EXHIBIT 99

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


                   AIM 85 TO CHANGE TO QUARTERLY DECLARATIONS

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     ROCKVILLE,  MD,  December  6, 2004 --  (AMEX/AII)  The  General  Partner of
American Insured  Mortgage  Investors - Series 85, L.P. (AIM 85) today announced
that AIM 85 will  declare  distributions  of  regular  cash  flow  and  mortgage
proceeds, if any, once each quarter commencing in the first quarter of 2005. The
General Partner,  with the consent of the Advisor,  made the decision to declare
distributions  quarterly  instead of monthly to reduce expenses  associated with
monthly  declarations.  Since June 2004, the Partnership's regular cash flow has
been one cent per month.

     Commencing in 2005, AIM 85 will declare distributions in March, June,
September and December to be paid approximately one month after the end of each
calendar quarter.

     AIM 85 will declare the  distribution for the month of December on December
20, 2004 and will pay all amounts declared for record dates in October, November
and December 2004 on February 1, 2005.

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