EXHIBIT 99


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


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

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


     ROCKVILLE,  MD,  October 20,  2004 --  (AMEX/AII)  The  general  partner of
American  Insured  Mortgage  Investors - Series 85, L.P. (AIM 85) today declared
the monthly  distribution  for  October  2004 in the amount of one cent per unit
regular  cash flow.  Holders of record on October  31,  2004 will  receive  this
amount as part of the fourth quarter distribution which will be paid on February
1, 2005.

     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.


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