10-Q/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q
(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 1995

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from.......... to..........
                                         Blue Ridge  0-28-44    
Commission File No.: Big Boulder 0-28-43

BLUE RIDGE REAL ESTATE COMPANY
BIG BOULDER CORPORATION 

State or other jurisdiction of incorporation or organization:Pennsylvania

                                         24-0854342 (Blue Ridge)  
I.R.S. Employer Identification Number:   24-0822326 (Big Boulder) 

Address of principal executive office:   Blakeslee,Pennsylvania 
                             Zip Code:   18610
Registrant's telephone number, including area code:  (717)-443-8433
      
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 and Exchange
Act of 1934 during the preceding 12 months (or for such 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__________

Indicate the number of shares outstanding of each of the issuer's classes
 of common stock, as of the close of the period of this report:
		   Class                      Outstanding at February 28, 1995
Common Stock, without par value,                     2,004,014  
stated value $.30 per combined share*

*Under a Security Combination Agreement between Blue Ridge Real Estate
Company ("Blue Ridge") and Big Boulder Corporation ("Big Boulder") 
(referred) to as the "Corporations") and under the by-laws of the 
Corporations, shares of the Corporations are combined in unit certificates,
each certificate representing the same number of shares of each of the
Corporations. Shares of each Corporation may be transferred only together 
with an equal number of shares of the other Corporation.  For this reason,
a combined Blue Ridge/Big Boulder Form 10-Q is being filed. Except as
otherwise indicated, all information applies to both Corporations.
                                    
                                    Page 1







INDEX

                                             									Page No.

PART I - FINANCIAL INFORMATION

  Item 1-Financial Statements
          Combined Condensed Balance Sheets
          February 28, 1995 and May 31, 1995     		     1 & 2

         Combined Condensed Statements of
          Operations - Three Months and Nine
          Months Ended February 28, 1995 & 1994    	       3

         Combined Condensed Statements of
          Cash Flows - Nine Months Ended
          February 28, 1995 and 1994                       4 

         Notes to Financial Statements                     5


Item 2-Management's Discussion and Analysis
        of Financial Condition and Results
        of Operations                                  6, 7 & 8  


PART II - OTHER INFORMATION                                9
 
         Signatures                                        9

         EXHIBIT 27
                           
                                    Page 2




FORM 10-Q

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:


                           BLUE RIDGE REAL ESTATE COMPANY
                               BIG BOULDER CORPORATION
                                    (Registrant)





                           		    (Signature)
                           	      Gary A. Smith, President





                                   (Signature)
                                    R. Bruce Reiner, Chief
                                    Accounting Officer



Date: August 3, 1995
                                     Page 11

EX-27

 

<ARTICLE> 5
       
                                    
<PERIOD-TYPE>                    9-MOS    
<FISCAL-YEAR-END>             MAY-31-1995 
<PERIOD-END>                  FEB-28-1995  
<CASH>                          2,438,068  
<SECURITIES>                            0  
<RECEIVABLES>                     166,155  
<ALLOWANCES>                            0
<INVENTORY>                             0
<CURRENT-ASSETS>                3,258,553  
<PP&E>                         46,512,317  
<DEPRECIATION>                 25,362,846  
<TOTAL-ASSETS>                 24,410,088  
<CURRENT-LIABILITIES>           2,201,427  
<BONDS>                                 0   
<COMMON>                        2,121,192   
<PREFERRED-MANDATORY>                   0   
<PREFERRED>                             0   
<OTHER-SE>                              0   
<TOTAL-LIABILITY-AND-EQUITY>   24,410,088   
<SALES>                        10,114,859   
<TOTAL-REVENUES>               10,114,859   
<CGS>                                   0   
<TOTAL-COSTS>                   9,765,999   
<OTHER-EXPENSES>                        0   
<LOSS-PROVISION>                        0   
<INTEREST-EXPENSE>                665,444      
<INCOME-PRETAX>                  (258,832)     
<INCOME-TAX>                      (95,800)     
<INCOME-CONTINUING>                     0      
<DISCONTINUED>                          0      
<EXTRAORDINARY>                         0      
<CHANGES>                               0      
<NET-INCOME>                     (163,032)     
<EPS-PRIMARY>                        (.08)     
<EPS-DILUTED>                           0