SHELBOURNE PROPERTIES III INC
S-4/A, EX-23.4, 2000-09-19
REAL ESTATE INVESTMENT TRUSTS
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                                                                    EXHIBIT 23.4

                          CONSENT OF INSIGNIA/ESG, INC.

         We consent to (i) all references to us in the Registration Statement on
Form S-4 of Shelbourne Properties III, Inc. under the captions "SUMMARY,"
"ALTERNATIVES TO THE CONVERSION," "CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS" and "EXPERTS" and (ii) the filing as an exhibit to the
Registration Statement of the valuation analysis report prepared by us.

                                                     INSIGNIA/ESG, INC.


New York, New York
September 15, 2000



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