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,
                                                   1999               1999
                                             (Unaudited)
                                              ---------          ------------
<S>                                          <C>               <C>
ASSETS

Assets:
     Cash and cash equivalents               $  993,000           $1,693,000
     Notes receivable, net                      112,000              240,000
     Accrued interest receivable                  6,000                8,000
     Property held for sale                      81,000              384,000
     Other assets                                 2,000                3,000
                                             ----------           ----------
          TOTAL ASSETS                       $1,194,000           $2,328,000
                                              =========            =========


LIABILITIES AND PARTNERS' EQUITY

Liabilities:
     Accounts payable and accrued
            liabilities                      $   70,000           $   48,000
                                             ----------           ----------

          TOTAL LIABILITIES                      70,000               48,000

     Partners' equity                         1,124,000            2,280,000
                                             ----------            ---------

          TOTAL LIABILITIES AND
          PARTNERS' EQUITY                   $1,194,000           $2,328,000
                                              =========            =========

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,
                                                        1999           1998
                                                   -----------     ---------
<S>                                                <C>             <C>
Revenues:
     Recognition of deferred profit                $    11,000      $  104,000
     Income from property sales                         81,000             -0-
     Crop sales                                            -0-          15,000
                                                    ----------       ---------
                                                        92,000         119,000
                                                    ----------       ---------
Costs and expenses:
     Cultural care costs - tree cops                     4,000          21,000
     Professional services                              23,000          22,000
     Management services                                29,000          26,000
     Property taxes                                      4,000          13,000
     Other operating expenses                            4,000           2,000
     Investor services                                   3,000           5,000
                                                   -----------       ---------
                                                        67,000          89,000
                                                   -----------       ---------

     Income (loss) from operations                      25,000          30,000

Other income:
     Interest income                                    28,000          58,000
     Other income                                          -0-           3,000
                                                    ----------       ---------
                                                        28,000          61,000
                                                    ----------       ---------

Net income (loss)                                  $    53,000      $   91,000
                                                   ============      ==========

Net income (loss) per limited
partnership interest                               $     .005       $    .009
                                                   ===========       =========

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
                                  (Unaudited)

                                                   For the Three Months Ending
                                                          December 31,
                                                       1999            1998
                                                   -----------     ----------
<S>                                                <C>             <C>
Cash flows from operating activities:

     Net income (loss)                             $    53,000      $  91,000
     Adjustments to reconcile net loss to net
     cash provided by operating activities:
          Deferred profit recognized                   (11,000)      (104,000)
          Changes in assets and liabilities:
               Decrease (increase) in receivables        2,000         (7,000)
               Decrease in other assets                  1,000         12,000
               Increase in accounts payable
                and accrued liabilities                 22,000          4,000
                                                   ------------     ----------

     Net cash used by operating activities              67,000         (4,000)
                                                   ------------     ----------
Cash flows from investing activities:
     Collection on notes receivable                    139,000        202,000
     Increase in notes receivable                          -0-       (261,000)
     Sales of property                                 303,000        136,000
     Additions to deferred income
         from property sales                               -0-        109,000
                                                   ------------      ----------
          Net cash provided by investing
            activities                                 442,000        186,000
                                                   ------------       ---------
Cash flows from financing activities:
     Distributions to limited partners              (1,200,000)      (900,000)
     Distributions to general partner                   (9,000)        (8,000)
                                                    -----------      ----------
          Net cash provided by financing
            activities                              (1,209,000)      (908,000)

 Net decrease in cash                                 (700,000)     (726,000)

Cash at September 30                                 1,693,000      1,204,000
                                                     ---------      ---------

Cash at December 31                                 $  993,000      $ 478,000
                                                     =========       =========

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).

C.   NOTES RECEIVABLE

     Notes receivable consist of the following as of:

                                                    December 31,   September 30,
                                                         1999          1999
                                                     ---------     -----------

          First trust deed notes                     $ 285,000     $  432,000

          Less:
          Deferred profit on real estate sales        (139,000)      (158,000)
          Allowance for doubtful accounts              (34,000)       (34,000)
                                                     ----------      ---------
                                                    $  112,000      $ 240,000
                                                     ==========      ==========

D.   PROPERTY

     Property is comprised of the following:
                                                   December 31,   September 30,
                                                         1999          1999

          Land                                      $   81,000      $  384,000
          Farm equipment                                10,000          48,000
          Trees                                            -0-         118,000
                                                     ---------       ---------
               Total                                    91,000         550,000

          Accumulated depreciation                     (10,000)       (166,000)
                                                     ----------      ----------
                                                    $   81,000      $  384,000
                                                     =========       =========

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 1999 and 1998, 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

The Partnership is in a winding up phase.  As of December 31, 1999, Green Gold
has three notes all collaterized by property in Temecula with a total balance of
$286,000 and one remaining 13 acre parcel valued at about $81,000.  The
objective is to obtain payoffs on the notes, sell the last parcel and distribute
the remaining cash to the partners in 2000.

Recognition of deferred profit for the quarter ended December 31, 1999 decreased
$93,000 (from $104,000 to $11,000) compared to the quarter ended December 31,
1998.  Deferred profit in 1998 includes $61,000 recognized from an early loan
payoff and $35,000 from installment sales that occurred in December 1998. Income
from three cash property sales was $81,000 in the quarter ended December 1999.
Avocado crops sales decreased $15,000 (from $15,000 to $0).  There are no
avocado trees on the last remaining 13 acre parcel.

Culture care costs decreased $17,000 for the quarter ended December 31, 1999
(from $21,000 to $4,000) compared to the quarter ended December 31, 1998.  The
decrease is from reduced avocado tree acreage resulting from property sales.
There will be no further culture care costs.  Professional services increased
$1,000 (from $22,000 to $23,000) compared to the same quarter in the previous
year.  Management services increased $3,000 (from $26,000 to $29,000) 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.  Property taxes decreased $9,000 (from $13,000 to
$4,000) 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 increased $2,000 (from $2,000 to $4,000) compared to the same quarter
in the previous year.  The 1998 totals include the effects of about $2,000 in
foreclosure cost reimbursements.

Interest income decreased $30,000 for the quarter ended December 31, 1999 (from
$58,000 to $28,000) compared to the quarter ended December 31, 1998.  The
decrease results from a reduction in outstanding notes receivable of $1,096,000
from $1,381,000 in December 1998 to $285,000 in December 1999.

Liquidity and Capital Resources

As of December 31, 1999, the Partnership has cash reserves of approximately
$942,000 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, 1999.


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, 2000         GREEN GOLD CONSOLIDATED,
                                    a California limited partnership
                                    (Registrant)


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