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, 1997

                                               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)

                      591 West Los Angeles Avenue, Moorpark, CA 93021

                    (Address of principal executive office) (Zip Code)


                                    (805) 530-3858
                    (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,
                                                   1997               1996    
                                             (Unaudited)
                                              ---------        ------------     
<S>                                          <C>               <C>
ASSETS

Assets:
     Cash and cash equivalents               $  603,000           $  591,000
     Notes receivable                           812,000              879,000
     Inventories of growing crops                15,000               15,000
     Accrued interest receivable                 28,000               38,000
     Property held for sale                   1,161,000            1,162,000
     Other assets                                17,000               18,000
                                             ----------           ----------
          TOTAL ASSETS                       $2,636,000           $2,703,000
                                              =========            =========


LIABILITIES AND PARTNERS' EQUITY

Liabilities:
     Accounts payable and accrued 
            liabilities                      $   38,000           $   49,000
                                             ----------           ----------

          TOTAL LIABILITIES                      38,000               49,000

     Partners' equity                         2,598,000            2,654,000
                                             ----------            --------- 

          TOTAL LIABILITIES AND
          PARTNERS' EQUITY                   $2,636,000           $2,703,000
                                              =========            =========

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,
                                                        1997         1996
                                                   -----------     ---------   
<S>                                                <C>             <C>
CROP SALES                                         $   223,000     $  151,000

OPERATING COSTS AND EXPENSES:
     Cultural Cae Costs                                155,000        144,000 
     Professional services                              94,000        103,000 
     Depreciation, property tax and other               63,000         73,000 
                                                   -----------     ----------
          Total Operating Costs and Expenses           312,000        320,000 

LOSS FROM OPERATIONS                                   (89,000)      (169,000)

OTHER INCOME (EXPENSES):
     Realized gross profit                             137,000         17,000 
     Interest income                                   148,000        160,000 
     Other income                                        8,000          7,000 
                                                    ----------      ----------

NET INCOME                                         $   204,000     $   15,000
                                                   ===========     ==========

NET INCOME PER LIMITED 
PARTNERSHIP INTEREST                               $    .0204      $   .0015
                                                   ===========     ===========

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 Three Months Ending
                                                         June 30,               
                                                    1997            1996        
                                              ----------         ---------
<S>                                           <C>                < c>
CROP SALES                                    $  142,000         $  99,000     

     Cultural Care Costs                          59,000            57,000
     Professional Services                        28,000            25,000
     Depreciation, property tax and other         34,000            30,000
                                              ----------         ---------

         Total Operating Costs and Expenses      121,000           112,000

     INCOME (LOSS) FROM OPERATIONS                21,000           (13,000)

     OTHER INCOME (EXPENSES):
          Realized gross profit                  122,000             6,000
          Interest Income                         47,000            48,000
          Other Income                             1,000             2,000
                                              ----------         ---------

     NET INCOME                               $  191,000         $  43,000
                                              ==========         =========      

NET INCOME PER LIMITED
PARTNERSHIP INTEREST                          $ .0191            $.0043 
                                              ==========         =========

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, 1997 and 1996
                                  (Unaudited)
                                                                                

                                                     June 30,        June 30,
                                                       1997            1996  
                                                   -----------     ----------
<S>                                                <C>             <C>
Cash flows from operating activities:

     Net income                                    $   204,000     $   15,000
     Adjustments to reconcile net income 
     to net cash provided by operating activities:
          Depreciation and amortization                  1,000          8,000 
          Deferred profit recognized                  (137,000)       (16,000)
          Changes in assets and liabilities:
               Net decrease (increase) in 
                receivables                             10,000         (1,000)
               Decrease in other assets                  1,000          7,000
               Decrease in accounts payable
                and accrued liabilities                (11,000)        (1,000) 
                                                   ------------     ---------- 

