-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 J0w7fTpfDwppwUTHUKnES++y+5HuEKLxTwbAoXsMDtsWTYeHY+Rr8g5rHeGrM8qL
 TBdTzunxtma+csB/BC4hHw==

<SEC-DOCUMENT>0000950123-05-004497.txt : 20050414
<SEC-HEADER>0000950123-05-004497.hdr.sgml : 20050414
<ACCEPTANCE-DATETIME>20050414154300
ACCESSION NUMBER:		0000950123-05-004497
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050414
DATE AS OF CHANGE:		20050414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REAL ESTATE PARTNERS L P
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		05750756

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142427700
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>y07799a1e10vkza.htm
<DESCRIPTION>AMERICAN REAL ESTATE PARTNERS, L.P.
<TEXT>
<HTML>
<HEAD>
<TITLE>AMERICAN REAL ESTATE PARTNERS, L.P.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 2pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B> Form 10-K/A</B>
</DIV>

<DIV align="center" style="font-size: 18pt;">
<B>(Amendment No.&nbsp;1)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 12pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt;">
    <TD align="center" nowrap>(Mark One)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT face="wingdings">&#254;
    </FONT></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)<BR>
    OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>For the fiscal year ended December&nbsp;31, 2004</B></TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <B>or</B></TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT face="wingdings">&#111;</FONT></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)<BR>
    OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>For the transition period
    from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Commission file number 1-9516</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>AMERICAN REAL ESTATE PARTNERS, L.P.</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact name of registrant as specified in its charter)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>13-3398766</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(State or other jurisdiction of<BR>
    incorporation or organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer<BR>
    Identification No.)</I></TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>100 South Bedford Road, Mt. Kisco, New York</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>10549</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(Address of principal executive offices)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Zip Code)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(914)&nbsp;242-7700</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Registrant&#146;s telephone number, including area code)</I>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Securities registered pursuant to Section&nbsp;12(b) of the
Act:</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Title of each class</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Name of each exchange on which registered</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Depositary Units Representing Limited Partner Interests</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    New York Stock Exchange</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5% Cumulative Pay-in-Kind Redeemable Preferred Units
    Representing Limited Partner Interests</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    New York Stock Exchange</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Securities registered pursuant to Section&nbsp;12(g) of the
Act:</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>None</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark whether the registrant (1)&nbsp;has filed
all reports required to be filed by Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding
12&nbsp;months (or for such shorter period that the registrant
was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past
90&nbsp;days.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;<FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark if disclosure of delinquent filers
pursuant to Item&nbsp;405 of Regulation&nbsp;S-K is not
contained herein, and will not be contained, to the best of
registrant&#146;s knowledge, in definitive proxy or information
statements incorporated by reference in Part&nbsp;III of this
Form&nbsp;10-K or any amendment to this
Form&nbsp;10-K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by a check mark whether registrant is an accelerated
filer (as defined in Rule&nbsp;12b-2 of the
Act).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;<FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The aggregate market value of depositary units held by
nonaffiliates of the registrant as of June&nbsp;30, 2004, the
last business day of the registrant&#146;s most recently
completed second fiscal quarter, based upon the closing price of
depositary units on the New York Stock Exchange Composite Tape
on such date was $133,207,103.
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Introductory Note:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are filing this amendment to our Annual Report on Form 10-K
to comply with requirements contained in Section 303A.03 of the
New York Stock Exchange Listed Company Manual. In accordance
with these requirements, we have identified the non-management
director who presides over meetings of non-management directors
and the method we established for interested parties to make
their concerns known to non-management directors.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='115'></A>
</DIV>

<!-- link1 "PART III" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;III</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='116'></A>
</DIV>

