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, 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

                                                                                
                                             December 31,        September 30,
                                                   1997               1997    
                                             (Unaudited)
                                              ---------          ------------  
<S>                                          <C>               <C>
ASSETS

Assets:
     Cash and cash equivalents               $  315,000           $  446,000
     Short-term investment                          -0-              210,000    
     Notes receivable                           755,000              807,000
     Inventories of growing crops                15,000               15,000
     Accrued interest receivable                 30,000               32,000
     Property held for sale                   1,195,000            1,159,000
     Other assets                                16,000               16,000
                                             ----------           ----------
          TOTAL ASSETS                       $2,326,000           $2,685,000
                                              =========            =========


LIABILITIES AND PARTNERS' EQUITY

Liabilities:
     Accounts payable and accrued 
            liabilities                      $   44,000           $   49,000
                                             ----------           ----------

          TOTAL LIABILITIES                      44,000               49,000

     Partners' equity                         2,282,000            2,636,000
                                             ----------            --------- 

          TOTAL LIABILITIES AND
          PARTNERS' EQUITY                   $2,326,000           $2,685,000
                                              =========            =========

See accompanying notes to financial statements
</TABLE>

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

                                STATEMENTS OF OPERATIONS
                                      (Unaudited)


                                                                                
                                                   For the Three Months Ending
                                                          December 31,
                                                        1997         1996
                                                   -----------     ---------   
<S>                                                <C>             <C>
CROP SALES                                         $    37,000     $      -0-

OPERATING COSTS AND EXPENSES:
     Cultural Cae Costs                                 40,000         45,000 
     Professional services                              38,000         29,000 
     Depreciation, property tax and other               34,000         25,000 
                                                   -----------     ----------
          Total Operating Costs and Expenses           112,000         99,000 

LOSS FROM OPERATIONS                                   (75,000)       (99,000)

OTHER INCOME (EXPENSES):
     Realized gross profit                               2,000          6,000 
     Interest income                                    46,000         54,000 
     Other income                                        4,000          6,000 
                                                    ----------      ----------

NET LOSS                                           $   (23,000)     $  (33,000)
                                                   ============     ===========

NET INCOME PER LIMITED 
PARTNERSHIP INTEREST                               $   (.0023)      $  (.0033)
                                                   ===========     ===========

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, 1997 and 1996
                                  (Unaudited)
                                                                                

                                                   December 31,   December 31,
                                                       1997            1996  
                                                   -----------     ----------
<S>                                                <C>             <C>
Cash flows from operating activities:

     Net loss                                      $   (23,000)     $ (33,000)
     Adjustments to reconcile net loss to net 
     cash provided by operating activities:
          Depreciation and amortization                    -0-          1,000 
          Deferred profit recognized                    (2,000)        (6,000)
          Changes in assets and liabilities:
               Decrease in receivables                   2,000          1,000
               Decrease in other assets                  1,000          1,000
               Decrease in accounts payable
                and accrued liabilities                 (5,000)        (5,000) 
                                                   ------------     ---------- 

     Net cash used by operating activities             (27,000)        (41,000)
                                                   ------------     ---------- 
Cash flows from investing activities:
     Collection on notes receivable                     17,000         13,000 
                                                   ------------      ----------
          Net cash provided by investing 
            activities                                  17,000         13,000 
                                                   ------------       --------- 
Cash flows from financing activities:
     Distributions to limited partners                (320,000)      (250,000)
     Distributions to general partner                  (11,000)       (10,000)
                                                    -----------      ----------
          Net cash provided by financing
            activities                                (331,000)       (260,000)
                                                    -----------      ----------

Net decrease in cash                                  (341,000)       (288,000)

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

Cash at December 31                                 $  315,000       $ 303,000 
                                                     =========        =========

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,
                                                         1997          1997   
                                                     ---------     -----------
          
          First trust deed notes                    $1,532,000     $1,693,000 

          Less:
          Deferred profit on real estate sales        (678,000)      (787,000)
          Allowance for doubtful accounts              (99,000)       (99,000)
                                                     ----------      ---------
                                                    $  755,000      $  807,000 
                                                     ==========      ==========

D.   PROPERTY

     Property is comprised of the following:
                                                   December 31,   September 30,
                                                         1997          1996    

          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 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

There were no crop sales for the quarter ended December 31, 1996 compared to
$37,000 for the same quarter in 1997.  The crop picked this quarter totaled
25,000 pounds at an averaged of $1.49 per pound.  The budgeted amount for 1998
is 487,000 of avocados at an average of $.60 pounds; however, this may vary 
somewhat based on the impact of the normal tree cycle and the effects of the 
"avocado" persea mite. In the prior year ended September 30, 1996, 416,000
pounds at an average of $.75 per pound were produced.

Operating costs and expenses for the quarter ended December 31, 1997 increased
$13,000, from $99,000 to $112,000.  Cultural care costs decreased $5,000 from
$45,000 to $40,000.  The decrease is mainly attributed to lower water costs 
resulting from heavy rain fall this quarter.  Professional services increased
$9,000 for the quarter ended December 31, 1997 from $29,000 to $38,000.  The 
increase is mainly attributed to accounting costs of $14,000 compared to $8,000
the prior year.  Accounting costs overall are expected to remain at prior year
levels.  Depreciation and other costs increased $10,000 from $25,000 to $35,000.
The variances are mainly attributed to increases in system costs of $3,000, 
foreclosure costs of $2,000, filing fees of $2,000 for renewal of White Reports,
and property taxes of $2,000.

Other income for quarter ended December 31, 1997 decreased $14,000 from $66,000
to $52,000.  The decrease mainly results from reduced interest income on notes
receivable totaling $10,000.

There were no sales during this quarter.  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.  

Liquidity and Capital Resources

As of December 31, 1997, the Partnership has cash reserves of approximately
$279,000 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, 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:     February 11, 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