EXHIBIT 99


Contact:          Susan B. Railey
                  (301) 255-4740
                  Sharon Bramell                     FOR IMMEDIATE RELEASE
                  (301) 255-4742


                      AIM 85 DECLARES MONTHLY DISTRIBUTION
                        FOR DECEMBER OF ONE CENT PER UNIT

              Total for the Fourth Quarter is Three Cents Per Unit

                           ---------------------------


     ROCKVILLE,  MD,  December  20, 2004 --  (AMEX/AII)  The general  partner of
American  Insured  Mortgage  Investors - Series 85, L.P. (AIM 85) today declared
the monthly  distribution  for December  2004 in the amount of one cent per unit
regular  cash flow.  Holders of record on December  31, 2004 will  receive  this
amount as part of the fourth quarter distribution which will be paid on February
1, 2005.

     The total  distribution  of three cents per unit for the fourth  quarter of
2004  includes  one cent per unit  regular  cash flow for the months of October,
November and December.

     On December 6, 2004,  the General  Partner of AIM 85 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.







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