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 June 30, 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

                                                                                
                                               June 30,        September 30,
                                                  1998               1997    
                                             (Unaudited)
                                              ---------        ------------     
<S>                                          <C>               <C>
ASSETS

Assets:
     Cash and cash equivalents               $  638,000           $  656,000
     Notes receivable                           573,000              807,000
     Inventories of growing crops                15,000               15,000
     Accrued interest receivable                 21,000               32,000
     Property held for sale                   1,195,000            1,159,000
     Other assets                                19,000               16,000
                                             ----------           ----------
          TOTAL ASSETS                       $2,461,000           $2,685,000
                                              =========            =========


LIABILITIES AND PARTNERS' EQUITY

Liabilities:
     Accounts payable and accrued 
            liabilities                      $   47,000           $   49,000
                                             ----------           ----------

          TOTAL LIABILITIES                      47,000               49,000

     Partners' equity                         2,414,000            2,636,000
                                             ----------            --------- 

          TOTAL LIABILITIES AND
          PARTNERS' EQUITY                   $2,461,000           $2,685,000
                                              =========            =========

See accompanying notes to financial statements
</TABLE>

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

                                STATEMENTS OF OPERATIONS
                                      (Unaudited)


                                                                                
                                                     For the Nine Months Ending
                                                             June 30,
                                                        1998         1997
                                                   -----------     ---------   
<S>                                                <C>             <C>
CROP SALES                                         $   224,000     $  223,000

OPERATING COSTS AND EXPENSES:
     Cultural care                                     125,000        155,000 
     Professional services                             103,000         94,000 
     Depreciation, property tax and other               74,000         63,000 
                                                   -----------     ----------
          Total operating costs and expenses           302,000        312,000 

LOSS FROM OPERATIONS                                   (78,000)       (89,000)

OTHER INCOME (EXPENSES):
     Realized gross profit                              45,000        137,000 
     Interest income                                   135,000        148,000 
     Other income                                        7,000          8,000 
                                                    ----------      ----------

NET INCOME                                         $   109,000     $  204,000
                                                   ===========     ==========

NET INCOME PER LIMITED 
PARTNERSHIP INTEREST                               $    .0109      $   .0204
                                                   ===========     ===========

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

                                  STATEMENTS OF OPERATIONS
                                         (Unaudited)

                                                                                
                                               For the Three Months Ending
                                                         June 30,               
                                                  1998              1997        
                                              ----------         ---------
<S>                                           <C>                < c>
CROP SALES                                    $  114,000         $ 142,000     

OPERATING COSTS AND EXPENSES:
     Cultural care                                45,000            59,000
     Professional services                        25,000            28,000
     Depreciation, property tax and other         32,000            34,000
                                              ----------         ---------

         Total operating costs and expenses      102,000           121,000

INCOME FROM OPERATIONS                            12,000            21,000

OTHER INCOME (EXPENSES):
      Realized gross profit                       18,000           122,000
      Interest income                             44,000            47,000
      Other income                                   -0-             1,000
                                               ----------         ---------

NET INCOME                                    $   74,000         $ 191,000
                                              ==========         =========      

NET INCOME PER LIMITED
PARTNERSHIP INTEREST                          $    .0074         $   .0191 
                                              ==========         =========

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 Nine Months Ended June 30, 1998 and 1997
                                  (Unaudited)
                                                                                

                                                      June 30,       June 30,
                                                       1998            1997  
                                                   -----------     ----------
<S>                                                <C>             <C>
Cash flows from operating activities:

     Net income                                    $   109,000     $   204,000
     Adjustments to reconcile net income 
     to net cash provided by operating activities:
          Depreciation and amortization                    -0-          1,000 
          Deferred profit recognized                   (45,000)      (137,000)
          Changes in assets and liabilities:
             Decrease in receivables                    11,000         10,000
             (Increase) decrease in other assets        (3,000)         1,000
             Decrease in accounts payable and
                  accrued liabilities                   (2,000)       (11,000) 
                                                    ------------     ---------- 