<!-- link1 "Item 10. Directors and Executive Officers of the Registrant." -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;10.</B></TD>
    <TD>
    <B><I>Directors and Executive Officers of the Registrant.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The names, offices held and the ages of the directors and
executive officers of API are as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Carl C. Icahn</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chairman of the Board</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    William A. Leidesdorf</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James L. Nelson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jack G. Wasserman</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Keith A. Meister</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President and Chief Executive Officer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Martin L. Hirsch</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Executive Vice President and Director of Acquisitions and
    Development</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John P. Saldarelli</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Vice President, Chief Financial Officer, Secretary and Treasurer</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The names, offices held and ages of certain key employees of our
subsidiaries are as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bob Alexander</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President and Chief Executive Officer, National Energy Group,
    Inc.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Richard P. Brown</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President, Chief Executive Officer and Director, American
    Casino&nbsp;&#38; Entertainment Properties LLC</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Carl C. Icahn </I>has served as Chairman of the Board and a
director of Starfire Holding Corporation, or Starfire, (formerly
Icahn Holding Corporation), a privately-held holding company,
and Chairman of the Board and a director of various subsidiaries
of Starfire, since 1984. Mr.&nbsp;Icahn is and has been since
1994 a majority shareholder, the Chairman of the Board and a
Director of American Railcar Industries, Inc., or ARI, a
Missouri corporation. ARI is primarily engaged in the business
of manufacturing, managing, leasing and selling of railroad
freight and tank cars. Mr.&nbsp;Icahn has also been Chairman of
the Board and President of Icahn&nbsp;&#38; Co., Inc., a
registered broker-dealer and a member of the National
Association of Securities Dealers, since 1968.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since November 1990, Mr.&nbsp;Icahn has been Chairman of the
Board of American Property Investors, Inc., the general partner
of American Real Estate Partners, L.P., a public limited
partnership that invests in real estate and holds various other
interests, including the interests in its subsidiaries that are
engaged, among other things, in the oil and gas business and
casino entertainment business. Mr.&nbsp;Icahn has been a
director of Cadus Pharmaceutical Corporation, a firm that holds
various biotechnology patents, since 1993. From August 1998 to
August 2002, Mr.&nbsp;Icahn served as Chairman of the Board of
Maupintour Holding LLC (f/k/a/ Lowestfare.com, LLC), an internet
travel reservations company. From October 1998 through May,
2004, Mr.&nbsp;Icahn was the President and a director of
Stratosphere Corporation, which operates the Stratosphere Hotel
and Casino. Since September&nbsp;29, 2000, Mr.&nbsp;Icahn has
served as the Chairman of the Board of GB Holdings, Inc., which
owns all of the outstanding stock of Atlantic Coast
Entertainment Holdings, Inc., which
</DIV>

