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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=4>UNITED STATES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=4>SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>WASHINGTON, D.C.  20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=4>FORM 8-K</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>CURRENT REPORT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant to Section 13 or 15(d) of the </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported): </font><b><font size=2>June 16, 2006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>ICON Leasing Fund Eleven, LLC</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
    <tr >
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delaware</font></b><b></b></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>000-51916</font></b><b></b></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>20-1979428</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-top:solid black 1.0pt; padding:1.0pt 0in 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>(State or Other Jurisdiction of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Incorporation)</font></p> </div> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-top:solid black 1.0pt; padding:1.0pt 0in 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>(Commission</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>File Number)</font></p> </div> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <div style='border-top:solid black 1.0pt; padding:1.0pt 0in 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:12.0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p> </div> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>100 Fifth Avenue, 4</font><sup><font size=2>th</font></sup><font size=2> Floor</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>New York, New York 10011</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of Principal Executive Offices)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(212) 418-4700</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Former name or former address, if changed since last report)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:6pt; margin-top:6pt;text-align:justify;'><font size=2>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):</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>[ ]</font></p> </td>
        <td width="19" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2> </font></p> </td>
        <td width="595" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>

<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr >
        <td width="36" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>[ ]</font></p> </td>
        <td width="588" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr>
    <tr >
        <td width="36" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>[   ]</font></p> </td>
        <td width="588" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr>
    <tr >
        <td width="36" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>[   ]</font></p> </td>
        <td width="588" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Item</font></b><font size=2>&nbsp;</font><b><font size=2>8.01 Other Events</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6.95pt; margin-top:0pt;text-align:justify;'><b><font size=2>Asset Acquisition from Oceanbulk Maritime, S.A. </font></b></p>

<p style=' margin-bottom:6.95pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>On June 16, 2006, ICON Leasing Fund Eleven, LLC (&#147;Fund Eleven&#148;), through its wholly-owned subsidiaries (the &#147;Purchasers&#148;), purchased from Oceanbulk Maritime, S.A. four product tankers &#150; M/T  Spotless, Doubtless, Faithful and Vanguard (collectively, the &#147;Vessels&#148;).   The Vessels are currently subject to bareboat charters with Top Tankers, Inc. (the &#147;Charterer&#148;) that expire in February 2011.  </font></p>

<p style=' margin-bottom:6.95pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In connection with the acquisition, the Purchasers entered into a secured non-recourse loan agreement, dated June 16, 2006 between the Purchasers, Fortis Bank NV/SA, as arranger, and Fortis Bank (Nederland) N.V., as agent, security agent and swap provider (the &#147;Loan Agreement&#148;).   The Loan Agreement provides for an $80 million non-recourse term loan that matures in June 2011 and is secured by a first priority mortgage over the Vessels.  The remainder of the purchase price for the Vessels consists of (i) approximately $22.7 million in cash and (ii) the assumption of approximately $10 million of non-recourse indebtedness, secured by a second priority mortgage over the Vessels in favor of the Charterer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6.95pt; margin-top:0pt;text-align:justify;'><b><font size=2>Purchase and Sale from Old Course Investments LLC</font></b></p>

<p style=' margin-bottom:6.95pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>On June 21, 2006, Fund Eleven, through its wholly-owned subsidiaries (the &#147;Buyers&#148;), acquired of all of the issued and outstanding (i) shares of European Container AS and European Container II AS, Norwegian </font><i><font size=2>aksjeselskaps</font></i><font size=2> (the &#147;AS Shares&#148;) and (ii) limited partnership interests in European Container KS and European Container II KS, Norwegian </font><i><font size=2>kommandittselskaps</font></i><font size=2> (the &#147;KS Shares,&#148; and together with the AS Shares, the &#147;Shares&#148;), pursuant to a purchase and sale agreement, dated June 21, 2006 among Old Course Investments LLC (the &#147;Seller&#148;) and the Buyers.  The purchase price for the Shares consists of (i) approximately $35.9 million in cash, (ii) the assumption of approximately $93.3 million of non-recourse indebtedness secured by a first and second
priority mortgage in favor of HSH Nordbank AG and (iii) approximately $12 million of non-recourse indebtedness in favor of ZIM Integrated Shipping Services Ltd (&#147;ZIM&#148;).</font></p>

