Shelbourne Properties I, Inc. Declares $1.52 Per Share Dividend

Shelbourne Properties I, Inc. Declares $1.52 Per Share Dividend 


BOSTON, Dec. 16  /PRNewswire-FirstCall/ -- Shelbourne Properties I, Inc. 
announced today that its Board of Directors has declared a dividend of $1.52 per
share.  The dividend is payable January 8, 2004 to shareholders of record as of
the close of business on December 26, 2003.  The dividend is being paid from the
proceeds of recent sales of Shelbourne Properties I, Inc.'s properties and cash
reserves.

The Board of Directors and Shareholders of Shelbourne Properties I, Inc. has
previously approved a plan of liquidation.  The remaining properties owned by
Shelbourne Properties I, Inc. are a 50% ownership interest in an office building
located in Seattle, Washington as well as an interest in 20 motel properties
held for the benefit of the holder of the Class A Partnership Units issued by
Shelbourne Properties I L.P. 

DATASOURCE: Shelbourne Properties I, Inc.



CONTACT:  Beverly Bergman, [phone], for Shelbourne Properties I,

Inc.

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