     Net cash provided by operating activities          70,000         68,000
                                                   ------------     ---------- 
Cash flows from investing activities:
     Collection on notes receivable                    243,000        204,000 
                                                   ------------      ----------
          Net cash provided by investing 
            activities                                 243,000        204,000 
                                                   ------------      ---------- 
Cash flows from financing activities:
     Distributions to limited partners                (320,000)      (250,000)
     Distributions to general partner                  (11,000)       (10,000)
                                                    -----------      ----------
          Net cash used by financing
            activities                                (331,000)       (260,000)
                                                    -----------      ----------

Net (decrease) increase in cash                        (18,000)         12,000

Cash at September 30                                   656,000         591,000 
                                                     ---------        ---------

Cash at June 30                                      $ 638,000       $ 603,000 
                                                      =========       =========

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:                    

                                                      June 30,    September 30,
                                                         1998          1997   
                                                     ---------     -----------
          
          First trust deed notes                    $ 1,307,000     $ 1,693,000 

          Less:
          Deferred profit on real estate sales         (635,000)       (787,000)
          Allowance for doubtful accounts               (99,000)        (99,000)
                                                     ----------      ---------
                                                    $   573,000     $   807,000 
                                                     ==========      ==========

D.   PROPERTY

     Property is comprised of the following:
                                                       June 30,   September 30,
                                                         1998          1997    

          Land                                      $1,195,000      $1,159,000 
          Farm equipment                               151,000         151,000 
          Trees                                        276,000         276,000 
                                                     ---------       ---------
               Total                                 1,622,000       1,586,000 

          Accumulated depreciation                    (427,000)       (427,000)
                                                     ----------      ----------
                                                    $1,195,000      $1,159,000 
                                                     =========       =========

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

Crop sales for the quarter ended June 30, 1998, were $114,000, compared to
$142,000 for the same quarter in 1997.  The quarterly decrease in crop revenue
is attributed to picking 140,000 pounds of avocados this quarter compared to
204,000 the prior year's quarter ended June 30.  Crop prices for the quarter
ended June 30, 1998, averaged $.81 per pound compared to $.69 per pound in
the same quarter in 1997.  Avocado production in 1998 is budgeted at 487,000
pounds; however, this may vary somewhat based on weather conditions, the
impact of the normal tree cycle and the effects of the "avocado" persea mite. 
Pounds produced in 1997 were 416,000.

Operating costs and expenses for the quarter ended June 30, 1998, decreased
$19,000, from $121,000 to $102,000.  Cultural care costs decreased $14,000 from
$59,000 to $45,000.  The main reason for the decrease results from reduced 
irrigation and water costs due to the earlier heavy rainfall and reduced 
picking costs as as a result of picking 64,000 pounds less this quarter compared
to the same quarter 1997.

Professional Services decreased $3,000 from $28,000 to $25,000.  The decrease
results from reduction in investor services costs and payment of the 2% of 
cash receipts to the "manager" for its services compared to the same quarter
1997.

Other expenses decreased $2,000 from $34,000 to $32,000.  The main reason for 
the decrease is the combined effect of a $9,000 system costs decrease from the
prior quarter associated with upgrades of software and hardware, and a $6,000
payment of property tax for 97-98 taxes for a parcel foreclosed in the quarter
ended December 31, 1997.

Other income decreased $117,000 from $191,000 to $74,000.  The decrease is
mainly attributed to recognizing deferred profit of $116,000 from the early
payoff of one note totaling $155,000 during the prior year quarter ended 
June 30, 1997.

Offers have been accepted on six parcels in the quarter ended June 30, 1998, 
compared to none for the same quarter 1997.  The gross sales amount for all 
parcels is $621,000.  All sales are in escrow and are expected to close in the 
next quarter ended September 30, 1998.  The marketing and sales program is 
actively underway for the remaining 11 parcels totaling 109 acres.  Costs 
associated with installing water meters and splitting irrigation systems are 
estimated at $50,000.

Liquidity and Capital Resources

As of June 30, 1998, the Partnership has cash reserves of approximately
$601,000 to cover operating expenses and the small amount of remaining real
estate development costs.  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 June 30, 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:     August 12, 1998           GREEN GOLD CONSOLIDATED,
                                    a California limited partnership
                                    (Registrant)


                                    By:  Economic Consultants,
                                         a California Partnership,
                                         General Partner


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


                                    By:   /s/Tom A. Leevers
                                          Tom A. Leevers,
                                          General Partner