<p style=' margin-bottom:6.95pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>In connection with the purchase of the Shares, the Buyers acquired four container vessels &#150; M/V ZIM Japan, ZIM America, ZIM Israel and ZIM Hong Kong (collectively, the &#147;ZIM Vessels&#148;).  The ZIM Vessels are currently subject to bareboat charters with ZIM that expire in November 2010 and February 2011.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SIGNATURES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>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 hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.69in;text-align:justify;'><font SIZE=2>ICON LEASING FUND ELEVEN, LLC</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.69in;text-align:left;'><font size=2>By:  ICON CAPITAL CORP., its Manager </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="159" valign=top >
            <p ><font size=2>Dated:  June 23, 2006  </font></p></td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="188" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>By: </font><u><font size=2>/s/ Thomas W. Martin&nbsp;&nbsp;</font></u></p> </td> </tr>
    <tr>
        <td width="159" ></td>

        <td width="195" ></td>

        <td width="188" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.94in;text-align:left;'><font size=2>Thomas W. Martin</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.94in;text-align:left;'><font size=2>Chief Operating Officer </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>



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{"company-data": {"conformed-name": "ICON Leasing Fund Eleven, LLC", "cik": "0001312910", "assigned-sic": "7359", "irs-number": "201979428", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51916", "film-number": "06921686"}, "business-address": {"street1": "100 FIFTH AVENUE", "street2": "TENTH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10011", "phone": "2124184700"}, "mail-address": {"street1": "100 FIFTH AVENUE", "street2": "TENTH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10011"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  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):
June 16, 2006
ICON Leasing Fund Eleven, LLC
(Exact Name of Registrant as Specified in Charter)
Delaware
000-51916
20-1979428
(State or Other Jurisdiction of
Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
100 Fifth Avenue, 4
th
Floor
New York, New York 10011
(Address of Principal Executive Offices)
____________________
(212) 418-4700
(Registrant's telephone number, including area code)
(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
8.01 Other Events
Asset Acquisition from Oceanbulk Maritime, S.A.
On June 16, 2006, ICON Leasing Fund Eleven, LLC ("Fund Eleven"), through its wholly-owned subsidiaries (the "Purchasers"), purchased from Oceanbulk Maritime, S.A. four product tankers – M/T  Spotless, Doubtless, Faithful and Vanguard (collectively, the "Vessels").   The Vessels are currently subject to bareboat charters with Top Tankers, Inc. (the "Charterer") that expire in February 2011.
In connection with the acquisition, the Purchasers entered into a secured non-recourse loan agreement, dated June 16, 2006 between the Purchasers, Fortis Bank NV/SA, as arranger, and Fortis Bank (Nederland) N.V., as agent, security agent and swap provider (the "Loan Agreement").   The Loan Agreement provides for an $80 million non-recourse term loan that matures in June 2011 and is secured by a first priority mortgage over the Vessels.  The remainder of the purchase price for the Vessels consists of (i) approximately $22.7 million in cash and (ii) the assumption of approximately $10 million of non-recourse indebtedness, secured by a second priority mortgage over the Vessels in favor of the Charterer.
Purchase and Sale from Old Course Investments LLC
On June 21, 2006, Fund Eleven, through its wholly-owned subsidiaries (the "Buyers"), acquired of all of the issued and outstanding (i) shares of European Container AS and European Container II AS, Norwegian
aksjeselskaps
(the "AS Shares") and (ii) limited partnership interests in European Container KS and European Container II KS, Norwegian
kommandittselskaps
(the "KS Shares," and together with the AS Shares, the "Shares"), pursuant to a purchase and sale agreement, dated June 21, 2006 among Old Course Investments LLC (the "Seller") and the Buyers.  The purchase price for the Shares consists of (i) approximately $35.9 million in cash, (ii) the assumption of approximately $93.3 million of non-recourse indebtedness secured by a first and second
priority mortgage in favor of HSH Nordbank AG and (iii) approximately $12 million of non-recourse indebtedness in favor of ZIM Integrated Shipping Services Ltd ("ZIM").
In connection with the purchase of the Shares, the Buyers acquired four container vessels – M/V ZIM Japan, ZIM America, ZIM Israel and ZIM Hong Kong (collectively, the "ZIM Vessels").  The ZIM Vessels are currently subject to bareboat charters with ZIM that expire in November 2010 and February 2011.
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 hereunto duly authorized.
ICON LEASING FUND ELEVEN, LLC
By:  ICON CAPITAL CORP., its Manager
Dated:  June 23, 2006
By:
/s/ Thomas W. Martin
Thomas W. Martin
Chief Operating Officer