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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UbTGU8JoybkYRypF5LeBDr0UArebM3pSi5SeeNst70N45g+FZfDZQnFctHXNism3
 Q31RoI8UWkvYDfUYol2qFA==

<SEC-DOCUMENT>0001125282-05-002750.txt : 20050520
<SEC-HEADER>0001125282-05-002750.hdr.sgml : 20050520
<ACCEPTANCE-DATETIME>20050520191618
ACCESSION NUMBER:		0001125282-05-002750
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050516
FILED AS OF DATE:		20050520
DATE AS OF CHANGE:		20050520

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUE RIDGE REAL ESTATE CO
		CENTRAL INDEX KEY:			0000012779
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				240854342
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 707
		CITY:			BLAKESLEE
		STATE:			PA
		ZIP:			18610
		BUSINESS PHONE:		7174438433

	MAIL ADDRESS:	
		STREET 1:		PO BOX 707
		CITY:			BLAKESLEE
		STATE:			PA
		ZIP:			18610

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KIMCO REALTY CORP
		CENTRAL INDEX KEY:			0000879101
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-02844
		FILM NUMBER:		05849492

	BUSINESS ADDRESS:	
		STREET 1:		3333 NEW HYDE PARK RD
		STREET 2:		PO BOX 5020
		CITY:			NEW HYDE PARK
		STATE:			NY
		ZIP:			11042
		BUSINESS PHONE:		5168699000

	MAIL ADDRESS:	
		STREET 1:		3333 NEW HYDE PARK ROAD
		STREET 2:		PO BOX 5020
		CITY:			NEW HYDE PARKQ
		STATE:			NY
		ZIP:			11042
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>b406907_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-05-16</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000012779</issuerCik>
        <issuerName>BLUE RIDGE REAL ESTATE CO</issuerName>
        <issuerTradingSymbol>BLRGZ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000879101</rptOwnerCik>
            <rptOwnerName>KIMCO REALTY CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3333 NEW HYDE PARK RD</rptOwnerStreet1>
            <rptOwnerStreet2>PO BOX 5020</rptOwnerStreet2>
            <rptOwnerCity>NEW HYDE PARK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-05-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>273175</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>38.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1285754</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>38.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-05-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>273175</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-03-28</value>
            </exerciseDate>
            <expirationDate>
                <value>2005-05-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>273175</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">(1)	The shares and subscription rights reported herein are beneficially owned by Kimco Realty Services, Inc. (&quot;Services&quot;), a
 wholly-owned subsidiary of Kimco Realty Corporation (&quot;Kimco&quot;).  Kimco, by virtue of its ownership of all of the outstanding
 voting shares of Services, may be deemed to be the beneficial owner of all of the shares and subscription rights reported
 herein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Milton Cooper</signatureName>
        <signatureDate>2005-05-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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