders and confirmation of the financial
condition of CRT by presentation of CRT audited financial
statements.  However, management elected not to consummate this
proposed transaction and adopted the revised business plan outlined
in detail under "Item 1, DESCRIPTION OF BUSINESS" above herein.

     In August 1997, the Company executed a contract to purchase
the Lindenwood Shopping Center located in Lindenwood, Queens.  This
contract was subsequently extended on September 29, 1997.  The
proposed purchase price of the shopping center was Eight Million
Dollars ($8,000,000) and the Company tendered a non-refundable
deposit of $400,000 pursuant to the terms of the relevant contract. 
The balance of the closing price was scheduled to be tendered on or
about December 31, 1997.  Prior to the proposed closing date,
management recognized that the Company did not have sufficient cash
available to allow it to close this acquisition.  In response,
management met with various parties in order to attempt to raise
the necessary cash, or alternatively, generate interest in the
property in order to allow the transaction to close by having these
non-affiliated parties acquire the shopping center for their own
account and allow the Company to recover its deposit.  When
management entered into the contract, they had a verbal commitment
from investment bankers to raise up to $2 million in additional
equity capital.  Unfortunately, these investment bankers advised
the Company of their inability to successfully raise this capital
subsequent to execution of the applicable contract.   The
transaction was closed by the Company assigning its rights under
the applicable contract to a third party in exchange for receipt by
the Company of a promissory note in the principal amount of
$400,000, the amount originally deposited by the Company with the
initial owners.  The Company did not retain any interest in the
shopping center.  The assignment of this contract was authorized by
the Company's shareholders.  See "Part I, Item 4, SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS" below herein.

     During the fiscal year ended June 30, 1998, the Company made
an offer to acquire approximately 1.3 acres of land in Queens, New
York adjacent to the Belle Harbor Yacht Club for a purchase price
of $1,100,000, which offer was preliminarily accepted.  Approval of
the contract was provided by the association's Board, but

                                                                8

<PAGE>
subsequently denied by the association's members.  Management is
maintaining lines of communication with the association in the
hopes that they will change their position.  If the Company is able
to acquire this property, of which there can be no assurance, the
project would involve the construction of 11 single-family homes,
each having an estimated sales price of $389,000.  While no
assurances can be provided, net profits for the project are
projected to be $750,000.  

Employees

     The Company presently has two (2) part-time employees,
including its President and Secretary, Anthony Gurino, and one
administrative assistant.  See "Item 9, DIRECTORS, EXECUTIVE
OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
16(a) OF THE EXCHANGE ACT."  The Company intends to employ
additional persons on an "as needed" basis, depending upon the
number of projects in which the Company is involved.  Many of these
persons are retained on a contractor basis.  As of the date of this
report, there are 15 subcontractors presently working on Company
projects.  Management believes that its relationship with its
employees is satisfactory.  No employee is a member of any union.

Competition

     The Company will compete with publicly and privately held
companies in the development of residential and commercial real
estate projects.  There are numerous other entities engaged in
these types of business endeavors who have greater resources, both
financial and otherwise, than the resources presently available to
the Company.

Trademarks

     The Company does not utilize any trademarks or patent rights
in its business. 

Government Regulations

     The Company is subject to certain governmental regulations
relating to obtaining construction permits for its construction
activities.  To date, management believes that the Company is in
full compliance with all applicable regulations.  The Company is
not subject to any other extraordinary governmental regulations.

ITEM 2.  DESCRIPTION OF PROPERTY 

     Facilities.  The Company presently leases approximately 1,000
square feet of executive office space at 82-17 153rd Ave., Suite
202, Queens, N.Y. 11414, at an aggregate cost of $400 per month
pursuant to a month-to-month verbal lease.  It is anticipated that
the Company's present premises will be adequate to meet the

                                                                9

<PAGE>
Company's needs for the foreseeable future. The Company's telephone
number is (718) 641-1098 and facsimile number is (718) 843-4240. 
See "Item 1, DESCRIPTION OF BUSINESS" above for a description of
other real property under contract to the Company and which the
Company is considering for acquisition.

ITEM 3.   LEGAL PROCEEDINGS

     As a result of the prior business of the Company discussed
hereinabove, the bonding company has taken back four contracts due
to non-performance by the Company.  These contracts shall be re-bid
to other entities.  The Company may be liable for any costs
necessary to complete these projects in excess of the original
contract amount.  However, management believes that there will not
be any significant liability to the Company due to costs incurred
by the Company for which it will not be paid.  There are no other
material legal proceedings which are pending or have been
threatened against the Company of which management is aware.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     During the fiscal year ended June 30, 1998, the Company's
shareholders undertook three separate actions by consent of a
majority of the Company's shareholders pursuant to the laws of the
State of Nevada including the following:

     (i) On or about December 24, 1997, holders of a majority of
the issued and outstanding common stock of the Company approved,
among other matters, the terms of the proposed reverse merger
between the Company and CRT Corporation and the assignment of the
Lindenwood Shopping Center Contract to Purchase Real Estate to JLG
Holdings, Inc.  However, subsequent thereto, management of the
Company elected not to proceed with the proposed CRT Transaction. 
See "Item 1, DESCRIPTION OF BUSINESS."

     (ii)  On or about June 29, 1998, holders of a majority of the
issued and outstanding common stock of the Company approved a
reverse stock split, effective July 31, 1998, whereby one (1) share
of common stock was issued in exchange for every ten (10) shares of
common stock then issued and outstanding.  In addition, an
amendment to the Company's Articles of Incorporation was approved,
changing the name of the Company from "Iron Holdings Corp." to
"Monarch Investment Properties, Inc.; and

     (iii) On or about August 10, 1998, holders of a majority of
the issued and outstanding common stock of the Company removed
Dennis Sommeso as a director of the Company.  Mr. Sommeso
subsequently tendered a letter of resignation as a director of the
Company to the Company.

                                                               10

<PAGE>
                            PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
SHAREHOLDER MATTERS

     (a)  Market Information.  The Company's common stock was
approved for trading on the OTC Bulletin Board operated by the
National Association of Securities Dealers on June 26, 1997.  Prior
to that date none of the Company's securities were traded.  The
initial price of the Company's common stock at June 26, 1997, was
$1.00 bid, $1.50 asked.  The Company's common stock presently
trades under the symbol "MIPR".

     The following table sets forth the range of high and low bid
prices as reported on the OTC Bulletin Board operated by the NASD
for each calendar quarter commencing June 30, 1997.  The
information provided has been stated without adjustment for the
reverse stock split undertaken by the Company which was effective
July 31, 1998:

     Quarter Ended                     Bid Price
                                      Low     High
                                    _______  _______

     June 30, 1997                  $1.00    $1.50
     September 30, 1997              2.75     7.00
     December 31, 1997               0.125    3.8125
     March 31, 1998                  0.25     1.00
     June 30, 1998                   0.0625   0.5625

     (b)  Holders.  There are 12 holders of the Company's Common
Stock, not including those persons who held their stock in "street
name." 

     (c)  Dividends. The Company has not paid any dividends on its
Common Stock since its inception. The Company does not foresee that
the Company will have the ability to pay a dividend on its Common
Stock in the fiscal year ended June 30, 1999.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

     The following discussion should be read in conjunction with
the Financial Statements and notes thereto included herein.  In
connection with, and because it desires to take advantage of, the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, the Company cautions readers regarding certain
forward looking statements in the following discussion and
elsewhere in this report and in any other statement made by, or on
the behalf of the Company, whether or not in future filings with
the Securities and Exchange Commission.  Forward looking statements
are statements not based on historical information and which relate

                                                               11

<PAGE>
to future operations, strategies, financial results or other
developments.  Forward looking statements are necessarily based
upon estimates and assumptions that are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are beyond the Company's control and
many of which, with respect to future business decisions, are
subject to change.  These uncertainties and contingencies can
affect actual results and could cause actual results to differ
materially from those expressed in any forward looking statements
made by, or on behalf of, the Company.  The Company disclaims any
obligation to update forward looking statements.

Overview

     Monarch Investment Properties, Inc., f/k/a Iron Holdings
Corp., f/k/a Comstock Tailings Company, Incorporated, (the
"Company"), was incorporated under the laws of the State of Nevada
on May 13, 1988.  On March 31, 1997, pursuant to the terms of an
Agreement and Plan of Reorganization, the Company acquired all of
the issued and outstanding securities of Iron Holdings Corp., a New
York corporation ("Old Iron"), including its wholly owned
subsidiary company, Iron Eagle Contracting & Mechanical, Inc.
("IECM"), in exchange for 4,500,000 "restricted" common shares of
the Company.  As a result, the Company was the surviving entity,
with one wholly owned subsidiary company, IECM, which was the sole
operating company as of the date of the transaction.  As part of
the terms of the aforesaid transaction, the Company amended its
Articles of Incorporation, changing its name to Iron Holdings Corp. 
On June 29, 1998, the Company changed its name to its present name
pursuant to the affirmative consent of a majority of the holders of
the Company's common stock.

     IECM was a construction contractor engaged in pipe work,
including gas and water mains, as well as steel installation,
primarily for city and state infrastructure construction.  IECM
commenced operations in January 1996 and spent most of fiscal year
1996 bidding on potential jobs.  It also purchased and developed a
tract of real estate in Ozone Park, New York, on which it has built
and sold five (5) two-family homes. As of the date of this report,
IECM has ceased operations due to its incurring significant losses
from operations.  Following is a description of the proposed new
business plan adopted by the Company and which is presently being
implemented as a result of the discontinuation of IECM's business.

