SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) and (c) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. ____2____)*
_________________AMERICAN ASSET MANAGEMENT CORP._________________
(Name of Issuer)
__________________________Common Stock___________________________
(Title of Class of Securities)
______________024010 30 8_________________
(CUSIP Number)
* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No.__024010_30_8__ 13G Page __2__ of __5__ Pages
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Mr. Richard G. Gagliardi
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) ___ (b) ____
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES ) 5 SOLE VOTING POWER
503,066 as of 12/31/97
BENEFICIALLY OWNED ) 6 SHARED VOTING POWER
-0-
BY EACH REPORTING ) 7 SOLE DISPOSITIVE POWER
503,066 as of 12/31/97
PERSON WITH ) 8 SHARED DISPOSITIVE POWER
-0-
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON:
503,066 shares as of 12/31/97 (includes 2,487 shares
granted by the Board of Directors of the Issuer but not
yet, issued as of 12/31/97).
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
53.7%
12 TYPE OF REPORTING PERSON*
IN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
_____SCHEDULE 13G_____
Item 1(a). Name of Issuer:
American Asset Management Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
150 Morristown Road
Bernardsville, New Jersey 07924
Item 2(a). Name of Person Filing:
Mr. Richard G. Gagliardi
Item 2(b). Address of Principal Business Office Or, If None,
Residence:
American Asset Management Corporation
150 Morristown Road
Bernardsville, New Jersey 07924
Item 2(c). Citizenship:
United States of America
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
024010 30 8
Item 3. If this statement is filed pursuant to Rules
13d-1(b) or 13d-2(b), check whether the person
filing is a:
(a)-(h): Not applicable.
Item 4. Ownership:
(a) Amount Beneficially Owned: 503,066 shares of
Common Stock as of December 31, 1997, including
2,487 shares granted by the Board of Directors of
the Issuer to the Reporting Person for services
rendered as a director in 1996 and 1997. These
shares had not been issued as of December 31,
1997. Does not include any shares of Common Stock
beneficially owned by Mr. Gagliardi's wife or any
of his other relatives, of which shares Mr.
Gagliardi disclaims beneficial ownership.
(b) Reference is made to Items Nos. 5-9 and 11 of
the Cover Sheet. Calculation of percentage of
beneficial ownership is based on 936,119 shares of
the Issuer's Common Stock outstanding on December
31, 1997.
(c) Reference is made to Items Nos. 5-9 and 11 of
the Cover Sheet.
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of
Another Person:
Not applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by
the Parent Holding Company:
Not applicable.
Item 8. Identification and Classification of Members of
the Group:
Not applicable.
Item 9. Notice of Dissolution of Group:
Not applicable.
Item 10. Certification:
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: March 4, 1998 Signature:_/s/Richard_G._Gagliardi__
Name/Title: Richard G. Gagliardi
