EXHIBIT 99.1



         Contact: Susan B. Railey           FOR IMMEDIATE RELEASE
                  (301) 468-3120
                  Sharon Bramell
                  (301) 468-3161



                        AIM 85 Dismisses Arthur Andersen

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         ROCKVILLE, MD, May 10, 2002- - (AMEX/AII) The general partner of
American Insured Mortgage Investors - Series 85, L.P. (AIM 85) today announced
the dismissal of Arthur Andersen LLP as the Partnership's auditors.

         The General Partner is in the process of selecting new independent
public accountants and will announce its decision shortly.

         The CFO of the General Partner, Cynthia O. Azzara said, "We commend the
professionalism and dedication of Arthur Andersen during its years of service to
the partnership, and we thank the individuals who worked with us." Arthur
Andersen had served as AIM 85's independent public accountants since 1991.

         For further information on AIM 85, see the Partnership's Web site:
http://www.americaninsuredmortgage.com
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