Plan of Operation

     The Company's plan of operation for the next twelve months is
as follows:

     The Company plans to continue and complete construction of its
Tahoe Project, which consists of the construction and sale of eight
two-family homes in the Ozone Park section of Queens, New York. 

                                                               12

<PAGE>
The Company also plans to commence and complete construction of the
Hegeman Street Project in Brooklyn, New York, which consists of six
single-family homes.

     Funding of the real estate development projects and of
administrative operations is expected from two sources.  First, the
Company is seeking to raise additional capital through either a
private placement or public offering of its debt or equity.  The
terms and amount of such offering are as yet undetermined.  There
can be no assurance that such offering will be successfully
completed.

     Second, the Company anticipates that the note receivable which
had a balance of $215,000 at June 30, 1998, will be repaid well
before its specified maturity date of December 31, 2002.  The
debtor prepaid $100,000 of principal in August of 1998 and has
express an intent to repay the balance within the next year.

     The Company also anticipates utilizing proceeds from the sale
of homes constructed in the Tahoe Project to fund development of
the Hegeman Street Project and subsequent projects.

     The Company does not anticipate any significant purchases or
sales of equipment or any significant changes in number of
employees during the next twelve months.

     A more complete description of the Company's recently adopted
revised business plan is described in "Part I, Item 1, Description
of Business" above.

Liquidity and Capital Resources

     Relating to the Company's assets and liabilities, during the
fiscal year ended June 30 1998, cash increased from $1,157 at June
30, 1997, to $134,644 at June 30 1998, as a result of proceeds
received from issuance of stock and funds received on the note
receivable.

     Outstanding long term notes aggregating $1,300,000 are also
owed to unaffiliated parties, including a $1.1 million note payable
which arose from the acquisition of Old IHC's acquisition of IECM,
which bears interest at the prime rate, plus 1%.  Interest is
payable in monthly installments.  Principal is payable in $25,000
quarterly installments commencing January 1999 and ending January
2010.  Additional principal payments will be due consisting of 25%
of the gross proceeds of any private placement or public offering
the company successfully completes.  The note is secured by all of
the issued and outstanding shares of Iron Eagle, all corporate
assets of Monarch, 30,000 shares of post-split common stock of
Monarch and 1.1 million warrants to purchase Monarch's common stock
exercisable at $.001 for a seven year period.  Such warrants will
include registration rights and anti-dilutive provisions.

                                                               13

<PAGE>
     Mr. Anthony Gurino, President and a Director of the Company,
has also loaned the Company $141,578.  This loan is provided to the
Company on an interest free basis and is due upon demand.  This
obligation is a verbal agreement between the Company and Mr.
Gurino.

     In connection with the acquisition of the property being
developed by Tahoe, the Company executed a $200,000 purchase money
mortgage.  The mortgage calls for quarterly payments of interest at
10% per annum with the entire unpaid balance of principal and any
accrued interest due April 14, 2002.  The note is secured by the
property located in Queens, New York.

     The Company also has three demand notes outstanding to
unaffiliated parties.  The notes are demand notes, which have an
original principal balances totaling $225,000.

     In August 1997, the Company executed a contract to purchase
the Lindenwood Shopping Center located in Lindenwood, Queens.  This
contract was subsequently extended on September 29, 1997.  The
proposed purchase price is Eight Million Dollars ($8,000,000) and
the Company tendered a non-refundable deposit of $400,000 pursuant
to the terms of the relevant contract.  The balance of the closing
price was scheduled to be tendered on or about December 31, 1997. 
Prior to the proposed closing date, management recognized that the
Company did not have sufficient cash available to allow it to close
this acquisition.  In response, management met with various parties
in order to attempt to raise the necessary cash, or alternatively,
generate interest in the property in order to allow the transaction
to close by having these non-affiliated parties acquire the
shopping center for their own account and allow the Company to
recover its deposit.  When management entered into the contract,
they had a verbal commitment from investment bankers to raise up to
$2 million in additional equity capital.  Unfortunately, these
investment bankers advised the Company of their inability to
successfully raise this capital subsequent to execution of the
applicable contract.   The transaction was closed by the Company
assigning its rights under the applicable contract to a third party
in exchange for receipt by the Company of a promissory note in the
principal amount of $400,000, the amount originally deposited by
the Company with the initial owners.  The Company did not retain
any interest in the shopping center.

     In September 1997, Tahoe Realty Corp. ("Tahoe"), a wholly
owned subsidiary of the Company, entered into a contract to
purchase vacant land in Queens, N.Y. consisting of approximately
two acres, for $400,000.  In April 1998, the Company purchased the
property and began to clear the land for construction.  The Company
intends to build eight two-family houses.  The purchase was
financed by borrowing $200,000 from unaffiliated parties at 12% to
15% interest with the seller receiving a $200,000 mortgage at 10%
interest.  Principal is payable on all of the loans as the houses

                                                               14

<PAGE>
are sold.  Construction began in June 1998 and is expected to be
completed by March 1999.  Proceeds from sales and total costs to
develop the property, including administrative and financing costs,
are estimated to be approximately $2,870,000 and $2,310,000,
respectively.  To date, two of the homes have been pre-sold for an
aggregate price of $705,000, with the Company receiving deposits
totalling $150,000.  The acquisition and development of this
property has been financed from pre-sale of the two homes and
private loans.  While no assurances can be provided, it is
anticipated that the first home will close on or about October 15,
1998.

     In order to best implement the Company's new business plan
described herein, management has recognized the necessity of
raising additional capital, either debt or equity, in order to
accomplish the Company's stated objectives.  While it is the
intention of management to undertake raising additional capital in
the near future, the Company does not have any agreement or
understanding with any investment banking or venture capital firm
wherein there is any agreement by these entities to raise the
Company any additional capital and there can be no assurances that
the Company will obtain such an agreement in the future.  Failure
of the Company to raise additional capital will have a negative
impact on the ability of the Company to expand according to its new
business plan.

Trends

     The Company's principal revenues to date have been from its
bid construction business.  However, as a result of unanticipated
increased costs, the construction costs associated with these
construction projects has far exceeded management's expectation,
resulting in significant losses to the Company from operations.  In
response thereto, management has elected to discontinue the
business of IECM and implement a new business plan as described
herein.  This was done because it is unlikely that the Company
could continue to operate without the protection afforded by US
bankruptcy laws. The Company's business plan which it has adopted
in this regard is described under "Plan of Operation" above, as
well as under "Part I, Item 1, Description of Business."  There can
be no assurances that the operations of the Company will generate
profits in the near future, or at all.

Inflation

     Although the operations of the Company are influenced by
general economic conditions, the Company does not believe that
inflation had a material effect on the results of operations during
the fiscal year ended June 30 1998.

                                                               15

<PAGE>
Year 2000 Disclosure

     Many existing computer programs use only two digits to
identify a year in the date field.  These programs were designed
and developed without considering the impact of the upcoming change
in the century.  If not corrected, many computer applications could
fail or create erroneous results by or at the Year 2000.  As a
result, many companies will be required to undertake major projects
to address the Year 2000 issue.  The Company presently owns less
than $20,000 worth of computers.  It utilizes outside contractors
for the bulk of its computer work.  These consultants have advised
the Company that they have made all necessary revisions to their
software to avoid any potential problems arising in the year 2000. 
Relevant to the Company's computers, management is in the process
of retaining outside computer consultants to assist the Company in
insuring that its computers will not fail in 2000.  However, as of
the date of this report, the Company does not have available a
definitive cost applicable to any service to be undertaken on its
computer software to avoid any problems in this regard.  While no
assurances can be provided, management believes that such cost will
not be material to the Company.

ITEM 7.  FINANCIAL STATEMENTS



                                                               16

<PAGE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)

                  INDEX TO CONSOLIDATED FINANCIAL STATEMENTS




                                                                          Page

Independent Auditors' Report                                               F-2

Consolidated balance sheets as of June 30, 1998 and 1997             F-3 - F-4

Consolidated statements of operations for the year ended 
  June 30, 1998, and for the six-month period ended 
  June 30, 1997, and for the period October 3, 1996
  (date of incorporation) through December 31, 1996, 
  and of its predecessor, Iron Eagle Contracting and 
  Mechanical, Inc., for the period December 7, 1995 
  (date of incorporation) through October 2, 1996                          F-5

Consolidated statements of stockholders' equity (deficit)
  for the year ended June 30, 1998, and for the six-month 
  period ended June 30, 1997, and for the period October 3,
  1996 (date of incorporation) through December 31 1996, 
  and of its predecessor, Iron Eagle Contracting and 
  Mechanical, Inc. for the period December 7, 1995 
  (date of incorporation) through October 2, 1996                          F-6

Consolidated statements of cash flows for the year ended 
  June 30, 1998, and for the six-month period ended June 30,
  1997, and for the period October 3, 1996 (date of 
  incorporation) through December 31, 1996, and of its 
  predecessor, Iron Eagle Contracting and Mechanical, Inc., 
  for the period December 7, 1995 (date of incorporation) 
  through October 2, 1996                                                  F-7

Notes to consolidated financial statements                          F-9 - F-21


















                                      F-1

                                                                           17

<PAGE>




                          INDEPENDENT AUDITORS' REPORT


The Board of Directors
Monarch Investment Properties, Inc.
  (formerly Iron Holdings Corp.)
Howard Beach, New York


We have audited the accompanying consolidated balance sheets of Monarch
Investment Properties, Inc. (formerly Iron Holdings Corp.) as of June 30, 
1998 and 1997, and the related consolidated statements of operations,
stockholders' equity (deficit), and cash flows for the year ended June 30, 
1998, and for the six-month period ended June 30, 1997, and for the period
October 3, 1996 (date of incorporation) through December 31, 1996.  We have
also audited the statements of operations, stockholders' equity (deficit) and
cash flows of its predecessor, Iron Eagle Contracting and Mechanical, Inc., 
for the period December 7, 1995 (date of incorporation) through October 2, 
1996.  These financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audits to 
obtain reasonable assurance about whether the financial statements are free 
of material misstatement.  An audit includes examining, on a test basis, 
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and 
significant estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in 
all material respects, the  consolidated financial position of Monarch 
Investment Properties, Inc. (formerly Iron Holdings  Corp.) as of June 30, 
1998 and 1997, and the results of its consolidated operations and its
consolidated cash flows for the year ended June 30, 1998, the six-month 
period ended June 30, 1997, and for the period October 3, 1996 (date of
incorporation) through December 31, 1996, and the operations and cash flows 
of its predecessor, Iron Eagle Contracting and Mechanical, Inc., for the 
period December 7, 1995 (date of incorporation) through October 2, 1996, in
conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  As discussed in Note 13 to the
financial statements, the Company has suffered recurring losses from 
operations and has net capital deficiency that raise substantial doubt 
about its ability to continue as a going concern.  Management's plans in 
regard to these matters are also described in Note 13.  The financial 
statements do not include any adjustments that might result from the outcome
of this uncertainty.

