Shelbourne Properties II, Inc. and Shelbourne Properties III, Inc. Announce Sale of Orange, Ohio Property

Shelbourne Properties II, Inc. and Shelbourne Properties III, Inc. Announce Sale
of Orange, Ohio Property 


BOSTON, Dec. 11  /PRNewswire-FirstCall/ -- Shelbourne Properties II, Inc.  and
Shelbourne Properties III, Inc.  are pleased to announce that Tri-Columbus
Associates, a partnership in which Shelbourne Properties II, Inc. ("Shelbourne
II") holds a 20.66% interest and Shelbourne Properties III, Inc. ("Shelbourne
III") holds a 79.34% interest, sold its property located in Orange, Ohio for a
gross sales price of $13,900,000. After satisfying the debt encumbering the
property, closing adjustments and other closing costs, net proceeds were
approximately $4,400,000.

The Board of Directors and Shareholders of each of Shelbourne II and Shelbourne
III have previously approved a plan of liquidation for Shelbourne II and
Shelbourne III.  As a result of the sale of the Grove City property, the
remaining properties owned by each of Shelbourne II and Shelbourne III are as
follows:

Shelbourne II -- a shopping center located in Matthews, North Carolina, an
office building located in Richmond, Virginia, and 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 II L.P.

Shelbourne III -- an interest in 20 motel properties held for the benefit of the
holder of the Class A Partnership Units issued by Shelbourne Properties III
L.P.

For additional information concerning the proposed liquidation including
information relating to the sale of the Orange, Ohio property and the properties
owned by Shelbourne II and Shelbourne III please contact John Driscoll at (617)
570-4609 and for information with respect to the outstanding shares of the
Shelbourne II or Shelbourne III please contact Beverly Bergman at (617)
570-4607. 

DATASOURCE: Shelbourne Properties II, Inc.; Shelbourne Properties III, Inc.



CONTACT:  John Driscoll, [phone], or Beverly Bergman,

[phone], of Shelbourne Properties II, Inc. and Shelbourne Properties

III, Inc.

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