<P align="center" style="font-size: 10pt;">1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
through its wholly-owned subsidiary owns and operates The Sands
Hotel and Casino in Atlantic City, New Jersey. Mr.&nbsp;Icahn
also serves in the same capacity with Atlantic Coast
Entertainment Holdings, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In January 2003, Mr.&nbsp;Icahn became Chairman of the Board and
a director of XO Communications, Inc., a telecommunications
company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>William A. Leidesdorf </I>has served as a Director of API
since March&nbsp;26, 1991 and as a Director of AREP Finance
since inception. Mr.&nbsp;Leidesdorf is also a Director of Renco
Steel Group, Inc. and its subsidiary, WCI Steel, Inc., a steel
producer which filed for Chapter&nbsp;11 bankruptcy protection
in September 2003. Since June 1997, Mr.&nbsp;Leidesdorf has been
an owner and a managing director of Renaissance Housing, LLC, a
company primarily engaged in acquiring multifamily residential
properties. From April 1995 through December 1997,
Mr.&nbsp;Leidesdorf acted as an independent real estate
investment banker. Since December&nbsp;29, 2003,
Mr.&nbsp;Leidesdorf has served as a Director of American
Entertainment Properties Corp. and American Casino&nbsp;&#38;
Entertainment Properties Finance Corp., or ACEP Finance, which
are our indirect subsidiaries. Mr.&nbsp;Leidesdorf has been
licensed by the New Jersey State Casino Control Commission and
the Nevada State Gaming Control Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>James L. Nelson </I>has served as a Director of API since
June&nbsp;12, 2001 and as a Director of AREP Finance since
inception. From 1986 until the present, Mr.&nbsp;Nelson has been
Chairman and Chief Executive Officer of Eaglescliff Corporation,
a specialty investment banking, consulting and wealth management
company. From March 1998 through 2003, Mr.&nbsp;Nelson was
Chairman and Chief Executive Officer of Orbit Aviation, Inc. a
company engaged in the acquisition and completion of Boeing
Business Jets for private and corporate clients. From August
1995 until July 1999, he was Chief Executive Officer and
Co-Chairman of Orbitex Management, Inc. Mr.&nbsp;Nelson
currently serves as a Director of Viskase Corporation, a
closely-held supplier for the meat and poultry business. Until
March 2001, he was on the Board of Orbitex Financial Services
Group, a financial services company in the mutual fund sector.
Since December&nbsp;29, 2003, Mr.&nbsp;Nelson has served as a
Director of American Entertainment Properties Corp. and ACEP
Finance, which are our indirect subsidiaries. Mr.&nbsp;Nelson
has been licensed by the New Jersey State Casino Control
Commission and the Nevada State Gaming Control Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Jack G. Wasserman </I>has served as a Director of API since
December&nbsp;3, 1993 and as a Director of AREP Finance since
inception. Mr.&nbsp;Wasserman is an attorney and a member of the
Bars of New York, Florida and the District of Columbia. From
1966 until 2001, he was a senior partner of Wasserman,
Schneider, Babb&nbsp;&#38; Reed, a New York-based law firm and
its predecessors. Since September 2001, Mr.&nbsp;Wasserman has
been engaged in the practice of law as a sole practitioner.
Mr.&nbsp;Wasserman has been licensed by the New Jersey State
Casino Control Commission and the Nevada State Gaming Control
Commission and, at the latter&#146;s direction, is an
independent member and Chairman of the Stratosphere Compliance
Committee. Since December&nbsp;29, 2003, Mr.&nbsp;Wasserman has
served as a Director of American Entertainment Properties Corp.
and ACEP Finance, which are our indirect subsidiaries.
Mr.&nbsp;Wasserman is not a member of the Stratosphere&#146;s
Board of Directors. Since December&nbsp;1, 1998,
Mr.&nbsp;Wasserman has been a Director of National Energy Group,
Inc. In 2003, National Energy Group, Inc. became our subsidiary.
Mr.&nbsp;Wasserman is also a Director of Cadus Corporation, a
publicly traded biotechnology company. Affiliates of
Mr.&nbsp;Icahn are controlling shareholders of each of these
companies. On March&nbsp;11, 2004, Mr.&nbsp;Wasserman was
appointed, and in June 2004, elected to the Board of Directors
of Triarc Companies, Inc. a publicly traded diversified holding
company. Mr.&nbsp;Wasserman serves on the Audit and Compensation
Committees of Triarc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Keith A. Meister </I>has served as President and Chief
Executive Officer of API since August 2003 and of AREP Finance
since inception. He continues to serve as a senior investment
analyst of High River Limited Partnership, a company owned and
controlled by Mr.&nbsp;Icahn, a position he has held since June
2002. Mr.&nbsp;Meister is also a Senior Investment Analyst of
Icahn Partners LP and Icahn Partners Master Fund&nbsp;LP. He is
also a director of Icahn Fund&nbsp;Ltd., which is the feeder
fund of Icahn Partners Master Fund&nbsp;LP. Icahn Partners LP
and Icahn Partners Master Fund&nbsp;LP are private investment
funds controlled by Mr.&nbsp;Icahn. From March 2000 through
2001, Mr.&nbsp;Meister co-founded and served as co-president of
J Net Ventures, a venture capital fund focused on investments in
information technology and enterprise software businesses. From
1997 through 1999, Mr.&nbsp;Meister served as an investment
professional at Northstar Capital Partners, an opportunis-
</DIV>