                                                    HORTON & COMPANY, L.L.C.

September 22, 1998
Wayne, New Jersey

                                      F-2

                                                                           18

<PAGE>
<TABLE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)

                        CONSOLIDATED BALANCE SHEETS



                                  ASSETS


<CAPTION>
                                                             June 30,
                                                     ----------------------
                                                         1998       1997
                                                     ----------  ----------
<S>                                                  <C>         <C>
Current assets:

    Cash                                             $  134,644  $    1,157
    Current portion of note receivable                  100,000           -
    Real estate under development                       498,947           -
    Prepaid expenses and other assets                    10,191           -
    Officer's loan receivable                                 -       8,500
                                                     ----------  ----------

          Total current assets                          743,782       9,657
                                                     ----------  ----------

Property and equipment, at cost:

    Construction and transportation equipment           182,709     190,210
    Office furniture and equipment                       17,223      34,794
                                                     ----------  ----------
                                                        199,932     225,004
    Less accumulated depreciation                        82,739      50,488
                                                     ----------  ----------

                                                        117,193     174,516
                                                     ----------  ----------
Other assets:

    Note receivable, net of current portion             115,000           -
    Intangibles                                               -      76,664
    Security deposits                                    20,000           -
    Deferred income taxes                                     -      51,015
    Net assets from discontinued operations                   -   1,071,237
                                                     ----------  ----------
                                                        135,000   1,198,916
                                                     ----------  ----------

                                                     $  995,975  $1,383,089
                                                     ==========  ==========







<FN>
                See notes to consolidated financial statements

</TABLE>
                                      F-3

                                                                           19

<PAGE>
<TABLE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)


                         CONSOLIDATED BALANCE SHEETS



                    LIABILITIES AND STOCKHOLDERS' DEFICIT


<CAPTION>
                                                             June 30,
                                                     ----------------------
                                                         1998       1997
                                                     ----------  ----------
<S>                                                  <C>         <C>
Current liabilities:
  Notes payable                                      $  225,000  $        -
  Current portion of long-term debt 
    from business combination                           112,500     262,500
  Accounts payable and accrued expenses                 143,563     136,155
  Deposits                                              100,000           -
  Officer's loans payable                               141,578           -
                                                     ----------  ----------   

          Total current liabilities                     722,641     398,655

Long-term debt from business combination, 
  net of current portion                                987,500   1,050,000
Long-term debt                                          200,000           -
Net liabilities from discontinued operations            363,698           -
                                                     ----------  ----------
                                                      2,273,839   1,448,655 
                                                     ----------  ----------

Stockholders' deficit:
  Common stock, par value $.001 per share
    500,000,000 shares authorized
    500,000 shares issued and outstanding in 1997             -         500
    668,733 shares issued and outstanding in 1998           669           -
  Additional paid-in capital                          1,031,779      32,500
  Accumulated deficit                                (2,310,312)    (98,566)
                                                     ----------  ----------

                                                     (1,277,864)    (65,566)
                                                     ----------  ----------

                                                     $  995,975  $1,383,089
                                                     ==========  ==========









<FN>
                See notes to consolidated financial statements

</TABLE>
                                      F-4

                                                                           20

<PAGE>
<TABLE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                         (formerly IRON HOLDINGS CORP.)

                     CONSOLIDATED STATEMENTS OF OPERATIONS


<CAPTION>
                                                                     (Predecessor)
                                     Six-month     October 3, 1996  December 7, 1995
                      Year ended    period ended      through           through
                    June 30, 1998  June 30, 1997  December 31, 1996  October 2, 1996
                    -------------  -------------  -----------------  ---------------
<S>                 <C>            <C>            <C>                <C>
Revenues            $           -  $           -  $               -  $             -

Operating expenses        232,964         50,443                  -                -

Interest expense           96,367         57,769             30,267                -
                    -------------  -------------  -----------------  ---------------

Loss from 
  continuing 
  operations  
  before income 
  taxes                  (329,331)      (108,212)           (30,267)              (-)

Deferred income 
  tax benefit 
  (expense)               (51,015)        39,815             11,200                -
                    -------------  -------------  -----------------  ---------------

Loss from 
  continuing 
  operations             (380,346)       (68,397)           (19,067)              (-)

Income (loss) from 
  discontinued 
  operations, net
  of tax effect        (1,831,400)        27,755            (38,857)        (177,076)
                    -------------  -------------  -----------------  --------------- 

Net loss            $  (2,211,746) $     (40,642) $         (57,924) $      (177,076)
                    =============  =============  =================  =============== 

Loss per share data:
  Continuing 
    operations               (.59)          (.14)              (.04)               -
  Discontinued 
    operations              (2.79)           .05               (.09)            (.39)
                    -------------  -------------  -----------------  ---------------

  Net loss 
    per share       $       (3.38) $        (.09) $            (.13) $          (.39)
                    =============  =============  =================  ===============







<FN>
                   See notes to consolidated financial statements

</TABLE>
                                      F-5

                                                                           21

<PAGE>
<TABLE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)

           CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

     For the year ended June 30, 1998, and for the six-month period ended 
   June 30, 1997, and for the period October 3, 1996 (date of incorporation)
 through December 31, 1996, and of its predecessor, Iron Eagle Contracting and
   Mechanical, Inc. for the period December 7, 1995 (date of incorporation) 
                           through October 2, 1996


<CAPTION>
                                                      Additional
                                       Common Stock     Paid-in    Accumulated
                                     Shares   Amount    Capital      Deficit
                                     -------  ------  ----------  ------------
<S>                                  <C>      <C>     <C>         <C>
Common stock issued at inception, as
    restated for reverse
      acquisition accounting         450,000  $  450  $1,249,550  $          -

Net loss for the period December 7, 
  1995 through October 2, 1996             -       -           -      (177,076)
                                     -------  ------  ----------  ------------

Balances, October 2, 1996            450,000     450   1,249,550      (177,076)

Recapitalization for purchase 
  business combination, 
  October 3, 1996                          -       -  (1,249,550)      177,076

Net loss for the period 
  October 3, 1996 through 
  December 31, 1996                        -       -           -      (57,924)
                                     -------  ------  ----------  -----------

Balances, December 31, 1996          450,000     450       4,050      (57,924)

Common stock issued in 
  reverse acquisition                 50,000      50         450            -

Stock options exercised                    -       -      28,000            -

Net loss for the period 
  January 1, 1997 through 
  June 30, 1997                            -       -           -      (40,642)
                                     -------  ------  ----------  -----------

Balances, June 30, 1997              500,000     500      32,500      (98,566)

Issuance of stock                    168,733     169     999,279            -

Net loss for year ended 
  June 30, 1998                            -       -           -  $(2,211,746)
                                     -------  ------  ----------  -----------

Balance, June 30, 1998               668,733  $  669  $1,031,779  $(2,310,312)
                                     =======  ======  ==========  ===========

<FN>
                See notes to consolidated financial statements

</TABLE>
                                      F-6

                                                                           22

<PAGE>
       <TABLE>
                     MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)

                     CONSOLIDATED STATEMENTS OF CASH FLOWS


      <CAPTION>
                                                                    (Predecessor)
                                          Six-month     October 3, 1996  December 7, 1995
                           Year ended    period ended      through           through
                         June 30, 1998  June 30, 1997  December 31, 1996  October 2, 1996
                         -------------  -------------  -----------------  ---------------
<S>                      <C>            <C>            <C>                <C>
Net loss                 $  (2,211,746) $     (40,642) $         (57,924) $      (177,076)
                         -------------  -------------  -----------------  ---------------
Adjustments to reconcile 
 net loss to net cash 
 used in operating 
 activities of 
 continuing operations:
  (Income) loss from
   discontinued operations   1,831,400        (27,755)            38,857          177,076 
  Amortization                      62         18,645                  -                -
  Write-off of
   deferred charges             35,112              -                  -                -
  Changes in assets and 
   liabilities, net of 
   effects of business 
   combination:
    Decrease (increase) 
     in real estate under 
     development              (298,947)             -                  -                -
    Decrease (increase) in 
     prepaid expenses and
     other assets              (10,191)             -                  -                -
    Decrease (increase) in 
     deferred tax asset         51,015        (39,815)           (11,200)               -
    Decrease (increase) in 
     security deposits         (20,000)             -                  -                -
    Increase (decrease) in 
     accounts payable and 
     accrued expenses            7,408        105,888             30,267                -
    Increase (decrease) in 
     deposits                  100,000              -                  -                -
                         -------------  -------------  -----------------  ---------------
       Total adjustments     1,695,859         56,963             57,924          177,076
                         -------------  -------------  -----------------  ---------------
  Net cash provided by 
   (used in) operating 
   activities of 
   continuing operations      (515,887)        16,321                 -                 -
                         -------------  -------------  ----------------  ----------------
Cash flow from investing
 activities:
  Intangible expenditures            -         (5,600)                -                 -
  Proceeds from note 
   receivable                 (215,000)             -                 -                 -  
  Advances made to officer           -         (8,500)                -                 -
                         -------------  -------------  ----------------  ----------------
  Net cash used in 
   investing activities 
   of continuing 
   Operations                 (215,000)       (14,100)                -                 -
                         -------------  -------------  ----------------  ----------------  

