SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

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

                       [X] For the quarterly period ended
                             September 30, 2005 or

     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

     For the transition period from _______________ to ____________________

                        Commission File Number: 000-21247

                         Global Realty Development Corp.
                 (Name of small business issuer in its charter)

       Delaware                                13-41058242
(Jurisdiction of organization)        (I.R.S. Employer Identification No.)

                      11555 Heron Bay Boulevard, Suite 200
                          Coral Springs, Florida 33076
                    (Address of principal executive offices)

                           Issuer's telephone number:
                                 (954) 603-0522

           Australian Agriculture and Property Development Corporation
          (Former name or former address, if changed since last report)

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 as
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. YES X NO

As of November 18, 2005, there were 86,054,334 shares of the registrant's common
stock outstanding.



<PAGE>





                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FINANCIAL STATEMENT INDEX
<TABLE>
<CAPTION>
<S>                                                                                                    <C>
     Combined Balance Sheets at September 30, 2005 (Unaudited) and December 31, 2004                      1

     Combined Statements of Operations for the Three Months and Nine Months                               2
        Ended September 30, 2005 and 2004 (Unaudited)

     Combined Statements of Cash Flows for the Nine Months                                                3
        Ended September 30, 2005 and 2004 (Unaudited)

     Notes to Financial Statements                                                                        4

</TABLE>
<PAGE>



ITEM 1. FINANCIAL STATEMENTS

                     GLOBAL REALTY DEVELOPMENT, CORPORATION
     (Formerly Australian Agriculture and Property Development Corporation)

                             COMBINED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                September 30,    December 31,
                                                                                    2005             2004
                                                                                 -------------    -------------
                                                                                  (Unaudited)
<S>                                                                            <C>               <C>
                                     ASSETS

Cash and cash equivalents                                                        $     132,504    $    139,095
Inventories-at the lower of cost or
   fair value-lots held for sale                                                    85,020,991      76,851,026
Receivables                                                                          2,785,086           5,289
Receivable from related party                                                        3,746,414       1,453,783
Property, plant and equipment                                                        1,595,530       1,600,355
                                                                                 -------------    ------------

       Total Assets                                                              $  93,280,525     $80,049,548
                                                                                 =============     ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
   Accounts payable and other liabilities                                          $52,762,846     $37,801,802
   Mortgage notes payable                                                           21,605,788      20,068,258
   Taxes payable                                                                     2,172,721       2,316,068
                                                                                 -------------    ------------

       Total Liabilities                                                            76,541,355      60,186,128

   Stockholders' Equity:
   Preferred stock, $0.001 par value, 10,000,000 shares
     authorized, no shares issued and outstanding
   Common stock $0.001 par value, 90,000,000 shares authorized, 91,419,746 and
     86,054,334 shares issued and outstanding at September 30, 2005 and December
     31, 2004,
     respectively                                                                       91,419          86,054
   Paid in capital                                                                  19,693,803      19,693,803
   Accumulated other comprehensive income                                            1,430,203       2,043,480
   Retained earnings (deficit)                                                      (4,476,255)     (1,959,917)
                                                                                 -------------    ------------

       Total Stockholders' Equity                                                   16,739,170      19,863,420
                                                                                 -------------    ------------

       Total Liabilities and Stockholders' Equity                                $  93,280,525     $80,049,548
                                                                                 =============     ===========

</TABLE>
                 See accompanying notes to financial statements.


                                       1
<PAGE>

                     GLOBAL REALTY DEVELOPMENT, CORPORATION
     (Formerly Australian Agriculture and Property Development Corporation)

                  COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>


                                                   Three Months Ended                 Nine Months Ended
                                                      September 30,                     September 30,
                                                 2005              2004             2005             2004
                                           --------------   ---------------     ------------   ---------------
<S>                                         <C>             <C>                 <C>                     <C>
REVENUES
   Land Sales                                                                                       $2,186,898
   Other                                    $      58,716   $        27,766     $    102,251            97,024
                                           --------------   ---------------     ------------   ---------------
           Total Revenue                           58,716            27,766          102,251         2,283,922