<P align="center" style="font-size: 10pt;">2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
tic real estate investment partnership. Prior to Northstar,
Mr.&nbsp;Meister served as an investment analyst in the
investment banking group at Lazard Freres. He also serves on the
Boards of Directors of the following companies: XO
Communications, Inc., a company that is majority-owned by
various entities controlled by Mr.&nbsp;Icahn; TransTexas Gas
Corporation; and Scientia Corporation, a private health care
venture company in which we hold less than a 10% equity
interest. Since December&nbsp;29, 2003, Mr.&nbsp;Meister has
served as a Director of American Entertainment Properties Corp.
and ACEP Finance, which are our indirect subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Martin L. Hirsch </I>has served as a Vice President of API
since 1991 and of AREP Finance since inception. Mr.&nbsp;Hirsch
focuses on investment, management and disposition of real estate
properties and other assets. On March&nbsp;23, 2000,
Mr.&nbsp;Hirsch was elected to serve as Executive Vice President
and Director of Acquisitions and Development of API. From
January 1986 to January 1991, Mr.&nbsp;Hirsch was a Vice
President of Integrated Resources, Inc. where he was involved in
the acquisition of commercial real estate properties and asset
management. In 1985 and 1986, Mr.&nbsp;Hirsch was a Vice
President of Hall Financial Group where he was involved in
acquiring and financing commercial and residential properties.
Mr.&nbsp;Hirsch has been a director of National Energy Group,
Inc. since 1998. Since September&nbsp;29, 2000 Mr.&nbsp;Hirsch
served as a director of GB Property Funding Inc. from
September&nbsp;29, 2000 until July&nbsp;22, 2004 and of Greate
Bay Hotel and Casino, Inc. from February&nbsp;28, 2001 until
July&nbsp;22, 2004. Mr.&nbsp;Hirsch has served as a Director of
GB Holdings, Inc. which owns all of the outstanding stock of
Atlantic Coast Entertainment Holdings, Inc., which through its
wholly-owned subsidiary owns and operates The Sands Hotel and
Casino in Atlantic City, New Jersey and GB Property Funding,
Inc. Since July&nbsp;22, 2004, Mr.&nbsp;Hirsch also serves in
the same capacity with Atlantic Coast Entertainment Holdings,
Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>John P. Saldarelli </I>has served as Vice President,
Secretary and Treasurer of API since March&nbsp;18, 1991 and as
Chief Financial Officer since June 2000 and of AREP Finance
since inception. Mr.&nbsp;Saldarelli was President of Bayswater
Realty Brokerage Corp. from June 1987 until November&nbsp;19,
1993, and Vice President of Bayswater Realty&nbsp;&#38; Capital
Corp. from September 1979 until April&nbsp;&nbsp;15, 1993.
Mr.&nbsp;Saldarelli served as a Director of Stratosphere from
October, 1998 until May 2004. Mr.&nbsp;Saldarelli served as a
director of GB Property Funding, Inc. and Greate Bay Hotel and
Casino, Inc. from February&nbsp;28, 2001 until July&nbsp;22,
2004. Since February&nbsp;28, 2001, Mr.&nbsp;Saldarelli has
served as a Director of GB Holdings, Inc. which owns all of the
outstanding stock of Atlantic Coast Entertainment Holdings,
Inc., which through its wholly-owned subsidiary owns and
operates The Sands Hotel and Casino in Atlantic City, New
Jersey. Since July&nbsp;22, 2004, Mr.&nbsp;Saldarelli also
serves in the same capacity with Atlantic Coast Entertainment
Holdings, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Richard P. Brown </I>has served as the President and Chief
Executive Officer of ACEP; and President, Chief Executive
Officer and a director of American Entertainment Properties
Corp. and ACEP Finance since inception. Mr.&nbsp;Brown has over
12&nbsp;years experience in the gaming industry. Mr.&nbsp;Brown
has been the President and Chief Executive Officer of each of
the Stratosphere, Arizona Charlie&#146;s Decatur and Arizona
Charlie&#146;s Boulder since June 2002. From January 2001 to
June 2002, he served as Chief Operating Officer for all three
properties. Prior to joining Stratosphere Gaming Corp. in March
2000 as Executive Vice President of Marketing, Mr.&nbsp;Brown
held executive positions with Harrah&#146;s Entertainment and
Hilton Hotels Corporation. Mr.&nbsp;Brown also serves as
President and Chief Executive Officer of GB Holdings, Inc.,
which owns and operates The Sands Hotel and Casino.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Bob G. Alexander </I>has served as President and Chief
Executive Officer of NEG since November, 1998.
Mr.&nbsp;Alexander has served as President and Chief Executive
Officer and a director of TransTexas and Panaco since August
2003 and November 2004, respectively. A founder of Alexander
Energy Corporation, Mr.&nbsp;Alexander has served on the Board
of Directors of NEG since Alexander Energy Corporation merged
into NEG on August&nbsp;29, 1996. From 1998 until the merger, he
served as Chairman of the Board, President and Chief Executive
Officer of Alexander Energy Corporation. From 1976 to 1980, he
served as Vice President and General Manager of the Northern
Division of Reserve Oil, Inc. and President of Basin Drilling
Corp., subsidiaries of Reserve Oil and Gas Company.
</DIV>