                                            F-7

                                                                                 23

<PAGE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)

               CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)


<CAPTION>
                                                                          (Predecessor)
                                          Six-month     October 3, 1996  December 7, 1995
                           Year ended    period ended      through           through
                         June 30, 1998  June 30, 1997  December 31, 1996  October 2, 1996
                         -------------  -------------  -----------------  ---------------
<S>                      <C>            <C>            <C>                <C>
Cash flows from 
 financing activities:
  Principal payments under
   loan agreements            (212,500)             -                  -                -
  Proceeds from notes 
   payable                     225,000              -                  -                -
  Proceeds from issuance 
   of stock                  1,041,000         28,000                  -                -
  Advances from officer        150,078              -                  -                -
                         -------------  -------------  -----------------  ---------------  
  Net cash provided by 
   financing activities
   of continuing 
   operations                1,203,578         28,000                  -                -
                         -------------  -------------  -----------------  ---------------
Cash used in 
 discontinued operations      (339,204)       (29,064)                 -                -
                         -------------  -------------  -----------------  ---------------  

Net increase in cash           133,487          1,157                  -                -

Cash, beginning of 
 period                          1,157              -                  -                -
                         -------------  -------------  -----------------  ---------------  

Cash, end of period      $     134,644  $       1,157  $               -  $             -
                         =============  =============  =================  ===============  
    




















<FN>
                      See notes to consolidated financial statements

</TABLE>
                                            F-8

                                                                              24

<PAGE>
                      MONARCH INVESTMENT PROPERTIES, INC.
                        (formerly IRON HOLDINGS CORP.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    For the year ended June 30, 1998, and for the six-month period ended 
 June 30, 1997, and for the period October 3, 1996 (date of incorporation) 
 through December 31, 1996, and of its predecessor, Iron Eagle Contracting 
            and Mechanical, Inc., for the period December 7, 1995 
               (date of incorporation) through October 2, 1996



1.   Summary of significant accounting policies

     This summary of significant accounting policies of Monarch Investment
     Properties, Inc. (formerly Iron Holdings Corp.) (the "Company") is
     presented to assist in understanding the financial statements.  The
     consolidated financial statements and notes are representations of the
     Company's management, which is responsible for their integrity and
     objectivity.  These accounting policies conform to generally accepted
     accounting principles and have been consistently applied in the 
     preparation of the financial statements.

          Use of estimates

     The preparation of consolidated financial statements in conformity
     with generally accepted accounting principles requires management to 
     make estimates and assumptions that affect the reported amount of assets 
     and liabilities and disclosure of contingent assets and liabilities at
     the date of consolidated financial statements, and the reported amounts 
     of revenues and expenses during the reporting period.  Actual results 
     could differ from those estimates.

          Basis of presentation

     On March 31, 1997, pursuant to the terms of a plan merger, Comstock 
     Tailings Company, Incorporated ("Comstock") acquired all of the 
     outstanding common stock Iron Holdings Corp. ("Old IHC") and its 
     wholly-owned subsidiary, Iron Eagle Contracting & Mechanical, Inc. 
     ("Iron Eagle"), in exchange for 4,500,000 unregistered shares of 
     Comstock's common stock.  As a result of the transaction, the former
     shareholders of Old IHC received shares representing an aggregate of 
     90% of Comstock's outstanding common stock, resulting in a change in 
     control of Comstock.  As a result of the merger, Comstock was the 
     surviving entity, Old IHC (a holding company) ceased to exist and Iron 
     Eagle (the operating company) became the wholly-owned subsidiary of
     Comstock.  Simultaneously therewith, Comstock amended its articles of
     incorporation to reflect a change in Comstock's name to Iron Holdings
     Corp. and subsequently to Monarch Investment Properties, Inc. 
     ("Monarch").  References to the "Company" refer to Monarch together 
     with the predecessor companies, Old IHC and Iron Eagle.

          Reclassifications

     Certain reclassifications have been made to the 1997 and 1996 financial
     statements to conform to the 1998 presentation.



                                      F-9

                                                                           25

<PAGE>
1.   Summary of significant accounting policies (continued)

          Basis of presentation (continued)

     The acquisition of Iron Eagle has been accounted for as a reverse
     acquisition.  Under the accounting rules for a reverse acquisition, 
     Iron Eagle is considered the acquiring entity.  As a result, historical
     financial information for periods prior to the date of the transaction 
     are those of Iron Eagle or of Old IHC and Iron Eagle, its wholly-owned
     subsidiary.  However, the capital structure of Iron Eagle has been
     retroactively restated to reflect the number of shares received by Old 
     IHC shareholders in the acquisition and the Company's par value.  Under
     purchase method accounting, balances and results of operation of IHC 
     will be included in the accompanying consolidated financial statements 
     from the date of the transaction, March 31, 1997.  The Company recorded 
     the assets and liabilities (excluding intangibles) at their historical 
     cost bases which was deemed to approximate fair market value.  The 
     reverse acquisition is treated as a non-cash transaction except to the
     extent of cash acquired, since all  consideration given was in the form 
     of stock.  

     Effective October 3, 1996, Old IHC acquired Iron Eagle Contracting and
     Mechanical, Inc. ("Iron Eagle") in a business combination accounted for
     as a purchase.  The results of operations of Iron Eagle is included in 
     the accompanying consolidated financial statements  since the date of
     acquisition.  The total cost of the acquisition was $1,312,500, which 
     exceeded the fair value of the net assets of Iron Eagle by $239,576.  
     The excess was being amortized on the straight-line method over ten 
     years.  Such intangible assets were written-off upon determination to
     discontinue operations of Iron Eagle (Note 12).  As the predecessor
     company, the results of operations of Iron Eagle have also been 
     presented for the period prior to its acquisition by Old IHC.

          Principles of consolidation

     The accompanying consolidated financial statements include the accounts
     of Monarch Investment Properties, Inc. ("Monarch") for the year ended 
     June 30, 1998, and for the six-month period ended June 30, 1997, and for
     the period October 3, 1996 (date of incorporation) through December 31,
     1996, and of its predecessor, Iron Eagle Contracting and Mechanical, Inc.
     ("Iron Eagle"), for the period December 7, 1995 (date of incorporation)
     through October 2, 1996.  Intercompany transactions and balances have 
     been eliminated in consolidation.  As discussed more thoroughly in Note
     12, Iron Eagle Contracting and Mechanical, Inc. is presented as a
     discontinued operation.

          History and business activity

     Monarch Investment Properties, Inc. was originally incorporated as 
     Comstock Tailings  Company Incorporated on May 13, 1988, under the laws
     of the State of Nevada.  The name was changed to Iron Holdings Corp.
     concurrent with the business combination described above.  Iron Holdings
     Corp. changed its name to Monarch Investment Properties, Inc. on June 29,
     1998.  Prior to such business combination, IHC had not engaged in any
     operations or generated any revenue.


                                     F-10

                                                                           26

<PAGE>
1.   Summary of significant accounting policies (continued)

          History and business activity (continued)     

     Old IHC was incorporated in the State of New York on October 3, 1996.
     Effective October 3, 1996, it acquired all the shares of Iron Eagle in a
     business combination described above.  Iron Eagle Contracting and
     Mechanical, Inc. was incorporated On December 7, 1995, and began 
     operations on December 29, 1995.

     Old IHC was a holding company which had no operations and conducted 
     business solely through its wholly-owned construction subsidiary, Iron
     Eagle Contracting and Mechanical,  Inc.  Old IHC ceased to exist as a 
     result of its merger with Comstock.

     Iron Eagle is a construction contractor engaged in pipe work including 
     gas and water mains as well as steel installation.  The subsidiary 
     operates in the New York City metropolitan area.  The Company has also
     developed a tract of real estate in Ozone Park, New York, on which it
     built and sold five two-family homes.  As discussed more thoroughly in 
     Note 12, the operations of Iron Eagle were discontinued during the 
     quarter ended June 30, 1998.

     On February 18, 1997, Monarch Investment Properties, Inc. (formerly Iron
     Holdings Corp.) incorporated a wholly-owned subsidiary, LW Plaza Realty
     Corp.  The subsidiary is inactive and has not engaged in any operations
     or generated any revenue.

     During August 1997, Monarch Investment Properties, Inc. incorporated a
     wholly-owned subsidiary, Tahoe Realty Corp.  The subsidiary recently
     commenced business in real estate acquisitions, development and 
     management activities.  In April 1998, Tahoe purchased vacant land in
     Queens, New York and is in the process of building eight two-family 
     homes on it.  

