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          SECURITIES AND EXCHANGE COMMISSION
          Washington, D.C.  20549

          FORM 10-Q

          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934

          For the quarterly period ended June 30, 1997  

          Commission File Number  0-19180    

          Exact Name of Registrant as Specified in Its Charter:  T. ROWE
          PRICE RENAISSANCE FUND, LTD., A SALES-COMMISSION-FREE REAL ESTATE
          INVESTMENT            


          State or Other Jurisdiction of Incorporation or Organization: 
          Maryland

          I.R.S. Employer Identification No.:  52-1657028     

          Address and zip code of principal executive offices: 100 East
          Pratt Street, Baltimore, Maryland  21202

          Registrant's telephone number, including area code: 1-800-638-
          5660                  

               Indicate by check mark whether the registrant (1) has filed
          all reports required to be filed by Section 13 or 15(d) of the
          Securities Exchange Act of 1934 during the preceding 12 months
          (or for such shorter period that the registrant was required to
          file such reports), and (2) has been subject to such filing
          requirements for the past 90 days. Yes   X      No      

          Shares of common stock outstanding as of July 2, 1997:  1,600,062




























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          PART I - FINANCIAL INFORMATION

          Item 1.   Financial Statements

               The financial statements of T. Rowe Price Renaissance Fund,
          Ltd., A Sales-Commission-Free Real Estate Investment ("the
          Corporation") are set forth in Exhibit 19 hereto, which
          statements are incorporated by reference herein. 

          Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations.

          Liquidity and Capital Resources and Results of Operations

               The Corporation's liquidity and capital resources and its
          results of operation are discussed in the Chairman's letter on
          pages 1-2 of Exhibit 19 hereto, the Corporation's Quarterly
          Report to Security-Holders, which letter is hereby incorporated
          by reference herein.


          PART II - OTHER INFORMATION

          Item 5.   OTHER INFORMATION

               On July 28, 1997, the Corporation began mailing to
          stockholders a proxy solicitation statement seeking approval of
          several proposals, including a proposal to approve the sale of
          all of the Corporation s remaining properties to Glenborough
          Realty Trust Incorporated and to complete the liquidation of the
          Corporation.  The Corporation s annual meeting, at which this and
          other proposals will be considered, is scheduled for September
          11, 1997.

          Item 6.   Exhibits and Reports on Form 8-K

                    (a)  Exhibits: 

                         19 - Quarterly Report Furnished to Security-
                         Holders including Financial Statements for the
                         Corporation.

                         27 - Financial Data Schedule 

                    (b)  Reports on Form 8-K

                         None.



               All other items are omitted because they are not applicable
          or the answers are none.













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                                      SIGNATURES



          Pursuant to the requirements of the Securities Exchange Act of
          1934, the registrant has duly caused this report to be signed on
          its behalf by the undersigned thereunto duly authorized.


                                   T. ROWE PRICE RENAISSANCE FUND, 
                                   LTD.,A SALES-COMMISSION-FREE REAL 
                                   ESTATE INVESTMENT



          Date: August 14, 1997         By:  /s/Lucy B. Robins              
                                             Lucy B. Robins
                                             Vice President



          Date: August 14, 1997         By:  /s/ Mark S. Finn          
                                             Mark S. Finn
                                             Chief Accounting Officer 
                                             of the Corporation







































          The Quarterly Report to Stockholders for the Quarter ended June
          30, 1997 should be inserted here.