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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000928475-03-000130.txt : 20030818
<SEC-HEADER>0000928475-03-000130.hdr.sgml : 20030818
<ACCEPTANCE-DATETIME>20030818153910
ACCESSION NUMBER:		0000928475-03-000130
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030814
FILED AS OF DATE:		20030818

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:		9142427700

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ICAHN CARL C ET AL
		CENTRAL INDEX KEY:			0000921669
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		03853091

	BUSINESS ADDRESS:	
		STREET 1:		100 SOUTH BEDFORD ROAD
		CITY:			MT KISCO
		STATE:			NY
		ZIP:			10549
		BUSINESS PHONE:		9142427700

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-08-14</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000813762</issuerCik>
        <issuerName>AMERICAN REAL ESTATE PARTNERS L P</issuerName>
        <issuerTradingSymbol>ACP</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000921669</rptOwnerCik>
            <rptOwnerName>ICAHN CARL C ET AL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 SOUTH BEDFORD ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MT KISCO</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10549</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Chairman of the Board of GP</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Depositary Units</value>
            <footnoteId id="F1"/>
            <footnoteId id="F2"/>
      </securityTitle>
      <transactionDate>
         <value>2003-08-14</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>P</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>190000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>11.00</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>39896836</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Explanation</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> Representing Limited Partner Interests (&quot;Units&quot;)</footnote>

      <footnote id="F2"> (1) Of the 39,896,836 Units reflected on Table I, 31,515,044 Units are held directly by High Coast Limited Partnership (&quot;High Coast&quot;); 2,844,792 Units are held directly by Leyton, LLC; and 5,537,000 Units are held directly by Barberry Corp. High Coast is the sole member of Leyton LLC and may be deemed to indirectly beneficially own Leyton's Units. Beckton Corp. (&quot;Beckton&quot;), as the general partner of High Coast, may be deemed to indirectly beneficially own Units which High Coast beneficially owns indirectly and directly. Mr. Icahn, as the sole shareholder of each Beckton and Barberry, may be deemed to indirectly beneficially own Units which (i) Beckton indirectly beneficially owns through High Coast and Leyton, and (ii) Barberry directly beneficially owns.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Carl C. Icahn</signatureName>
      <signatureDate>2003-08-14</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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