     Net cash used by operating activities              68,000         12,000
                                                   ------------     ---------- 
Cash flows from investing activities:
     Collection on notes receivable                    204,000         32,000 
     Property Sold                                        -            46,000 
     Deferred gain from property sold                     -            19,000 
     New note receivable from property sold               -           (65,000)
                                                   ------------      ----------
          Net cash provided by investing 
            activities                                 204,000         32,000 
                                                   ------------       --------- 
Cash flows from financing activities:
     Distributions to limited partners                (250,000)      (400,000)
     Distributions to general partner                  (10,000)       (12,000)
                                                    -----------      ----------
          Net cash provided by financing
            activities                                (260,000)       (412,000)
                                                    -----------      ----------

Net increase (decrease) in cash                         12,000        (368,000)

Cash at September 30                                   591,000         874,000 
                                                     ---------        ---------

Cash at June 30                                     $  603,000       $ 506,000 
                                                     =========         =========

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,
                                                         1997          1996   
                                                     ---------     -----------
          
          First trust deed notes                    $1,703,000     $1,910,000 

          Less:
          Deferred profit on real estate sales        (792,000)      (932,000)
          Allowance for doubtful accounts              (99,000)       (99,000)
                                                     ----------      ---------
                                                    $  812,000      $  879,000 
                                                     ==========      ==========

D.   PROPERTY

     Property is comprised of the following:
                                                       June 30,   September 30,
                                                         1997          1996    

          Land                                      $1,166,000      $1,166,000 
          Farm equipment                               149,000         149,000 
          Trees                                        274,000         274,000 
                                                     ---------       ---------
               Total                                 1,589,000       1,589,000 

          Accumulated depreciation                    (428,000)        (427,000)
                                                     ----------      ----------
                                                    $1,161,000      $1,162,000 
                                                     =========       =========

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 1997 and 1996, 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, 1997, were $142,000, compared to
$99,000 for the same quarter in 1996.  The quarterly increase in crop revenue is
attributed to picking 204,000 pounds of avocados this quarter compared to
164,000 the prior year's quarter ended June 30.  Crop prices for the quarter
ended June 30, 1997, averaged $.69 per pound compared to $.61 per pound in
the same quarter in 1996.  Avocado production in 1997 is budgeted at 390,000
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 1996 were 380,000.

Operating costs and expenses for the quarter ended June 30, 1997, increased
$9,000, from $112,000 to $121,000.  Cultural care costs increased $2,000 from
$57,000 to $59,000.  The main reason for the increase results from costs
associated with picking 40,000 pounds more this quarter than last year.

Professional Services increased $3,000 from $25,000 to $28,000.  The increase
results from payment of the 2% of gross partnership cash receipts to the
"manager" for its services which was higher than the prior quarter ended 
June 30, due to a loan payoff and increased crop sales.  

Other expenses increased $4,000 from $30,000 to $34,000 mainly as a result of
a computer system upgrade.

Other income increased $114,000 from $56,000 to $170,000.  The increase is
mainly attributed to recognizing deferred profit of $116,000 from the early
payoff of one note totaling $155,000 during the quarter ended June 30, 1997.

There were no sales in the quarter ended June 30, 1997.  The marketing and
sales program is actively underway for all of the remaining 16 parcels totaling
146 acres.  Sales activity in general remains slow for this type of property
however it is showing signs of improvement.  

The Partnership has one note totaling $134,000 that is in default.  This note
receivable is secured by a first deed of trust on a 20 acre avocado ranch.  If 
the delinquent status is not cured, the Partnership will reacquire the 
encumbered property and again offer it for sale.  The Partnership has 
established an allowance for doubtful accounts totaling $99,000 as of June 30, 
1997, which in management's opinion is more than adequate to cover any losses on
this property.

Liquidity and Capital Resources

As of June 30, 1997, the Partnership has cash reserves of approximately
$572,000 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, 1997.<PAGE>


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 8, 1997            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