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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,
 AHcANHvAuTEMyrxL7faBZVt7d4QiyUUYTfNNRvOEF7BTNJskR60QVi7jpfAUyNyD
 7oHO0R3pZF4pkLrcXbm7Qw==

<SEC-DOCUMENT>0001209191-05-017993.txt : 20050330
<SEC-HEADER>0001209191-05-017993.hdr.sgml : 20050330
<ACCEPTANCE-DATETIME>20050330142311
ACCESSION NUMBER:		0001209191-05-017993
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041214
FILED AS OF DATE:		20050330
DATE AS OF CHANGE:		20050330

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DESERT CAPITAL REIT INC
		CENTRAL INDEX KEY:			0001274055
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				200495883
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2381 RENAISSANCE DR
		STREET 2:		SUITE C
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89119
		BUSINESS PHONE:		7027399090

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BULL STREET REAL ESTATE INVESTMENT TRUST INC
		DATE OF NAME CHANGE:	20031222

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DAWSON G STEVEN
		CENTRAL INDEX KEY:			0001020944
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-111643
		FILM NUMBER:		05713403

	BUSINESS ADDRESS:	
		STREET 1:		3200 SOUTHWEST FRWY
		STREET 2:		STE 1500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		7139643555

	MAIL ADDRESS:	
		STREET 1:		3200 SOUTHWEST FREEWAY
		STREET 2:		SUITE 1500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod23733_bod1gsda.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-14</periodOfReport>

    <issuer>
        <issuerCik>0001274055</issuerCik>
        <issuerName>DESERT CAPITAL REIT INC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001020944</rptOwnerCik>
            <rptOwnerName>DAWSON G STEVEN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2357 RENAISSANCE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE A</rptOwnerStreet2>
            <rptOwnerCity>LAS VEGAS</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89119</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Restricted Shares of Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-12-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>10.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <ownerSignature>
        <signatureName>/s/ G. Steven Dawson</signatureName>
        <signatureDate>2005-03-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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