          Construction revenue and cost recognition

     Discontinued construction operations recognized revenue from 
     construction contracts on the percentage-of-completion method measured
     by the percentage of costs incurred to date to estimated total costs for
     each contract.

     Contract costs include all direct material and labor costs and those
     indirect costs related to contract performance, such as indirect labor,
     supplies, tools, repairs, and depreciation costs.  Provisions for 
     estimated losses on uncompleted contracts are made in the period in 
     which such losses are determined.  Changes in job performance, job
     conditions, and estimated profitability, including those arising from
     contract penalty provisions, and final contract settlements may result 
     in revisions to costs and income and are recognized in the period in  
     which the revisions are determined.  Profit incentives are included in
     revenues when their realization is reasonably assured.  An amount equal 
     to contract costs attributable to claims is included in revenues when
     realization is probable and the amount can be reliably estimated.  
     General and administrative costs are charged to expense as incurred.




                                     F-11


                                                                           27

<PAGE>
1.   Summary of significant accounting policies (continued)

          Fair value of financial instruments

     The Financial Accounting Standards Board ("FASB") issued Statement of
     Financial Accounting Standards ("SFAS") No. 107, "Disclosure about Fair
     Value of Financial Instruments".  The carrying value of all financial
     instruments, including long-term and short-term debt, cash and temporary
     cash investments, approximates their fair value at year end.

          Concentration of credit risk and major contracts

     Financial instruments, which potentially subject the Company to
     concentration of credit risk, consist principally of contract 
     receivables, which are included in net assets or net liabilities from
     discontinued operations, and note receivable (Note 2).

     The Company's discontinued construction operations had significant
     concentrations of  revenue and receivables in individual contracts during
     each of the periods presented in the financial statements.  The Company's
     policies with respect to construction activities  generally did not 
     require collateral to support contract receivables.

          Real estate under contract

     Iron Eagle developed a tract of real estate in Ozone Park, New York, on
     which it built five two-family homes.  Construction was completed in
     January 1997.  Four of the five homes  were sold during the six-month 
     period ended June 30, 1997 and the last home was sold during  the year 
     ended June 30, 1998.  Proceeds from the sale of homes was $1,642,450 
     with total costs of $1,264,249 resulting in a gross profit of $378,201.

     Tahoe Realty Corp. purchased vacant land in Queens, New York for 
     $400,000.  The Company is in the process of building eight two-family 
     homes on the tract of land.   Construction began in June 1998.  Through
     the report date, the Company had two houses under contracts of sale
     totaling $705,000, and had received deposits totaling $150,000.
     Proceeds from sales and total costs to develop the property, 
     including administrative and financing costs, are estimated to be
     approximately $2,870,000 and $2,310,000, respectively.     

          Property and equipment

     Property and equipment are carried at cost.  Depreciation of property 
     and equipment is provided on the straight-line method over the following
     estimated useful lives:

                                                            Years

          Construction and transportation equipment           5
          Office furniture and equipment                      5

     Total depreciation expense was, $65,573,  $32,437, $15,762 and $38,289 
     for year ended June  30, 1998, the six-month period ended June 30, 1997, 
     the period October 3, 1996 through  December 31, 1996, and the period
     December 7, 1995 through October 2, 1996, respectively.


                                     F-12

                                                                           28

<PAGE>
1.   Summary of significant accounting policies (continued)

          Property and equipment (continued)

     Maintenance, repairs and renewals which neither materially add to the 
     value of the equipment nor appreciably prolong its life are charged to
     expense as incurred.  Gains or losses on dispositions of equipment are
     included in income.

          Amortization of intangibles

     Intangibles consisted of deferred costs, customer lists, restrictive
     covenants, organizational costs and goodwill which principally arose 
     from the acquisition of Iron Eagle (Note 1).  These intangibles were
     amortized over a period of five to ten years.  Amortization expense
     totalled $38,488, $18,905 and $38,748 for the six-month period ended 
     June 30, 1997, for the period October 3, 1996 through December 31, 1996 
     and for the period December 7, 1995 through October 2, 1996, 
     respectively.  All intangibles were written off during the year ended  
     June 30, 1998 as a result of discontinuing the operations of Iron Eagle
     (Note 12).

          Accounting standards changes

     In March 1995, the Financial Accounting Standards Board issued Statement
     of Financial Accounting Standards No. 121 "Accounting for the Impairment
     of Long-Lived Assets and for Long-Lived Assets to be Disposed of" ("SFAS
     121") which is effective for the fiscal years beginning December 15, 
     1995.  The Company has adopted SFAS 121 for the fiscal year Beginning 
     July 1, 1996.  However, its adoption has not had any material impact on
     the Company's consolidated financial position.  SFAS 121 provides 
     additional guidance on when long-lived assets should be reviewed for
     possible impairment, how impairment losses should be measured and when 
     such losses should be recognized.  In addition to long-lived assets,  
     SFAS 121 amended the accounting standards for valuing real estate assets
     to the lower of cost or fair value less cost to sell (for certain assets 
     the lower cost of fair value) from the lower of cost or net realizable
     values.

     In June 1997, the Financial Accounting Standards Board issued "Reporting
     Comprehensive Income" ("SFAS 130") which is effective for years beginning
     after December 15, 1997.  This statement establishes standards for 
     reporting and display of comprehensive income and its components in a 
     full set of general-purpose financial statements.  Comprehensive income
     consists of foreign currency translation adjustments, unrealized gain 
     and losses on certain investments in debt and equity securities and 
     minimum pension liability adjustments.  The  Company currently has no 
     items of comprehensive income and therefore is not required to adopt 
     SFAS 130.









                                     F-13

                                                                           29

<PAGE>
1.   Summary of significant accounting policies (continued)

          Loss per share

     Loss per share has been computed based on the weighted average number 
     of common shares outstanding.  For the period prior to the reverse
     acquisition discussed in the basis of presentation section above, the 
     number of common shares outstanding used in computing earnings per share
     is the number of common shares received by the shareholders of Old IHC
     in connection with such reverse acquisition (4,500,000 shares).  For the
     year ended June 30, 1998, the six-month period June 30, 1997, the period
     October 3, 1996 through December 31, 1996, and the period December 7, 
     1995 through October 2, 1996, the weighted average number of shares used
     in the calculation was 654,817, 475,140, 450,000 and 450,000, 
     respectively.  Basic loss per common share does not include the effect
     of common stock equivalents because the effect of such inclusion would 
     be to reduce loss per common share.  Diluted loss per share amounts are 
     not presented because they are anti-dilutive.

     In February 1997, the Financial Accounting Standards Board issued 
     Statement of Financial Accounting Standards "Earnings Per Share", 
     ("SFAS 128") which require companies to present basic earnings per 
     share ("EPS") and diluted earnings per share, instead of the primary 
     and fully diluted EPS that was formerly required.  The new standard 
     requires additional informational disclosures, and also makes certain
     modifications to the currently applicable EPS calculations defined in
     Accounting Principles Board No. 15.  The new standard is required to be
     adopted by all public companies for reporting periods ending after  
     December 15, 1997, and requires restatement of EPS for all prior periods
     reported.  Under the requirements of SFAS 128, the Company's basic loss
     per share for the year ended June 30, 1998, the six-month period ended 
     June 30, 1997, the period October 3, 1996 through December 31, 1996, and
     the period December 7, 1995 through October 2, 1996, remains the same.

2.   Note receivable

     Note receivable represents an unsecured loan receivable from an 
     unrelated corporation.  The note bears interest at 8% which is payable 
     quarterly.  The debtor repaid $100,000 of principal in August 1998.
     Any unpaid principal balance and accrued interest are due on
     December 31, 2002.

3.   Notes payable

     Notes payable consist of the following:

     12% demand note payable to an individual, 
     with interest only payable monthly.
     The note is unsecured.                                $100,000

     15% demand note payable to an individual, 
     with interest only payable monthly.
     The note is unsecured.                                 100,000

     12% demand note payable to an individual, 
     with interest only payable monthly.
     The note is unsecured.                                  25,000
                                                           --------

                                                           $225,000
                                                           ========
                                     F-14

                                                                           30

<PAGE>
4.   Long-term debt from business combination

     Long-term debt from business combination arose from the acquisition of 
     the stock of Iron Eagle (Note 1).  The note bears interest at the prime
     rate plus 1%.  Interest is payable in monthly installments.  Principal 
     is payable in $25,000 quarterly installments commencing January 1999 and
     ending January 2010.

     Additional principal payments will be due consisting of 25% of the gross
     proceeds of any private placement offering or public offering the Company
     successfully completes.

     The note is secured by all of the issued and outstanding shares of Iron
     Eagle, all corporate assets of Monarch, 30,000 shares of post-split 
     common stock of Monarch and 1.1 million warrants to purchase Monarch's
     common stock exercisable at $.001 for a seven year period.  Such warrants
     will include registration rights and anti-dilutive provisions.

     Maturities of long-term debt from business combination are as follows:

             Year ending June 30,
             --------------------

                  1999                                 $   112,500
                  2000                                     100,000
                  2001                                     100,000
                  2002                                     100,000
                  2003                                     100,000
                  Thereafter                               587,500
                                                       -----------     
  
                                                       $ 1,100,000
                                                       ===========

5.   Long-term debt

     In connection with the acquisition of the property being developed by 
     Tahoe, the Company executed a $200,000 purchase money mortgage.  The
     mortgage calls for quarterly payments of interest at 10% per annum with
     the entire unpaid balance of principal and any accrued interest due 
     April 14, 2002.  The note is secured by the property which is located
     in Queens, New York. 

6.   Officer's loans payable
     
     Officer's loans payable represents unsecured, non-interest bearing 
     loans made to the  Company by the officer.