<P align="center" style="font-size: 10pt;">3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Audit Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
James L. Nelson, William A. Leidesdorf and Jack G. Wasserman
serve on our audit committee. We believe that the audit
committee members are &#147;independent&#148; as defined in the
currently applicable listing standards of the New York Stock
Exchange. A copy of the audit committee charter is available on
our website at
www.areplp.com/files/pdf/audit<U>&nbsp;</U>committee<U>&nbsp;</U>charter.pdf
or may be obtained without charge by writing to American Real
Estate Partners, L.P., 100&nbsp;South Bedford Road, Mount Kisco,
NY 10549, attention John P. Saldarelli.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our audit committee meets formally at least once every quarter,
and more often if necessary. In addition to the functions set
forth in its charter, the audit committee reviews potential
conflicts of interest which may arise, between us and API and
its affiliates. The General Partner and its affiliates may not
receive duplicative fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The functions of our audit committee as set forth in the
Partnership Agreement include (1)&nbsp;the review of our
financial and accounting policies and procedures; (2)&nbsp;the
review of the results of audits of the books and records made by
our outside auditors, (3)&nbsp;the review of allocations of
overhead expenses in connection with the reimbursement of
expenses to API and its affiliates, and (4) the review and
approval of related party transactions and conflicts of interest
in accordance with the terms of our partnership agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The audit committee, has confirmed that: (1)&nbsp;the audit
committee reviewed and discussed our 2004 audited financial
statements with management, (2)&nbsp;the audit committee has
discussed with our independent auditors the matters required to
be discussed by SAS&nbsp;61 (Codification of Statements on
Auditing Standards, AU &#167;380), (3)&nbsp;the audit committee
has received the written disclosures and the letter from the
independent accountants required by Independence Standards Board
Standard No.&nbsp;1; and (4)&nbsp;based on the review and
discussions referred to in clauses&nbsp;(1), (2) and (3) above,
the audit committee recommended to the Board of Directors that
our 2004 audited financial statements be included in this Annual
Report on Form&nbsp;10-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our Board of Directors has determined that we do not have an
&#147;audit committee financial expert,&#148; within the meaning
of Item&nbsp;401(h) of Regulation&nbsp;S-K, serving on our audit
committee. We believe that each member of the audit committee is
financially literate and possesses sufficient experience, both
professionally and by virtue of his service as a director and
member of the audit committee of API, to be fully capable of
discharging his duties as a member of our audit committee.
However, none of the members of our audit committee has a
professional background in accounting or &#147;preparing,
auditing, analyzing or evaluating financial statements&#148;. If
our audit committee determines that it requires additional
financial expertise, it will either engage professional advisers
or seek to recruit a member who would qualify as an &#147;audit
committee financial expert&#148; within the meaning of
Item&nbsp;401(h) of Regulation&nbsp;S-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Jack&nbsp;G. Wasserman has been chosen to preside and currently
presides at executive sessions of our non-management directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interested parties may directly communicate with the presiding
director or with the non-management directors as a group by
directing all inquiries to our ethics hotline at
(877)&nbsp;888-0002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Compensation Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
James L. Nelson, William A. Leidesdorf and Jack G. Wasserman
serve on our compensation committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Code of Ethics</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;25, 2004, our Board of Directors adopted a Code
of Ethics applicable to our principal executive officer,
principal financial officer and principal accounting officer. A
copy of the Code of Ethics is available on our website at
www.areplp.com/files/pdf/code<U>&nbsp;</U>of<U>&nbsp;</U>ethics.pdf
and may be obtained without charge by writing to American Real
Estate Partners, L.P., 100 South Bedford Road, Mount Kisco, NY
10549, attention: John P. Saldarelli.
</DIV>

