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. ________)*
_________________AMERICAN ASSET MANAGEMENT CORP._________________
(Name of Issuer)
__________________________Common Stock___________________________
(Title of Class of Securities)
______________024010 30 8_________________
(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which
this schedule is filed:
( ) Rule 13d-1(b)
(X) Rule 13d-1(c)
( ) Rule 13d-1(d)
* 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 __4__ Pages
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Brian Gonnelli
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
68,000 as of 7/1/98
BENEFICIALLY OWNED ) 6 SHARED VOTING POWER
-0-
BY EACH REPORTING ) 7 SOLE DISPOSITIVE POWER
68,000 as of 7/1/98
PERSON WITH ) 8 SHARED DISPOSITIVE POWER
-0-
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON:
68,000 shares as of 7/1/98
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.17%
12 TYPE OF REPORTING PERSON*
IN
* SEE INSTRUCTIONS
_____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:
Brian Gonnelli
Item 2(b). Address of Principal Business Office Or, If None,
Residence:
49 Wildflower Lane
Morristown, New Jersey 07960
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)-(j): Not applicable.
If this statement is filed pursuant to Rule
13d-1(c), check this box: (X)
Item 4. Ownership:
(a) Amount Beneficially Owned: 68,000 shares of
Common Stock as of July 1, 1998.
(b)- (c) Reference is made to Items Nos. 5-9 and 11
of the Cover Sheet. Calculation of percentage of
beneficial ownership is based on 1,315,293 shares
of the Issuer's Common Stock outstanding on
July 1, 1998.
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:
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were not acquired and are not held for the
purpose of or with the effect of changing or
influencing the control of the issuer of the
securities and were not acquired and are not held
in connection with or as a participant in any
transaction having that purpose or effect.
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: July 9, 1998 Signature:_/s/Brian Gonnelli______
Name/Title: Brian Gonnelli
