Shelbourne Properties III, Inc. Announces Sale of Las Vegas, Nevada Property

Shelbourne Properties III, Inc. Announces Sale of Las Vegas, Nevada Property 


BOSTON, Nov. 6  /PRNewswire-FirstCall/ -- Shelbourne Properties III, Inc.  is
pleased to announce that its property located in Las Vegas, Nevada was sold on
November 5, 2003 for a gross sales price of $17,500,000. After satisfying the
debt encumbering the property, closing adjustments and other closing costs, net
proceeds were approximately $1,800,000.

The Board of Directors and Shareholders of Shelbourne III have previously
approved a plan of liquidation for Shelbourne III.  As a result of the sale of
the Las Vegas property, the only remaining real properties owned by Shelbourne
III are its 79.34% interest in an industrial building in the Columbus, Ohio area
and its interest in 20 hotel properties held for the benefit of the Class A
limited partner of its operating partnership, Shelbourne Properties III, L.P.

For additional information concerning the proposed liquidation including
information relating to the sale of the Las Vegas property and the properties
owned by Shelbourne III please contact John Driscoll at [phone] and for
information with respect to the outstanding shares of the Shelbourne II please
contact Beverly Bergman at [phone]. 

DATASOURCE: Shelbourne Properties III, Inc.



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

[phone], both for Shelbourne Properties III, Inc.

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