<P align="center" style="font-size: 10pt;">4
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Corporate Governance Guidelines</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;25, 2004, API&#146;s Board of Directors adopted
Corporate Governance Guidelines for AREP and its subsidiaries,
excluding NEG, which has its own separate set of guidelines. A
copy of the Corporate Governance Guidelines is available on our
website at
www.areplp.com/files/pdf/corporate<U>&nbsp;</U>governance.pdf
and may be obtained without charge by writing to American Real
Estate Partners, L.P., 100 South Bedford Road, Mount Kisco, NY
10549, attention: John P. Saldarelli.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Filing of Reports</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the best of our knowledge, no director, executive officer or
beneficial owner of more than 10% of AREP&#146;s depositary
units failed to file on a timely basis reports required by
&#167;16(a) of the Securities Exchange Act of 1934, as amended,
during the year ended December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='121'></A>
</DIV>

<!-- link1 "PART IV" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;IV</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='122'></A>
</DIV>

<!-- link1 "Item 15. Exhibits, Financial Statement Schedules." -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;15.</B></TD>
    <TD>
    <B><I>Exhibits, Financial Statement Schedules.</I></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>Exhibit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>Index</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>31</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certification of Principal Executive Officer pursuant to
    Section&nbsp;302(a) of the Sarbanes-Oxley Act of 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>31</TD>
    <TD align="left" valign="top" nowrap>.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certification of Principal Financial Officer pursuant to
    Section&nbsp;302(a) of the Sarbanes-Oxley Act of 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>32</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certification of Principal Executive Officer pursuant to
    Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>32</TD>
    <TD align="left" valign="top" nowrap>.2&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Certification of Principal Financial Officer pursuant to
    Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT style="font-variant:SMALL-CAPS">American Real Estate
    Partners, L.P.
    </FONT></TD>
</TR>

