Exhibit 99

                  Contact: Susan B. Railey
                  (301) 468-3120
                  Sharon Bramell                     FOR IMMEDIATE RELEASE
                  (301) 231-0351


                      AIM 85 DECLARES MONTHLY DISTRIBUTION
                       FOR SEPTEMBER OF ONE CENT PER UNIT

                Total for the Third Quarter is 89 Cents Per Unit

                           ---------------------------


     ROCKVILLE,  MD,  September  21, 2004 -- (AMEX/AII)  The general  partner of
American  Insured  Mortgage  Investors - Series 85, L.P. (AIM 85) today declared
the monthly  distribution  for September 2004 in the amount of one cent per unit
regular  cash flow.  Holders of record on  September  30, 2004 will receive this
amount as part of the third quarter  distribution which will be paid on November
1, 2004.

     Record dates for the AIM 85  distributions  occur at the end of each month.
Distributions  are paid  approximately  one month after the end of each calendar
quarter and include the three  amounts  declared  during the quarter.  The total
distribution  of 89 cents per unit for the third  quarter of 2004  includes  one
cent per unit  regular cash flow for the months of July,  August and  September,
plus 86 cents per unit mortgage proceeds for the month of July.



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