                                     F-15


                                                                           31

<PAGE>
7.   Stockholders' equity

          Stock option plan

     During May 1997, the Company established a non-qualified stock option 
     plan (the "Plan") to attract and retain qualified and competent persons
     who are key employees, consultants, representatives, officers and 
     directors of the Company upon whose efforts and judgement the success of
     the Company is largely dependent.

     During May 1997, the Company awarded 100,000 post-split shares of the
     Company's options to purchase common stock at an option price of $.01 
     per share.  All such options vest upon execution of the consulting 
     agreement and shall be exercisable for one year from such date.  These
     options were awarded to companies which are providing public relations
     service and assistance in creating a secondary market for the Company's
     stock.  All options were exercised in July 1997 and 100,000 post-split
     shares of the Company's common stock were issued.

          Reverse stock split

     On July 31, 1998, Monarch authorized a 1-for-10 reverse stock split to
     existing stockholders, resulting in a total of 668,733 shares issued and
     outstanding.  The capital structure of Monarch has been retroactively
     restated for all periods presented to reflect to the above changes.

8.   Income taxes
 
     The Company has net operating losses available for carryforward to 
     offset future years' taxable income.  The net operating losses of 
     $493,300 and $137,877 expire in the years ending June 30, 2013 and 2012,
     respectively.

     Deferred income taxes arise from temporary differences in reporting 
     assets and liabilities for income tax and financial accounting purposes
     primarily resulting form net operating losses.  The components of the
     deferred tax asset and the related tax effects of the temporary 
     differences are as follows:
                                                           June 30,
                                                    ---------------------
                                                      1998         1997
                                                    --------     --------
     Deferred income tax asset resulting 
      from net operating loss carryforward          $233,500     $146,255
 
     Valuation allowance                             233,500            -      
                                                    --------     --------

     Deferred income tax asset                             -      146,255

     Less:  portion included in net assets 
      from discontinued operations                         -       95,240
                                                    --------     --------

     Deferred income tax asset from 
      continuing operations                         $      -     $ 51,015      
                                                    ========     ========


                                     F-16

                                                                           32

<PAGE>
9.   Supplemental cash flow information

     The Company's non-cash investing and financing activities were as 
     follows:

          Discontinued operations

     During the period December 7, 1995 through October 2, 1996, the Company
     purchased property and equipment totalling $81,747.  The purchases were
     financed as follows:

          Property and equipment purchased                  $ 315,242
          Long-term debt financing                            (45,145)
          Equipment acquired through issuance of
           stock and assumption of debt                      (188,350)
                                                            ---------
          Capital expenditures                              $  81,747 
                                                            =========

     During the period December 7, 1995 through October 2, 1996, the 
     predecessor, Iron Eagle Contracting and Mechanical, Inc., acquired 
     certain net assets in exchange for 250,000 shares of the predecessor's
     common stock:

          Fair value of non-cash assets acquired            $ 876,438 
          Liabilities assumed                                (376,438)
                                                            ---------
          Common stock issued in asset acquisition          $ 500,000 
                                                            =========

     During the period October 3, 1996 through December 31, 1996, Old IHC
     acquired all the  shares of Iron Eagle Contracting and Mechanical, Inc.
     as described in Note 1, in exchange for  issuance of a $1,312,500 note
     payable.

     During the six-month period ended June 30, 1996, Iron Holdings Corp.
     acquired all the shares of Old IHC and its wholly-owned subsidiary, 
     Iron Eagle Contracting and Mechanical, Inc., as  described in Note 1, 
     in exchange for 4,5000,000 shares of Iron Holdings Corp. common stock.

          Continuing operations

     During the year ended June 30, 1998, the Company purchased a tract of 
     land for $400,000.  The purchase was financed as follows:

          Real estate purchased                             $ 400,000
          Purchase money mortgage                            (200,000)
                                                            ---------
          Real estate under development (operating asset)   $ 200,000 
                                                            =========

     Interest paid totalled $164,294, $13,362, $1,092 and $8,645 during the 
     year ended June 30, 1998, the six-month period ended June 30, 1997, the 
     period October 3, 1996 through December 31, 1996, and the period 
     December 7, 1995 through October 2, 1996, respectively.




                                     F-17

                                                                           33

<PAGE>
10.  Commitments

         Lease agreements

     Tahoe leases office space on a month-to-month basis.  The monthly rental
     amount is $400.  Rent expense was $10,500, $4,500, $2,250 and $10,125 
     for the year ended June 30, 1998, the six-month period ended June 30, 
     1997, the period October 3, 1996 through December 31, 1996, and the 
     period December 7, 1995 through October 2, 1996, respectively.

     The Company leases one automobile under an operating lease expiring in
     January 2000.  The Company has an option to purchase the vehicle at the 
     end of the lease term at fair market value.  The following is a schedule
     of future minimum lease payments under the noncancellable operating 
     lease as of June 30, 1998:

             Year ending June 30,
             --------------------

                    1999                               $  9,240
                    2000                                  5,390
                                                       --------

             Total minimum lease payments              $ 14,630     
                                                       ========

          Employee agreements

     Effective May 13, 1997, the Company entered into an employment contract 
     with an individual who is an officer, stockholder and director.  Annual
     compensation under the contract totals $125,000 for the fiscal year 
     ending June 30, 1998 and gradually increases to $300,000 for the year 
     ending June 30, 2007.  However, the Company is in the process of 
     revising this compensation arrangement.  For the year ended June 30, 
     1998, compensation paid or accrued to this individual totalled $117,500.
     
          Construction contracts

     As a result of the discontinued operations of Iron Eagle Contracting and
     Mechanical, Inc. (Note 12) the bonding company has taken back four
     contracts due to non-performance by the company.  These contracts shall
     be re-bid to other entities.  Iron Eagle may be liable for any costs
     necessary to complete these projects in excess of the original contract
     amounts.  The financial statements include a provision for losses and 
     for additional costs to be incurred as a result of these contracts.  
     Monarch is not a guarantor of the bonding liabilities incurred by its
     subsidiary.  Management believes that there will not be any significant
     liability to the Company in excess of the provision, due to the costs
     incurred for which it will not be paid. 



                                     F-18

                                                                           34

<PAGE>
10.  Commitments (continued)

          Deposit on homes

     Tahoe Realty, Inc. has contracted for the sale of a home it is 
     constructing which is located in Ozone Park, New York.  Pursuant to 
     this contract, the Company has received a deposit of $100,000.
     Concurrently, the Company executed a promissory note in order to utilize
     the deposit for construction costs of the home.  Construction must be
     completed by November 1, 1998 per the written agreement.  Interest on 
     the note is at 10% per annum.  The note is secured by a confession of
     judgment and collateralized by the real estate.

          Hegeman Street Project

     During September 1998, the Company acquired real estate in Brooklyn, New
     York on which it plans to build six single-family homes.  The total
     acquisition cost for the real estate was $230,000, including permits and
     plans.  It is anticipated that the homes will be offered for sale at
     $199,000 each and will be eligible for FHA/VA approved mortgages.  
     Profits for the project are projected to be approximately $200,000.
     Construction is scheduled to commence in early calendar 1999 and is
     expected to take approximately six months to complete.

11.  Subsequent events

     In connection with the renegotiation of terms on the long-term debt 
     from business combination (Note 4), Monarch agreed to issue the holder
     of the note 1,100,000 warrants as additional collateral.  Each warrant 
     is to be exercisable to purchase one share of the Company's common stock
     at a price of $.001 per share over a period of seven years.

12.  Discontinued operations

     During the quarter ended June 30, 1998, the Company made the 
     determination to discontinue the operations of the Iron Eagle 
     subsidiary.  Iron Eagle was a construction contractor engaged in 
     pipe work including gas and water mains as well as steel installation.
     Due to non-performance by Iron Eagle, the bonding company has taken 
     back the remaining four contracts which were in process or which had
     been awarded. (Note 10).  The results of Iron Eagle have been reported
     separately as a discontinued operation in the consolidated balance 
     sheets and consolidated statements of operations.




                                     F-19

                                                                           35

<PAGE>
12.  Discontinued operations (continued)

     Assets and liabilities of Iron Eagle which are recorded as discontinued
     operations are as  follows:


                                                             June 30,
                                                     ----------------------
                                                         1998        1997
                                                     ----------  ----------
     Cash and cash equivalents                       $    6,395  $  163,820
     Contracts receivable and costs 
       in excess of billings                            684,261   1,337,629
     Real estate under contract                               -     274,138
     Other current assets                                     -     113,264
     Construction and transportation equipment-net            -      84,000
     Other assets                                             -     579,563
                                                     ----------  ----------
          Total assets                                  690,656   2,552,414

     Notes payable                                       75,000     425,000
     Current portion of long-term debt                   46,557      25,032
     Accounts payable and accrued expenses              894,163     853,828
     Other current liabilities                           68,634     159,453
     Long-term debt, net of current portion                   -      17,864
                                                     ----------  ----------
           Total liabilities                          1,084,354   1,481,177
                                                     ----------  ----------
     Net assets (liabilities) from 
       discontinued operations                       $ (393,698) $1,071,237
                                                     ==========  ==========

          Income (loss) from discontinued operations:
<TABLE>
<CAPTION>
                                                                          (Predecessor)
                                          Six-month     October 3, 1996  December 7, 1995
                           Year ended    period ended      through           through
                         June 30, 1998  June 30, 1997  December 31, 1996  October 2, 1996
                         -------------  -------------  -----------------  ---------------
<S>                      <C>            <C>            <C>                <C>
Construction revenues    $   2,793,704  $   3,722,546  $         462,153  $       981,230
Cost of construction
  revenues                   3,473,837      3,427,570            415,697          781,059
                         -------------  -------------  -----------------  ---------------
   Gross profit (loss)        (680,133)       294,976             46,456          200,171  
  
Operating expenses            (829,824)      (238,961)          (162,420)        (414,182)

Interest expense                     -              -             (1,093)          (8,365)

Deferred tax (expense)
  benefit                     (321,443)       (28,260)            78,200           45,300
                         -------------  -------------  -----------------  ---------------  
Income (loss) from 
 discontinued operations $  (1,831,400) $      27,755  $         (38,857) $      (177,076) 
                         =============  =============  =================  ===============

</TABLE>

                                     F-20

                                                                           36

<PAGE>
13.  Going concern

     The financial statements have been prepared assuming that the Company
     will continue as a going concern.  The Company has suffered losses from
     operations and has a net capital deficiency that raises substantial doubt
     about its ability to continue as a going concern.  The financial 
     statements do not include any adjustments that might result from the 
     outcome of this  uncertainty.