<TR>
    <TD style="font-size: 24pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    By:&nbsp;<FONT style="font-variant:SMALL-CAPS">American Property
    Investors, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT style="font-variant:SMALL-CAPS">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
    Partner
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<FONT style="font-variant:SMALL-CAPS">Date:&nbsp;April&nbsp;14,
2005
</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ <FONT style="font-variant:SMALL-CAPS">Keith A. Meister
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>Keith A. Meister,</B></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>President and Chief Executive Officer</B></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">6
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>y07799a1exv31w1.htm
<DESCRIPTION>EX-31.1: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXHIBIT&nbsp;31.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pursuant to 18&nbsp;U.S.C. 1350</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Section&nbsp;302(a) of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
I, Keith A. Meister, certify that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;I have reviewed this annual report on Form&nbsp;10-K/A
(Amendment No.&nbsp;1) of American Real Estate Partners, L.P.
for the period ended December&nbsp;31, 2004 (the
&#147;Report&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;Based on my knowledge, this Report does not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this Report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;Based on my knowledge, the financial statements, and
other financial information included in this Report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the Registrant as of,
and for, the periods presented in this Report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;The Registrant&#146;s other certifying officer and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)
and 15d-15(e)) and internal control over financial reporting as
defined in Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f) for
the Registrant and we have:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    a)&nbsp;designed such disclosure controls and procedures, or
    caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to the Registrant, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this Report is
    being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    b)&nbsp;designed such internal control over financial reporting,
    or caused such internal control over financial reporting to be
    designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes in
    accordance with generally accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    c)&nbsp;evaluated the effectiveness of the Registrant&#146;s
    disclosure controls and procedures and presented in this Report
    our conclusions about the effectiveness of the disclosure
    controls and procedures as of the end of the period covered by
    this report based on such evaluation;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    d)&nbsp;disclosed in this Report any changes in the
    Registrant&#146;s internal control over financial reporting that
    occurred during the Registrant&#146;s most recent fiscal quarter
    (the Registrant&#146;s fourth fiscal quarter in the case of an
    annual report) that has materially affected, or is reasonably
    likely to materially affect, the Registrant&#146;s internal
    control over financial reporting.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;The Registrant&#146;s other certifying officer and I
have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the Registrant&#146;s
auditors and the audit committee of the Registrant&#146;s board
of directors (or persons performing the equivalent functions):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    a)&nbsp;all significant deficiencies and material weaknesses in
    the design or operation of internal control over financial
    reporting which are reasonably likely to adversely affect the
    Registrant&#146;s ability to record, process, summarize and
    report financial information;&nbsp;and</TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    b)&nbsp;any fraud, whether or not material, that involves
    management or other employees who have a significant role in the
    Registrant&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    /s/ <FONT style="font-variant:SMALL-CAPS">Keith A. Meister
    </FONT></TD>
</TR>

<TR valign="top"  style="font-size: 3pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>Keith A. Meister</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>President and Chief Executive Officer of</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>American Property Investors, Inc.,</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>the General Partner of</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>American Real Estate Partners, L.P.</I></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Date: April&nbsp;14, 2005
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>y07799a1exv31w2.htm
<DESCRIPTION>EX-31.2: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXHIBIT&nbsp;31.2</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pursuant to 18&nbsp;U.S.C. 1350</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Section&nbsp;302(a) of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
I, John P. Saldarelli, certify that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;I have reviewed this annual report on Form&nbsp;10-K/A
(Amendment No.&nbsp;1) of American Real Estate Partners, L.P.
for the period ended December&nbsp;31, 2004 (the
&#147;Report&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;Based on my knowledge, this Report does not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this Report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;Based on my knowledge, the financial statements, and
other financial information included in this Report, fairly
present in all material respects the financial condition,
results of operations and cash flows of the Registrant as of,
and for, the periods presented in this Report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;The Registrant&#146;s other certifying officer and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)
and 15d-15(e)) and internal control over financial reporting as
defined in Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f) for
the Registrant and we have:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    a)&nbsp;designed such disclosure controls and procedures, or
    caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to the Registrant, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this Report is
    being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    b)&nbsp;designed such internal control over financial reporting,
    or caused such internal control over financial reporting to be
    designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the
    preparation of financial statements for external purposes in
    accordance with generally accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    c)&nbsp;evaluated the effectiveness of the Registrant&#146;s
    disclosure controls and procedures and presented in the Report
    our conclusions about the effectiveness of the disclosure
    controls and procedures as of the end of the period covered by
    this report based on such evaluation;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    d)&nbsp;disclosed in the Report any changes in the
    Registrant&#146;s internal control over financial reporting that
    occurred during the Registrant&#146;s most recent fiscal quarter
    (the Registrant&#146;s fourth fiscal quarter in the case of an
    annual report) that has materially affected, or is reasonably
    likely to materially affect, the Registrant&#146;s internal
    control over financial reporting.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;The Registrant&#146;s other certifying officer and I
have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the Registrant&#146;s
auditors and the audit committee of the Registrant&#146;s board
of directors (or persons performing the equivalent functions):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    a)&nbsp;all significant deficiencies and material weaknesses in
    the design or operation of internal control over financial
    reporting which are reasonably likely to adversely affect the
    Registrant&#146;s ability to record, process, summarize and
    report financial information;&nbsp;and</TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    b)&nbsp;any fraud, whether or not material, that involves
    management or other employees who have a significant role in the
    Registrant&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    /s/ <FONT style="font-variant:SMALL-CAPS">John P. Saldarelli
    </FONT></TD>
</TR>

