-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CR+mLDSKhoE3l/emlRIJahip6QZUGCAQqA2ah17ov/E9Fq3+klb22rICdUMz10cv
 9TNApdXcwheABgAiRvqNTA==

<SEC-DOCUMENT>0000928475-06-000292.txt : 20061228
<SEC-HEADER>0000928475-06-000292.hdr.sgml : 20061228
<ACCEPTANCE-DATETIME>20061228171734
ACCESSION NUMBER:		0000928475-06-000292
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061227
FILED AS OF DATE:		20061228
DATE AS OF CHANGE:		20061228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHEA PETER
		CENTRAL INDEX KEY:			0001384393

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		061303476

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-702-4385

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		46TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

ISSUER:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		(212) 702-4300

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK,
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3122806arepshea_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-12-27</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000813762</issuerCik>
        <issuerName>AMERICAN REAL ESTATE PARTNERS L P</issuerName>
        <issuerTradingSymbol>ACP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001384393</rptOwnerCik>
            <rptOwnerName>SHEA PETER</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>767 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>46TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10153</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>PRESIDENT</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>No securities are beneficially owned.</remarks>

    <ownerSignature>
        <signatureName>PETER SHEA</signatureName>
        <signatureDate>2006-12-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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