     The Company is seeking to raise additional capital through either a
     private placement or public offering of its debt or equity.  The terms
     and amount of such offering are as yet undetermined.  There can be no
     assurance that such offering will be successfully completed.



                                     F-21

                                                                           37

<PAGE>
ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE.

     None

                            PART III

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
PERSONS;  COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT.

     Directors are elected for one-year terms or until the next
annual meeting of shareholders and until their successors are duly
elected and qualified.  Officers continue in office at the pleasure
of the Board of Directors.  

     The Directors and Officers of the Company as of the date of
this report are as follows:

           Name           Age      Position
     _______________      ___      _____________________

     Anthony E. Gurino     46      Chief Executive Officer,
                                   President and Corporate
                                   Secretary, Director

     Mr. Dennis Sommeso was removed by the affirmative vote of
holders of a majority of the issued and outstanding common stock of
the Company in August 1998.  Subsequent thereto, Mr. Sommeso
submitted his resignation as a director of the Company. The
Company's Board of Directors is presently seeking out two
additional, outside directors to be appointed to the Company's
Board of Directors.  All Directors of the Company will hold office
until the next annual meeting of the shareholders and until
successors have been elected and qualified.  Officers of the
Company are elected by the Board of Directors and hold office until
their death or until they resign or are removed from office.  There
is no arrangement or understanding between the Company (or any of
its directors or officers) and any other person pursuant to which
such person was or is to be selected as a director or officer.

     (b) Resumes:

     Anthony E. Gurino is the President, Secretary and a Director
of the Company, positions he assumed in March 1997.  Prior, from
October 1996 through March 1997, Mr. Gurino was President,
Secretary and a director of Iron Holdings Corp., a privately held
New York corporation engaged in the business of acquisition and
development of real estate holdings and public construction
projects.  From 1979 through June 1996 he was President and fifty
percent owner of Ragtime Foods of New York, Inc. d/b/a Antonio's
Bakery in Ozone Park, New York, a wholesale bakery, and Ragtime

                                                               38

<PAGE>
Gourmet Supermarket in Howard Beach, New York.  Mr. Gurino attended
Staten Island Community College where he majored in Business.  He
devotes substantially all of his time to the business of the
Company.

ITEM 9B.  COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

     Section 16(a) of the Securities Exchange Act of 1934 requires
the Company's officers, directors and person who own more than 10%
of the Company's Common Stock to file reports of ownership and
changes in ownership with the Securities and Exchange Commission. 
All of the aforesaid persons are required by SEC regulation to
furnish the Company with copies of all Section 16(a) forms they
file.  However, no changes in the securities holdings of any person
occurred during the fiscal year ended June 30, 1998 and as such, no
reports were required to be filed.

ITEM 10.  EXECUTIVE COMPENSATION.

Remuneration

     The following table reflects all forms of compensation for
services to the Company for the fiscal years ended June 30, 1997
and 1998 of the Chief Executive Officer of the Company.

       <TABLE>
                        SUMMARY COMPENSATION TABLE

     <CAPTION>
                                             Long Term Compensation
                                          ____________________________

                   Annual Compensation          Awards         Payouts
                  _____________________   ____________________ _______
                                                    Securities
                                 Other                 Under-            All
Name                             Annual   Restricted   lying            Other
and                              Compen-     Stock    Options/  LTIP  Compen-
Principal         Salary  Bonus  sation     Award(s)    SARs   Payouts sation
Position    Year   ($)     ($)    ($)        ($)        (#)      ($)     ($)
__________  ____  ______  _____  ______    ________   _______  _______ ______
<S>         <C>   <C>     <C>    <C>       <C>        <C>      <C>     <C>
Anthony E.
Gurino      1997 $ 39,000 $5,000 $    0    $      0   $     0  $    0  $4,620
President & 1998 $ 56,500(3)   -      -           -         -       -       -
Director(1)(2) 
_________________________

<F1>
(1)     The information provided herein discloses the compensation
received by Mr. Anthony Gurino for the period indicated.  However,
Mr. Gurino assumed his positions with the Company in March 1997, as
part of the reorganization of the Company with Old IHC.  The
Company did not begin paying any salaries or other compensation to
Mr. Gurino until April 1997.
                                                               39

<PAGE>
<F2>
(2)     It is not anticipated that any officer or director of the
Company will receive compensation exceeding $100,000 during the
fiscal year ending June 30, 1999, unless the Company's financial
condition improves dramatically. 

<F3>
(3)     This figure represents the actual wages paid by the Company
to Mr. Gurino during the fiscal year ended June 30, 1998.  However,
the Company has accrued an additional $61,000 in salary which may
be paid to Mr. Gurino in the future.  See "Part II, Item 7,
Financial Statements."
</TABLE>

     The Company maintains a policy whereby the directors of the
Company may be compensated for out of pocket expenses incurred by
each of them in the performance of their relevant duties.  The
Company did not reimburse any director for out of pocket expenses
during the fiscal year ended June 30, 1998.

     In addition to the cash compensation set forth above, the
Company reimburses each executive officer for expenses incurred on
behalf of the Company on an out of pocket basis.  The Company
cannot determine, without undue expense, the exact amount of such
expense reimbursement.  However, the Company believes that such
reimbursements did not exceed, in the aggregate, $10,000 during the
fiscal year ended June 30, 1998.

     In May 1997, the Company entered into an employment agreement
with Anthony Gurino, who is an officer, director and the principal
shareholder of the Company.  Annual compensation under this
contract totals $125,000 in the fiscal year ending June 30, 1998,
gradually increasing to $300,000 in the fiscal year ending June 30,
2007.  However, as of the date of this report, Mr. Anthony Gurino
has drawn less than 50% of his salaries due pursuant to the
agreement.  As of the date of this report, the Company is in the
process of revising Mr. Gurino's annual compensation, wherein he
shall be paid a lower base salary, but shall receive performance
bonuses based upon the performance of the Company in the future.

Stock Plan

     Effective April 21, 1997, the Company adopted the IRON
HOLDINGS CORP. 1997 NON-QUALIFIED STOCK OPTION PLAN (the "Plan"),
which reserved an aggregate of 100,000 shares of the Company's
Common stock for issuance thereunder.  Subsequently, the Company
executed consulting agreements with 5 entities, granting each
entity options pursuant to the Plan, at an exercise price of $0.10
per share.  As of the date of this Offering Memorandum, all of the
options to purchase shares reserved for issuance under the Plan
have been exercised.  None of the options to purchase shares of the
Company's Common Stock under the Plan were issued in favor of any
member of management.

                                                               40

<PAGE>
     There are no other bonus or incentive plans in effect, nor are
there any understandings in place concerning additional
compensation to the Company's officers. 

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.

     (a) and (b) Security Ownership of Certain Beneficial Owners
and Management.

     The table below lists the beneficial ownership of the
Company's voting securities by each person known by the Company to
be the beneficial owner of more than 5% of such securities, as well
as by all directors and officers of the issuer.  Unless otherwise
indicated, the shareholders listed possess sole voting and
investment power with respect to the shares shown.

                 Name and              Amount and
                Address of             Nature of
Title of        Beneficial             Beneficial      Percent of
 Class             Owner               Ownership          Class 

Common      Anthony E. Gurino(1)        200,000          29.9%
            86-20 164th Avenue
            Queens, NY  11414 

Common      Angelo Gurino, Sr.          200,000          29.9%
            164-53 85th
            Howard Beach, NY 11414

Common      All Officers &              200,000          29.9%
            Directors as a Group
            (1 person)
________________

(1)  Sole officer and director of the Company as of the date of
this report.

     The balance of the Company's outstanding Common Shares are
held by 10 persons, not including those persons who hold their
shares in "street name."

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     Mr. Anthony Gurino, President and a Director of the Company,
has loaned the Company $141,578.  This loan is provided to the
Company on an interest free basis and is due upon demand.  This
obligation is a verbal agreement between the Company and Mr.
Gurino.

                                                               41

<PAGE>
Prior Financings

     Effective April 21, 1997, the Company issued options to
purchase an aggregate of 280,000 shares of its Common Stock in
favor of Anchor Capital Management, Ltd. ("Anchor"), a corporation
organized under the laws of the Turks & Caicos Islands, with its
principal place of business located at Suite D18, Market Place,
Providenciales, Turks and Caicos Islands, B.W.I.  The Company
relied upon the exemption from registration provided under
Regulation S, as promulgated under the Securities Act of 1933, as
amended, in issuing said options, as well as in expectation of
Anchor exercising all or any portion of its options.

