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        <PropertyDesc>1046 E 7TH ST-LAND</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING</PropertyDesc>
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        <CostOrOtherBasisAmt>546000</CostOrOtherBasisAmt>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>LAND</PropertyDesc>
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        <CostOrOtherBasisAmt>234000</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>BALBOA REMODEL</PropertyDesc>
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        <CostOrOtherBasisAmt>8500</CostOrOtherBasisAmt>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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        <CostOrOtherBasisAmt>74454</CostOrOtherBasisAmt>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>HIPPODROME IMPROVEMENTS</PropertyDesc>
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        <CostOrOtherBasisAmt>314389</CostOrOtherBasisAmt>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>292 ALAMITOS IMPROVEMENTS</PropertyDesc>
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        <PriorYearDepreciationAmt>45700</PriorYearDepreciationAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1043 E 6TH ST</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>628 ALAMITOS AVE</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>BALBOA CAP IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>1998-07-01</AcquiredDt>
        <CostOrOtherBasisAmt>6385</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>4875</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
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      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVENTS</PropertyDesc>
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        <PriorYearDepreciationAmt>1538</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>CAPITAL IMPROVEMENTS</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>INTERIOR DESIGN</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>INTERIOR DESIGN</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>INTERIOR DESIGN</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER EQUIPMENT</PropertyDesc>
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        <CostOrOtherBasisAmt>877</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE EQUIPMENT</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>HIPPODROME BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>HIPPODROME LAND</PropertyDesc>
        <AcquiredDt>1995-12-15</AcquiredDt>
        <CostOrOtherBasisAmt>264000</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>6TH STREET BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>39.0000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>6TH STREET - LAND</PropertyDesc>
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        <CostOrOtherBasisAmt>475000</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1033 6TH ST - BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1033 6TH ST - LAND</PropertyDesc>
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        <CostOrOtherBasisAmt>60326</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1011 6TH ST - BLDG</PropertyDesc>
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        <CostOrOtherBasisAmt>168856</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>128943</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1011 6TH ST - LAND</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1021 6TH ST - BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1031 6TH ST - LAND</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1029 E. 6TH ST - BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>27.5000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1029 E. 6TH ST - LAND</PropertyDesc>
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        <CostOrOtherBasisAmt>19344</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>910 6TH ST - LAND</PropertyDesc>
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        <CostOrOtherBasisAmt>10000</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>920 E. 3RD ST - BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>39.0000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1038 7TH ST - BLDG</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>1038 7TH ST - LAND</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>VAN</PropertyDesc>
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      <DepreciationPropertyGrp>
        <PropertyDesc>695 ALAMITOS-NEW ROOF</PropertyDesc>
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