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 March 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)


                                        CALIFORNIA33-0023916

                (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 [ ]
PART I - FINANCIAL INFORMATION

Item 1.      FINANCIAL STATEMENTS

GREEN GOLD CONSOLIDATED
(A CALIFORNIA LIMITED PARTNERSHIP)

BALANCE SHEET

                                                            
                        March 31,September 30,
                                1997  1996    
                                   (Unaudited)
                                                            
   

ASSETS

Assets:
   Cash and cash equivalents$  367,000$  591,000
   Notes receivable             860,000879,000
   Inventories of growing crops   15,00015,000
   Accrued interest receivable    33,00038,000
   Property held for sale   1,162,0001,162,000
   Other assets               18,000    18,000

      TOTAL ASSETS        $2,455,000$2,703,000



LIABILITIES AND PARTNERS' EQUITY

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

      TOTAL LIABILITIES           49,00049,000

   Partners' equity         2,406,0002,654,000

      TOTAL LIABILITIES AND
      PARTNERS' EQUITY    $2,455,000$2,703,000


See accompanying notes to financial statements

GREEN GOLD CONSOLIDATED
(A CALIFORNIA LIMITED PARTNERSHIP)

STATEMENTS OF OPERATIONS
(Unaudited)


                                                            
                                   For the Six Months Ending
                                                           
         March 31,
                                    19971996  
                                                            

CROP SALES                                    
$    82,000  
                                                 $   52,000 

OPERATING COSTS AND EXPENSES:
   Cultural Care Costs          96,000 87,000 
   Professional services        66,000 77,000 
   Depreciation, property tax and other    29,000     43,000 

      Total Operating Costs and Expenses191,000 207
                                                       ,000 

LOSS FROM OPERATIONS        (109,000)(155,000)

OTHER INCOME (EXPENSES):
   Realized gross profit        14,000 11,000 
   Interest income                      101,00
0 112,00
                                                          0 
   Other income                7,000      5,00
0
                                                            

NET INCOME (LOSS)
   
$   13,000
$  (27,000)

NET INCOME (LOSS) PER LIMITED 
PARTNERSHIP INTEREST
   $    .0013              $   (.0027)


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

                  GREEN GOLD CONSOLIDATED
             (A CALIFORNIA LIMITED PARTNERSHIP

                  STATEMENTS OF OPERATIONS
                        (Unaudited)

                                                           
                                     
                                     For Three Months Ending
                                              March 31,    
                                         1997          1996    
                                                           
                                     

CROP SALES                           $ 82,000         $    
39,000

OPERATING COSTS AND EXPENSES:
   Cultural Care Costs                 52,000        38,000
   Professional Services               37,000        28,000
   Depreciation, property tax and other                    
 4,000                           8,000

      Total Operating Costs and Expenses                   
93,000                          74,000

   LOSS FROM OPERATIONS               (11,000)     (35,000)

   OTHER INCOME (EXPENSES):
      Realized gross profit             8,000         6,000
      Interest Income                  47,000        55,000
      Other Income                      2,000         1,000

   NET INCOME                         $46,000      $ 27,000

NET INCOME PER LIMITED
PARTNERSHIP INTEREST                  $ .0046       $.0027 

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










                              

CONSOLIDATED
(A CALIFORNIA LIMITED PARTNERSHIP)

STATEMENT OF CASH FLOWS

For the Six Months Ended March 31, 1997 and 1996
(Unaudited)
                                                           
   

   
   
   
                                          March 31,March 31,
      
   
                                                1997  1996  
                                                            

Cash flows from operating activities:

   Net income (loss)
   
$   13,000 
$   (27,000)

   Adjustments to reconcile net income (loss)
     to net cash provided by operating activities:
      
Depreciation and amortization
1,00
0 
6,00
0 
      Deferred profit recognized
(14,000)
(11,00
0)
      Changes in assets and liabilities:
         Net decrease (increase) in 
          receivables
    
5
,000
   
(6,000)
         Decrease in other
          assets
1,000
    
5,000
         Increase in accounts payable
          and accrued liabilities
   1,000   
    -     

   Net cash used by operating activities
   7,000 
   
    (33,000)

Cash flows from investing activities:
   Collection on notes receivable         31,00
0 
   
   21
,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            31,000    21,000 

Cash flows from financing activities:
   Distributions to limited partners(250,000)(400,000)
   Distributions to general partner   (12,000)   (12,000)

      Net cash provided by financing
        activities                 (262,000)  (
                                                    412,000)

Net decrease in cash                 (224,000)(
                                                    424,000)

Cash at September 30                591,000    
                                                    874,000 

Cash at March 31                 $  367,000 $  
450,00
                                                          0 
See accompanying notes to financial statements
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".
C. NOTES RECEIVABLE

   Notes receivable consist of the following as of:          
                         March 31,September 30,
                                  1997  1996   

      First trust deed notes$1,874,000 $1,910,000 

      Less:
      Deferred profit on real estate sales(915,000)(932,000)
      Allowance for doubtful accounts   (99,000)   (99,000)

                         $  860,000 $  879,000 

D. PROPERTY

   Property is comprised of the following:
                         March 31,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  (427,000)  (427,000)

                         $1,162,000 $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 March 31, 1997, were
$82,000, compared to
$39,000 for the same quarter in 1996.  The quarterly
increase in crop revenue
is attributed to picking 131,000 pounds of avocados this
quarter compared to
49,000 the prior year's quarter ended March 31.  Crop
prices for the quarter
ended March 31, 1997, averaged $.63 per pound compared to
$.78 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 March
31, 1997, increased
$19,000, from $74,000 to $93,000.  Cultural care costs
increased $14,000 from
$38,000 to $52,000.  The main reason for the increase
results from costs
associated with picking 82,000 pounds more this quarter
than last year.

Professional Services increased $9,000 from $28,000 to
$37,000.  The increase
results from normal annual accounting fees being paid in
the second quarter
1997 compared to the first quarter in 1996.

Other income decreased $5,000 from $62,000 to $57,000. 
Interest income
decreased $8,000 from $55,000 to $47,000, mainly as a
result of not accruing
interest on one delinquent note with a principal balance of
$140,000 and
having an average of $180,000 less cash available to place
into interest bearing
accounts.  the one delinquent loan is secured by a First
Trust Deed on the
property and no losses are anticipated.

There were no sales in the quarter ended March 31, 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.

Liquidity and Capital Resources

As of March 31, 1997, the Partnership has cash reserves of
approximately
$332,000 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 March 31, 1997.
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: May 9, 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