     In consideration for the issuance of the stock options
referenced above, the Company received consideration totalling
$28,000 (US).  The exercise price of each option was established at
$15.00 per share, which was arrived at through arms length
negotiations between the Company and Anchor, as the Company's
Common Stock was not trading as of the date the option was issued. 
In August 1998, Anchor exercised options to purchase 68,733 shares
of the Company's Common Stock pursuant to the agreements, providing
the Company with a net aggregate of $1,030,995 in proceeds from the
exercise of the options.  The remaining options expired in October
1997, without being exercised.

                             PART IV

Item 13.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)  Exhibits
     --------

     The following Exhibits were filed with the Securities and
Exchange Commission in the Exhibits to Form 10-SB, filed on January
11, 1994 and are incorporated by reference herein:

     3.1  Certificate and Articles of Incorporation 

     3.2  Bylaws

     The following exhibits were filed with the SEC in the Exhibits
to the Company's Form 8-K dated April 15, 1997 and are incorporated
by reference herein:

     2.0  Agreement and Plan of Share Exchange between the Company
          and Iron Holdings Corp.

    16.0  Letter of Resignation of Registrant's independent
          certified accountant, Kish, Leake & Associates, P.C.

                                                               42

<PAGE>
     The following exhibits are included herewith:

     3.3  Amendment to Articles of Incorporation filed October 16,
          1997

     3.4  Amendment to Articles of Incorporation filed July 15,
          1998

     27   Financial Data Schedule

(b)  Reports on Form 8-K 
     -------------------

     The Company did not file any reports on Form 8-K during the
three month period ended June 30, 1998.     




                                                               43

<PAGE>
                          SIGNATURES

     In accordance with Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized, on
October 6, 1998.

                         MONARCH INVESTMENT PROPERTIES, INC.
                         (Registrant)


                         By:/s/ Anthony Gurino                   
                            -------------------------------------
                            Anthony Gurino, President


     In accordance with the Exchange Act, this report has been
signed below by the following persons on behalf of the registrant
and in the capacities indicated on October 6, 1998.




/s/ Anthony Gurino             
-------------------------------
Anthony Gurino, President, 
Secretary & Director            





                                                               44

<PAGE>
               MONARCH INVESTMENT PROPERTIES, INC.

          Exhibit Index to Annual Report on Form 10-KSB
             For the Fiscal Year Ended June 30, 1998

EXHIBITS                                                 Page No.

  EX-3.3    Certificate of Amendment to Articles of
            Incorporation filed October 16, 1997. . . .       46

  EX-3.4    Certificate of Amendment to Articles of
            Incorporation filed July 15, 1998 . . . . .       49

  EX-27     Financial Data Schedule . . . . . . . . . .       50





                                                               45

<PAGE>
             CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION
                          (After Issuance of Stock)

                              IRON HOLDINGS CORP.
                 ---------------------------------------------
                              Name of Corporation
     We, the undersigned               Anthony Gurino, President           and
                         -------------------------------------------------
Dennis Sommeso, Assistant Secretary     of    IRON HOLDINGS CORP.
---------------------------------------   ------------------------------------
                                                  Name of Corporation
do hereby certify:

     That the Board of Directors of said corporation at a meeting duly 

convened, held on the   10th   day of   March    19 97 , adopted a resolution
                      --------       -----------   ----
to amend the original articles as follows:

     Article  V  is hereby amended to read as follows:
             ---
          See annexed.
         FILED
  In the Office of the
Secretary of State of the
     STATE OF NEVADA
       JUL 15 1998
      No.  C3863-88
         --------------
Dean Heller, Secretary of State
     The number of shares of the corporation outstanding and entitled to vote 
on an amendment to the Articles of Incorporation is   500,000  ; that the said
                                                    -----------
change(s) and amendment have been consented to and approved by a majority vote
of the stockholders holding at least a majority of each class of stock
outstanding and entitled to vote thereon.

                                          s/Anthony Gurino 
                                          ------------------------------------
                                               President or Vice President
                                          Anthony Gurino, President
                                          s/Dennis Sommeso
                                          ------------------------------------
                                            Secretary or Assistant Secretary
                                          Dennis Sommeso, Assistant Secretary
State of    New York         )
        -------------------- : ss.
County of     Queens         )
         -------------------
     On     13 October of      1997, personally appeared before me, a Notary
        ---------------------------
Public,    Anthony E. Gurino and Dennis Sommeso            , who acknowledged
        ---------------------------------------------------
that they executed the above instrument.

    (Notary Stamp or Seal)
      RICARDO J. MERCADO                  s/Ricardo J. Mercado
Notary Public, State of New York          ------------------------------------ 
   Qualified in Queens County
Commission Expires  12/31/98
                  -----------

                                                                           46

<PAGE>
       The following shall be inserted in the place and stead of Section
         A to Article V of the Articles of Incorporation of Comstock
          Tailings Company Incorporation, n/k/a Iron Holdings Corp:




A.  Authorized Shares.  The total number of shares of all classes which the
corporation shall have authority to issue is 525,000,000 of which 25,000,000
shall be Preferred Shares, par value $.01 per share, and 500,000,000 shall be
Common Shares, par value $.001 per share, and the designations, preferences,
limitations and relative rights of the shares of each class are as follows:

     i.     Preferred Shares.  The corporation may divide and issue the 
     Preferred Shares in series.  Preferred Shares of each series when 
     issued shall be designated to distinguish it from the shares of all 
     other series.  The Board of Directors is hereby expressly vested
     with authority to divide the class of Preferred Shares into series
     and to fix and determine the relative rights and preferences of the
     shares of any such series so established to the full extent 
     permitted by these Articles of Incorporation and the laws of the
     State of Nevada in respect to the following:

               (1)     The number of shares to constitute such 
          series, and the distinctive designations thereof;

               (2)     The rate and preference of dividends, if 
          any, the time of payment of dividends, whether dividends 
          are cumulative and the date from which any dividend 
          shall accrue;

               (3)     Whether shares may be redeemed and, if so,
          the redemption price and the terms and conditions of 
          redemption;

               (4)     The amount payable upon shares in event of 
          involuntary liquidation;

               (5)     The amount payable upon shares in event of 
          voluntary liquidation;

               (6)     Sinking fund or other provisions, if any, 
          for the redemption or purchase of shares;

               (7)     The terms and conditions on which shares may 
          be converted, if the shares of any series are issued 
          with the privilege of conversion;

               (8)     Voting powers, if any; and

               (9)     Any other relative rights and preferences of 
          shares of such series, including, without limitation, 
          any restriction on an increase in the number of shares 
          of any series theretofore authorized and any limitation 
          or restriction of rights or powers to which shares of 
          any further series shall be subject.


                                                                           47

<PAGE>
     ii.  Common Shares.

          (1)     The rights of holders of the Common Shares to receive 
     dividends or share in the distribution of assets in the event of
     liquidation, dissolution or winding up of the affairs of the 
     Corporation shall be subject to the preferences, limitations and 
     relative rights of the Preferred Shares fixed in the resolution or
     resolutions which may be adopted from time to time by the Board of
     Directors of the corporation providing for the issuance of one or 
     more series of the Preferred Shares.

          (2)     The holders of the Common Shares shall have unlimited 
     voting rights and shall constitute the sole voting group of the 
     corporation, except to the extent any additional voting groups or 
     groups may hereafter be established in accordance with the Colorado
     Business Corporation Act, and shall be entitled to one vote for each 
     share of Common Shares held by them of record at the time for 
     determining the holders thereof entitled to vote.



The balance of Article V shall remain as stated.




                                                                           48

<PAGE>
             CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION
         FILED            (After Issuance of Stock)
  In the Office of the
Secretary of State of the
     STATE OF NEVADA
       JUL 15 1998
      No.  C3863-88
         --------------
Dean Heller, Secretary of State
                              IRON HOLDINGS CORP.
                 ---------------------------------------------
                              Name of Corporation
     We, the undersigned               Anthony Gurino                      and
                         -------------------------------------------------
           Anthony Gurino               of    IRON HOLDINGS CORP.
---------------------------------------   ------------------------------------
                                                  Name of Corporation
do hereby certify:

     That the Board of Directors of said corporation at a meeting duly 

convened, held on the   29th   day of    June    19 98 , adopted a resolution
                      --------       -----------   ----
to amend the original articles as follows:

     Article  II  is hereby amended to read as follows:
             ----
          The name of the corporation is Monarch Investment Properties, Inc.

     The number of shares of the corporation outstanding and entitled to vote 
on an amendment to the Articles of Incorporation is  6,687,000 ; that the said
                                                    -----------
change(s) and amendment have been consented to and approved by a majority vote
of the stockholders holding at least a majority of each class of stock
outstanding and entitled to vote thereon.

                                          IRON HOLDINGS CORP.

                                          s/Anthony Gurino - President
                                          ------------------------------------
                                               President or Vice President
                                          Anthony Gurino
                                          s/Anthony Gurino - Secretary
                                          ------------------------------------
                                            Secretary or Assistant Secretary
                                          Anthony Gurino
State of    New York         )
        -------------------- : ss.
County of     Queens         )
         -------------------
     On        7/13/98             , personally appeared before me, a Notary
        ---------------------------
Public,                  Anthony Gurino                    , who acknowledged
        ---------------------------------------------------
that they executed the above instrument.

         SCOTT BARON                       s/Scott Baron
Notary Public, State of New York          ------------------------------------ 
       No. 01BA4933789                             Signature of Notary         
   Qualified in Queens County
Commission Expires June 20, 1999
     (Notary Stamp or Seal)

                                                                           49