FORM 10-Q

                            SECURITIES AND EXCHANGE COMMISSION

                                  Washington, D.C. 20549

                 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                            THE SECURITIES EXCHANGE ACT OF 1934

                        For the quarterly period ended December 31, 1998

                                               OR

                 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                            THE SECURITIES EXCHANGE ACT OF 1934

                    For the transition period from ________ to ________


                              Commission File Number 0-11533


                                   GREEN GOLD CONSOLIDATED
                    __________________________________________________________
                       (Exact name of registrant as specified in its charter)


        CALIFORNIA                                                 33-0023916

      (State or other jurisdiction                           (I.R.S. Employer
  of incorporation or organization)                      Identification Number)

                     711 Daily Drive, Suite 120, Camarillo, CA 93010

                    (Address of principal executive office) (Zip Code)


                                    (805) 987-6921
                    (Registrant's telephone number, including area code)

                                         N/A
(Former name, former address and former fiscal year, if changed since last
report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.

                          Yes [X]     No [ ]

<TABLE>
PART I - FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS

                           GREEN GOLD CONSOLIDATED
                     (A CALIFORNIA LIMITED PARTNERSHIP)

                                BALANCE SHEET

                                                                                
                                             December 31,        September 30,
                                                   1998               1998    
                                             (Unaudited)
                                              ---------          ------------  
<S>                                          <C>               <C>
ASSETS

Assets:
     Cash and cash equivalents               $  479,000           $  777,000
     Short-term investment                          -0-              427,000    
     Notes receivable, net                      719,000              666,000
     Inventories of growing crops                 8,000                8,000
     Accrued interest receivable                 23,000               17,000
     Property held for sale                     519,000              655,000
     Other assets                                 6,000               17,000
                                             ----------           ----------
          TOTAL ASSETS                       $1,754,000           $2,567,000
                                              =========            =========


LIABILITIES AND PARTNERS' EQUITY

Liabilities:
     Accounts payable and accrued 
            liabilities                      $   53,000           $   49,000
                                             ----------           ----------

          TOTAL LIABILITIES                      53,000               49,000

     Partners' equity                         1,701,000            2,518,000
                                             ----------            --------- 

          TOTAL LIABILITIES AND
          PARTNERS' EQUITY                   $1,754,000           $2,567,000
                                              =========            =========

See accompanying notes to financial statements
</TABLE>

<TABLE>
                                  GREEN GOLD CONSOLIDATED
                            (A CALIFORNIA LIMITED PARTNERSHIP)

                                STATEMENTS OF OPERATIONS
                                      (Unaudited)


                                                                                
                                                   For the Three Months Ending
                                                          December 31,
                                                        1998           1997
                                                   -----------     ---------   
<S>                                                <C>             <C>
Revenues:
     Recognition of deferred profit                $   104,000      $    2,000
     Crop sales                                         15,000          37,000
                                                    ----------       ---------
                                                       119,000          39,000
                                                    ----------       ---------
Costs and expenses:
     Cultural care costs - tree cops                    21,000         40,000 
     Professional services                              22,000         14,000 
     Management services                                26,000         19,000
     Property taxes                                     13,000         24,000
     Other operating expenses                            2,000         10,000
     Investor services                                   5,000          5,000
                                                   -----------     ----------
                                                        89,000        112,000 
                                                   -----------     ---------- 

     Income (loss) from operations                      30,000        (73,000)

Other income:
     Interest income                                    58,000         46,000 
     Other income                                        3,000          4,000 
                                                    ----------      ----------
                                                        61,000         50,000
                                                    ----------      ----------

Net income (loss)                                  $    91,000     $  (23,000)
                                                   ============     ===========

Net income (loss) per limited 
partnership interest                               $     .009      $   (.002)
                                                   ===========     ===========

Weighted average number of limited partnership
interests outstanding during the period used
to compute earnings per limited partnership
interest                                           9,986,000        9,986,000  
                                                   =========        =========

See accompanying notes to financial statements
</TABLE>

<TABLE>
                            GREEN GOLD CONSOLIDATED
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                             STATEMENT OF CASH FLOWS

               For the Three Months Ended December 31, 1998 and 1997
                                  (Unaudited)
                                                                                

                                                   December 31,   December 31,
                                                       1998            1997  
                                                   -----------     ----------
<S>                                                <C>             <C>
Cash flows from operating activities:

