SECURITIES AND EXCHANGE COMMISSION

                    Washington, DC  20549

                          FORM 8-K
                              
                       Current Report

               Pursuant to Section 13 or 15(d)
                       of the Securities Exchange Act of 1934
                              
     Date of Report      November 6, 1998


               AMERICAN REPUBLIC REALTY FUND I

   (Exact name of registrant as specified in its charter)

          WISCONSIN                0-11578                    39-1421936
 (State or other jurisdiction    (Commission                (IRS Employer
              of                file number)            Identification Number)
incorporation or organization)

                6210 Campbell Road Suite 140
                         Dallas, Texas  75248

          (Address of principal executive offices)


Registrant's telephone number, including area code:  (972)
380-8000.
















ITEM  4.  CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS

On  November  6,  1998, the General Partner,  on  behalf  of
American Republic Realty Fund I, approved the recommendation
to  (i)  engage Farmer, Fuqua, Hunt & Munselle, P.C. as  the
independent accountants for American Republic Realty Fund  I
and  (ii)  dismiss Deloitte & Touche LLP as such independent
accountants.

During the two fiscal years ended December 31, 1997 and  the
subsequent  interim  period through November  6,  1998,  (i)
there  were no disagreements with Deloitte & Touche  LLP  on
any  matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedures, which
disagreements if not resolved to its satisfaction would have
caused it to make reference in connection with its report to
the subject matter of the disagreement, and (ii) Deloitte  &
Touche  LLP has not advised the registrant of any reportable
events as defined in paragraph (A) through (D) of Regulation
S-K Item 304 (a) (1) (v).

The  accountants'  report of Deloitte & Touche  LLP  on  the
financial statements of  American Republic Realty Fund I  as
of  and for the year ended December 31, 1997 did not contain
any  adverse opinion or disclaimer of opinion, and  was  not
qualified  or  modified as to uncertainty, audit  scope,  or
accounting principles. The accountants' report of Deloitte &
Touche LLP on the financial statements of  American Republic
Realty  Fund  I  as of and for the year ended  December  31,
1996  did  not  contain an adverse opinion or disclaimer  of
opinion,  however  it was qualified as to the  partnership's
ability to continue as a going concern.

A  letter from Deloitte & Touche LLP is attached as  Exhibit
A.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange
     Act of 1934, the registrant has duly caused this report
     to be signed on its behalf by the undersigned thereunto
     duly authorized.
     
     
                         AMERICAN REPUBLIC REALTY FUND I
                         a Wisconsin limited partnership
     
                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner
     
     Date:     November 6, 1998
 Deloitte &
    Touche
                              Deloitte & Touche LLP
                              Telephone: (214) 777-7000
                                     Suite 1600
                               Chase Tower
                               2200 Ross Avenue
                            Dallas, Texas 75201-6778

November 6, 1998

Mr. David Bower
Chief Financial Officer
American Republic Realty Fund I
6210 Campbell Road, Suite 140
Dallas, Texas 75248

Dear Mr. Bower:

This is to confirm that the client-auditor relationship
between American Republic Realty Fund I (Commission File No.
0-11578) and Deloitte & Touche LLP has ceased.

Yours truly,


/s/ Deloitte & Touche LLP


cc: Office of the Chief Accountant SECPS Letter File

Securities and Exchange Commission Mail Stop 9-5

450 5h Street, N.W.

Washington, D.C. 20549

Mr. Robert Werra

Chief Executive Officer

Mr. John Werra

Chairperson of the Finance Committee




Deloitte & Touche
Tohmatsu