SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

               Date of Report: (Date of Earliest Event Reported):
                      November 12, 2004 (November 9, 2004)





              AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P.
             (Exact name of registrant as specified in its charter)

        California                      1-11059                  13-3257662
(State or other jurisdiction          (Commission             (I.R.S. Employer
     of incorporation)                File Number)           Identification No.)







                              11200 Rockville Pike
                            Rockville, Maryland 20852
   (Address of principal executive offices, including zip code, of Registrant)

                                 (301) 816-2300
              (Registrant's telephone number, including area code)



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Item 2.02.  Results of Operations and Financial Condition.

     On November 9, 2004, the General  Partner issued a press release  reporting
the  Partnership's  financial results for the three months and nine months ended
September 30, 2004. A copy of this press  release is attached  hereto as Exhibit
99.

     The  information in this Form 8-K and the Exhibit 99 attached  hereto shall
not be deemed  "filed" for purposes of Section 18 of the Securities Act of 1934,
nor  shall it be  deemed  incorporated  by  reference  in any  filing  under the
Securities  Act of 1933,  except as shall be  expressly  set  forth by  specific
reference in such filing.


Item 9.01.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)  Exhibits. The following exhibits are filed with this report:

     Exhibit 99 - Press Release dated November 9, 2004.



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                                   SIGNATURE

     Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, as
amended,  the  Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.



                                                    AMERICAN INSURED MORTGAGE
                                                    INVESTORS - SERIES 85, L.P.

                                                    By: CRIIMI, Inc.
                                                        General Partner



Dated: November 12, 2004                            By:/s/Mark A. Libera
                                                       -------------------------
                                                       Mark A. Libera
                                                       Vice President
                                                       Senior Corporate Counsel

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                                  EXHIBIT INDEX

Exhibit
No.                                Description
--------------------------------------------------------------------------------

*    99   Press Release dated November 9, 2004

*    Filed herewith.