     Net income (loss)                             $    91,000      $ (23,000)
     Adjustments to reconcile net loss to net 
     cash provided by operating activities:
          Deferred profit recognized                  (104,000)        (2,000)
          Changes in assets and liabilities:
               (Increase) decrease in receivables       (7,000)         2,000
               Decrease in other assets                 12,000          1,000
               Increase (decrease) in accounts payable
                and accrued liabilities                  4,000         (5,000) 
                                                   ------------     ---------- 

     Net cash used by operating activities              (4,000)        (27,000)
                                                   ------------     ---------- 
Cash flows from investing activities:
     Collection on notes receivable                    202,000         17,000 
     Increase in notes receivable                     (261,000)           -0-
     Sales of property                                 136,000            -0-
     Additions to deferred income
         from property sales                           109,000            -0- 
                                                   ------------      ----------
          Net cash provided by investing 
            activities                                 186,000         17,000 
                                                   ------------       --------- 
Cash flows from financing activities:
     Distributions to limited partners                (900,000)      (320,000)
     Distributions to general partner                   (8,000)       (11,000)
                                                    -----------      ----------
          Net cash provided by financing
            activities                                (908,000)      (331,000)                                                      

 Net decrease in cash                                  (726,000)      (341,000)

Cash at September 30                                 1,204,000        656,000 
                                                     ---------        ---------

Cash at December 31                                 $  478,000       $ 315,000 
                                                     =========        =========

See accompanying notes to financial statements
</TABLE>

                                 GREEN GOLD CONSOLIDATED
                           (A CALIFORNIA LIMITED PARTNERSHIP)

                             NOTES TO FINANCIAL STATEMENTS
                                       (Unaudited)


A.   SIGNIFICANT ACCOUNTING POLICIES

     Property and Depreciation - Property is stated at the lower of cost or net
     realizable value.  Depreciation is provided on a straight-line method over
     the estimated useful lives of the respective assets.

     Inventories - Inventories, consisting of growing crops, is valued at the 
     lower of cost or net realizable value under the first-in, first-out (FIFO) 
     method. Cost is defined as cultural care costs related to the growing 
     crops.

     Income Taxes - The Partnership reports its tax returns on the cash basis of
     accounting.  No provision for income taxes is included in the accompanying
     financial statements as the Partnership's results of operations are 
     distributed to the partners for inclusion in their respective income tax 
     returns.

     Profit Recognition on Real Estate Sales - It is the Partnership's policy to
     defer profit on real estate sales until such time as the purchaser's 
     cumulative investment and continued involvement in the property meet the 
     minimum criteria for full profit recognition as set forth in the Financial 
     Accounting Standards Board Statement No. 66, Accounting for Sales of Real 
     Estate. Until such time as profit can be recognized under the full accrual 
     method, the cost recovery and installment methods are used.

     Net Income Per Limited Partnership Interest - Net income per limited
     partnership interest was calculated using the weighted average of limited
     partnership interests outstanding during the year and the Limited Partners'
     share of the net income.

B.   GENERAL

     Green Gold Consolidated was organized in accordance with the Provisions
     of the California Uniform Limited Partnership Act for the purpose of
     receiving the assets and liabilities of twelve limited partnerships under
     common management and thereby consolidating the operations of those
     partnerships under an exchange transaction effective June 30, 1983.  Under
     the exchange transaction, the Partnership issued 10,000,000 limited
     partnership interests (pro rata) to the holders of interests in the twelve
     individual limited partnerships in exchange for the assets and liabilities 
     of those partnerships.

     Under the provisions of the partnership agreement, profits and losses are
     allocated in the ratio of 93.5% to the Limited Partners and 6.5% to the
     General Partner, provided that prior to the first fiscal quarter during 
     which a distribution is made to the General Partner from the proceeds of 
     the property sales or refinancing, all gains and losses resulting from 
     property sales are allocated in the ratio of 99% to the Limited Partners 
     and 1% to the General Partner.

