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                                                                    EXHIBIT 31.1

                     CERTIFICATE OF CHIEF FINANCIAL OFFICER
                  PURSUANT TO 18 U.S.C. 1350 SECTION 302(a) OF
                         THE SARBANES-OXLEY ACT OF 2002

I, John P. Saldarelli, certify that:

    1. I have reviewed the quarterly report on Form 10-Q of American Real Estate
Partners, L.P. (the 'Registrant') for the period ended September 30, 2003 (the
'Report');

    2. Based on my knowledge, the Report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by the Report;

    3. Based on my knowledge, the financial statements, and other financial
information included in the Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Registrant as
of, and for, the periods presented in the Report;

    4. The Registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and we have:

        a) designed such disclosure controls and procedures, or caused such
    disclosure controls and procedures to be designed under our supervision, to
    ensure that material information relating to the Registrant, including its
    consolidated subsidiaries, is made known to us by others within those
    entities, particularly during the period in which the Report is being
    prepared;

        b) evaluated the effectiveness of the Registrant's disclosure controls
    and procedures and presented in the Report our conclusions about the
    effectiveness of the disclosure controls and procedures as of the end of the
    period covered by this report based on such evaluation and

        c) disclosed in the Report any changes in the Registrant's internal
    control over financial reporting that occurred during the Registrant's most
    recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of
    an annual report) that has materially affected, or is reasonably likely to
    materially affect, the Registrant's internal control over financial
    reporting.

    5. The Registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
Registrant's auditors and the audit committee of Registrant's board of directors
(or persons performing the equivalent functions):

        a) all significant deficiencies and material weaknesses in the design or
    operation of internal control over financial reporting which are reasonably
    likely to adversely affect the Registrant's ability to record, process,
    summarize and report financial information; and

        b) any fraud, whether or not material, that involves management or other
    employees who have a significant role in the Registrant's internal control
    over financial reporting.

Date: November 14, 2003                        /s/ JOHN P. SALDARELLI
                                        ........................................
                                                   JOHN P. SALDARELLI
                                        TREASURER AND CHIEF FINANCIAL OFFICER OF
                                           AMERICAN PROPERTY INVESTORS, INC.,
                                                 THE GENERAL PARTNER OF
                                           AMERICAN REAL ESTATE PARTNERS, L.P.