On March 4, 2009, Mike Micone resigned from the Board of Directors (the "Board") of Vestin Realty Mortgage I, Inc. (the "Company") and the remaining directors, on March 5, 2009, appointed Robert J. Aalberts to fill the resulting vacancy. Mr. Alalberts was a member of our Board from January 2006 until he resigned in January 2008. Mr. Micone advised the Company that he resigned because his travel requirements have increased and his time no longer allows him the opportunity to serve on the Board. There are no known disagreements between the Company and the resigning director on any matter relating to the Company's operations, policies or practices. Mr. Micone was a member of the Board's Audit, Compensation and Nominating Committee's at the time of his resignation.

On March 4, 2009, the Board determined that Mr. Alalberts is "independent" pursuant to the independence standards for directors set forth in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934 and NASDAQ Rule 4200(a)(15). On March 4, 2009, the Board constituted the following committees:

Audit Committee
Kenneth A Seltzer (Chairman)
Robert J. Aalberts
Daryl C. Idler, Jr.

Compensation Committee
Robert J. Aalberts (Chairman)
Kenneth A. Seltzer
Daryl C. Idler, Jr.

Nominating Committee
Daryl C. Idler, Jr. (Chairman)
Kenneth A. Seltzer
Robert J. Aalberts

The biography of the new member of the Board is as follows:

Robert J. Aalberts was a director of Vestin Group from April 1999 to December 2005, and was a member of our Board from January 2006 until he resigned in January 2008. Since 1991, Professor Aalberts has held the Ernst Lied Professor of Legal Studies professorship in the College of Business at the University of Nevada, Las Vegas. From 1984 to 1991, Professor Aalberts was an Associate Professor of Business Law at Louisiana State University in Shreveport, Louisiana. From 1982 through 1984, he served as an attorney for Gulf Oil Company. Professor Aalberts has co-authored a book relating to the regulatory environment, law and business of real estate; including Real Estate Law (7th Ed.
(2009) 6th Ed. (2006)) published by the Thomson/West Company. He is also the author of numerous legal articles, dealing with various aspects of real estate, business and the practice of law. Since 1992, Professor Aalberts has been the Editor-in-chief of the Real Estate Law Journal. Professor Aalberts received his Juris Doctor degree from Loyola University, in New Orleans, Louisiana, a Masters of Arts from the University of Missouri, Columbia, and received a Bachelor of Arts degree in Social Sciences, Geography from the Bemidji State University in Bemidji, Minnesota. He was admitted to the State Bar of Louisiana in 1982 (currently inactive status).

A copy of the press release regarding this development is furnished as Exhibit 99.1 to this report.
A copy of the written resignation letter from Mr. Micone is furnished as Exhibit 99.2 to this report.

(d) Exhibits.

Exhibit No.   Description
  99.1          Press Release
  99.2          Resignation Letter