<TR valign="top"  style="font-size: 3pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>John P. Saldarelli</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>Vice President and Chief Financial Officer of</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>American Property Investors, Inc.,</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>the General Partner of</I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I>American Real Estate Partners, L.P.</I></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Date: April&nbsp;14, 2005
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>y07799a1exv32w1.htm
<DESCRIPTION>EX-32.1: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 32.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right" style="font-size: 10pt;">
<B>EXHIBIT&nbsp;32.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pursuant to 18&nbsp;U.S.C. 1350</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I, Keith A. Meister, President and Chief Executive Officer
(Principal Executive Officer) of American Property Investors,
Inc., the General Partner of American Real Estate Partners, L.P.
(the &#147;Registrant&#148;), certify that to the best of my
knowledge, based upon a review of the Registrant&#146;s annual
report on Form&nbsp;10-K/A (Amendment No.&nbsp;1) for the period
ended December&nbsp;31, 2004 (the &#147;Report&#148;):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;The Report fully complies with the requirements of
    Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of
    1934, as amended;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;The information contained in the Report fairly
    presents, in all material respects, the financial condition and
    results of operations of the Registrant.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    /s/ <FONT style="font-variant:SMALL-CAPS">Keith A. Meister
    </FONT></TD>
</TR>

<TR valign="top"  style="font-size: 3pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>Keith A. Meister</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>President and Chief Executive Officer of</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>American Property Investors, Inc.,</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>the General Partner of</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>American Real Estate Partners, L.P.</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Date: April&nbsp;14, 2005
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>y07799a1exv32w2.htm
<DESCRIPTION>EX-32.2: CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 32.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right" style="font-size: 10pt;">
<B>EXHIBIT&nbsp;32.2</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pursuant to 18&nbsp;U.S.C. 1350</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I, John P. Saldarelli, Vice President and Chief Financial
Officer (Principal Financial Officer) of American Property
Investors, Inc., the General Partner of American Real Estate
Partners, L.P. (the &#147;Registrant&#148;), certify that to the
best of my knowledge, based upon a review of the
Registrant&#146;s annual report on Form&nbsp;10-K/A (Amendment
No.&nbsp;1) for the period ended December&nbsp;31, 2004 (the
&#147;Report&#148;):
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;The Report fully complies with the requirements of
    Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of
    1934, as amended;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;The information contained in the Report fairly
    presents, in all material respects, the financial condition and
    results of operations of the Registrant.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    /s/ <FONT style="font-variant:SMALL-CAPS">John P. Saldarelli
    </FONT></TD>
</TR>

<TR valign="top"  style="font-size: 3pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>John P. Saldarelli</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>Vice President and Chief Financial Officer of</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>American Property Investors, Inc.,</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>the General Partner of</B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <B>American Real Estate Partners, L.P.</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Date: April&nbsp;14, 2005
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