     The combination of the twelve partnerships into one partnership was treated
     as a reorganization of entities under common control, accounted for similar
     to a "pooling of interest".<PAGE>
C.   NOTES RECEIVABLE

     Notes receivable consist of the following as of:                    

                                                    December 31,   September 30,
                                                         1998          1998   
                                                     ---------     -----------
          
          First trust deed notes                    $1,381,000     $1,317,000 
          Accounts receivable                           70,000         75,000

          Less:
          Deferred profit on real estate sales        (633,000)      (627,000)
          Allowance for doubtful accounts              (99,000)       (99,000)
                                                     ----------      ---------
                                                    $  719,000      $ 666,000 
                                                     ==========      ==========

D.   PROPERTY

     Property is comprised of the following:
                                                   December 31,   September 30,
                                                         1998          1998    

          Land                                      $  519,000      $  651,000 
          Farm equipment                                63,000          81,000 
          Trees                                        140,000         158,000 
                                                     ---------       ---------
               Total                                   722,000         890,000 

          Accumulated depreciation                    (203,000)       (235,000)
                                                     ----------      ----------
                                                    $  519,000      $  655,000 
                                                     =========       =========

E.   EARNINGS (LOSS) PER LIMITED PARTNERSHIP INTEREST

     Earnings (loss) per limited partnership interest have been computed by
     dividing the aggregate limited partners' share of net income (loss) by the
     weighted average number of limited partnership interests outstanding during
     the period, 9,986,000 in 1998 and 1997, respectively.

F.   MANAGEMENT AGREEMENT

     The Partnership has an agreement with Las Posas Investment Company and
     Mr. Neno Spondello, Jr. to manage and market the Partnership properties.

G.   STATEMENT BY MANAGEMENT

     In the opinion of the Management, the financial information presented 
     herein reflects all adjustments which are necessary to a fair statement of 
     the results for the interim periods presented.

Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS


Results of Operations

Recognition of deferred profit for the quarter ended December 31, 1998 increased
$102,000 (from $2,000 to $104,000) compared to the quarter ended December 31,
1997.  Deferred profit in 1998 includes $61,000 recognized from an early loan 
payoff and $35,000 from installment sales that occurred in December 1998.  
Avocado crops sales decreased $22,000 (from $37,000 to $15,000).  The budgeted 
amount for 1999 is 160,000 pounds of avocados compared to 487,000 pounds 
harvested in 1998.  The crop estimate decrease results from fewer avocado trees
due to property sales totaling 99 acres in 1998, leaving only 66 acres as of 
December 31, 1998.

Culture care costs decreased $19,000 for the quarter ended December 31, 1998 
(from $40,000 to $21,000) compared to the quarter ended December 31, 1997.  The
decrease results from the impact of reduced avocado tree acreage.  Professional
services increased $8,000 (from $14,000 to $22,000) compared to the same quarter
in the previous year.  The increase results from paying the annual audit fee 
this quarter versus over two quarters the previous year.  The overall amount
paid for accounting services rendered is approximately the same as prior years.
Management services increased $7,000 (from 19,000 to $26,000) compared to the 
same quarter in the previous year.  The increase results from payments to the 
Manager, per the terms of the management agreement, 2% of the gross Partnership
cash receipts.  This quarter includes proceeds from the eight parcel sales 
occurring the prior quarter ended September 1998.  Property taxes decreased 
$11,000 (from $24,000 to $13,000) compared to the same quarter in the previous 
year.  The decrease is from the impact of fewer parcels as a result of property 
sales.  Other operating expenses decreased $8,000 (from $10,000 to $2,000) 
compared to the same quarter in the previous year.  The amounts in 1997 not in 
1998 totals included non-recurring fees for renewal of the public reports and 
also foreclosure costs.

Interest income increased $12,000 for the quarter ended December 31, 1998 (from
$46,000 to $58,000) compared to the quarter ended December 31, 1997.  The 
increase results from interest earned on proceeds from the sale of eight parcels
with closing dates in the last quarter ended September 30, 1998.

Liquidity and Capital Resources

As of December 31, 1998, the Partnership has cash reserves of approximately
$442,000 to cover operating expenses and any small amount real estate sales
costs that may arise.  This is expected to be sufficient to comply with the
business plan.

PART II

OTHER INFORMATION


Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (b)  No reports on Form 8-K were filed by the Registrant during the
               quarter ended December 31, 1998.


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


DATE:     February 11, 1999         GREEN GOLD CONSOLIDATED,
                                    a California limited partnership
                                    (Registrant)


                                    By:   /s/Daniel Lee Stephenson
                                          Daniel Lee Stephenson,
                                          General Partner