SHELBOURNE PROPERTIES III INC
S-4/A, EX-23.4, 2000-12-14
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 Amendment No. 4 to 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
December 8, 2000



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