SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported)		February 4, 2008

Wells Real Estate Fund I

(Exact Name of Registrant as Specified in Charter)

Georgia

0-14463

58-1565512

(State or Other Jurisdiction of
Incorporation)

(Commission File

Number)

(IRS Employer Identification No.)


6200 The Corners Parkway, Norcross, Georgia		30092-3365
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (770) 449-7800

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.

Regulation FD Disclosure

On or about February 4, 2008, Wells Real Estate Fund I (the “Registrant”) sent a letter to pension plan trustees and IRA custodians providing 2007 annual estimated valuations in order for such pension plan trustees and custodians to comply with certain Employee Retirement Income Security Act (“ERISA”) and other requirements to report the value of the assets held in their respective plans or accounts on an annual basis. A copy of the letter is attached as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934.

Item 8.01.

Other Events

Because fiduciaries of retirement plans subject to ERISA and IRA custodians are required to determine and report the value of the assets held in their respective plans or accounts on an annual basis, the general partners of the Registrant are required under the partnership agreement to report estimated unit values to the limited partners each year in the Registrant’s annual report on Form 10-K. The methodology to be utilized for determining such estimated unit values under the partnership agreement requires the general partners to estimate the amount a unit holder would receive assuming that the Registrant’s properties were sold at their estimated fair market values as of the end of the Registrant’s fiscal year and the proceeds therefrom (without any reduction for selling expenses) plus the amount of net sales proceeds held by Registrant at year-end from previous property sales were distributed to the limited partners in liquidation. The estimated unit valuations are intended to be an estimate of the distributions that would be made to limited partners who purchased their units directly from the Registrant in the Registrant’s original public offering of units.

The general partners of the Registrant recently completed their estimated unit valuations as of December 31, 2007. Since the last of the Registrant’s properties was sold in 2007, these valuations are based entirely on the amount of net sales proceeds held at year-end, reduced by the estimated amount of an anticipated indemnification obligation to the general partners under the partnership agreement resulting from certain litigation involving the Registrant. Utilizing the foregoing methodology, the general partners of the Registrant have estimated the Registrant’s unit valuations to be approximately $19.01 per Class “A” Unit and $0.00 per Class “B” Unit as of December 31, 2007. These estimates should not be viewed as an accurate reflection of the value of the limited partners’ units, or what limited partners might be able to sell their units for. There is no established public trading market for the Registrant’s limited partnership units, and it is not anticipated that a public trading market for the units will ever develop.

The valuations performed by the general partners are estimates only, and are based on a number of assumptions which may not be accurate or complete and may or may not be applicable to any specific limited partnership units. These estimated valuations assume, and are applicable only to, limited partners who purchased their units directly from the Registrant in the Registrant’s original public offering of units. In addition, these estimated valuations are not reduced by future operating costs or anticipated dissolution costs and expenses. For these reasons, the estimated unit valuations set forth above should not be used by or relied upon by investors, other than fiduciaries of retirement plans and IRA custodians for limited ERISA and IRA reporting purposes, as any indication of the fair market value of their units. In addition, it should be noted that ERISA plan fiduciaries and IRA custodians may use estimated unit valuations obtained from other sources, such as prices paid for the Registrant’s units in secondary market trades, and that such estimated unit valuations may well be lower than those estimated by the general partners using the methodology required by the partnership agreement.

It also should be noted that the Registrant has now sold all of its properties and that, as properties are sold and the net proceeds from property sales are distributed to limited partners, the resulting value of Registrant’s limited partnership units will naturally decline. In considering the foregoing estimated unit valuations, it should be noted that the Registrant has previously distributed net sale proceeds in the amount of $165.99 per Class “A” Unit and $4.76 per Class “B” Unit to its limited partners.

Certain statements contained in this Form 8-K other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, in particular, statements about future performance and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that this report is filed with the Securities and Exchange Commission. Neither the Registrant nor the general partners make any representations or warranties (expressed or implied) about the accuracy of any such forward-looking statements. Actual results could differ materially from any forward-looking statements contained in this Form 8-K. This is neither an offer nor a solicitation to purchase securities.

Item 9.01.

Financial Statements and Exhibits

Exhibit

Number

Exhibit Title

99.1

Letter to custodian or pension plan trustee dated January 31, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.


WELLS REAL ESTATE FUND I (Registrant)

By:		/s/ Douglas P. Williams
		Douglas P. Williams Senior Vice President of Wells Capital, Inc., general partner of the Registrant

Date: February 4, 2008

INDEX TO EXHIBIT

Exhibit

Number

Exhibit Title

99.1

Letter to custodian or pension plan trustee dated January 31, 2008

WELLS REAL ESTATE FUND I 8-K