EXPENSES
   Cost of sales, including provision for
     loss on future sale of land of
     $1,978,841 in 2005 and $757,865
     in 2004                                      (11,224)            2,475        1,967,617         1,539,781
   Administrative                                 (27,555)          147,128          398,957           119,385
   Interest                                        52,855            17,675          252,015            27,524
   Depreciation                                    (3,371)
                                           --------------   ---------------     ------------   ---------------
           Total Expenses                          10,705           167,278        2,618,589         1,686,690
                                           --------------   ---------------     ------------   ---------------

Income (loss) before income taxes                  48,011          (139,512)      (2,516,338)          597,232

Income taxes                                                                                          (310,561)
                                           --------------   ---------------     ------------   ---------------

Net income (loss)                          $       48,011   $      (139,512)    $ (2,516,338)  $       286,671
                                           ==============   ===============     ============   ===============
Net (loss) income per common share
   (basic and diluted)                     $         0.01   $         (0.01)    $      (0.03)  $          0.01
                                           ==============   ===============     ============   ===============

Weighted average common shares
   outstanding                                 91,419,334        85,554,334       88,164,830        85,554,334
                                           ==============   ===============     ============   ===============

</TABLE>
                 See accompanying notes to financial statements.

                                       2
<PAGE>

                     GLOBAL REALTY DEVELOPMENT, CORPORATION
     (Formerly Australian Agriculture and Property Development Corporation)

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>


                                                                                       Nine Months Ended
                                                                                          September 30,
                                                                                    ------------------------
                                                                                      2005              2004
                                                                                    -----------    -----------
<S>                                                                                 <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income (loss)                                                                $(2,516,338)   $   286,671
   Adjustments to reconcile net loss to net cash
     from operating activities:
     Depreciation and amortization 4,825 Changes in operating assets and
   liabilities:
     Accounts receivable                                                                  5,289
     Corporate income taxes payable                                                                    309,683
     VAT taxes payable                                                                                 (92,079)
     Inventory                                                                       (8,169,965)    (3,712,129)
     Related party loans
     Accounts payable                                                                12,926,699        214,541
     Accounts receivable to related party                                            (2,292,631)
     Accrued expenses                                                                                   97,131
     Prepaid expenses                                                                                  (50,215)
     Taxes payable                                                                     (651,073)
     Deferred taxes                                                                     507,726
     Payables                                                                         2,034,345
     Other                                                                           (2,785,086)
                                                                                    -----------    -----------
         Net Cash Used in Operating Activities                                         (936,209)    (2,946,397)
                                                                                    -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES
   Purchases of property and equipment                                                                 (57,106)
                                                                                    -----------    -----------
         Net Cash Used in Investing Activities                                                         (57,106)
                                                                                    -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Change in mortgage notes payable                                                 (16,495,623)     7,854,766
   Interest bearing liabilities                                                      18,033,153
   Payable to individuals                                                                          (12,499,631)
   Due to principal stockholders                                                                     7,401,105
                                                                                    -----------    -----------
         Net Cash Used in Financing Activities                                        1,537,530      2,756,240
                                                                                    -----------    -----------

EFFECT OF EXCHANGE RATE ON CASH                                                        (607,912)        (2,060)
                                                                                    -----------    -----------

NET INCREASE (DECREASE) IN CASH                                                          (6,591)      (249,323)

CASH BEGINNING OF YEAR                                                                  139,095         32,758
                                                                                    -----------    -----------

CASH SEPTEMBER 30,                                                                  $   132,504    $  (216,565)
                                                                                    ===========    ===========

SUPPLEMENTAL DATA:
   Issuance of common stock for inventory purchases                                 $ 8,101,722
                                                                                    ===========

</TABLE>
                 See accompanying notes to financial statements.

                                       3
<PAGE>

                     GLOBAL REALTY DEVELOPMENT, CORPORATION
     (Formerly Australian Agriculture and Property Development Corporation)

                          NOTES TO FINANCIAL STATEMENTS


NOTE A -  CONDENSED FINANCIAL STATEMENTS

          In the opinion of the Company,  the accompanying  unaudited  condensed
          financial  statements  include  all  adjustments  (consisting  only of
          normal recurring accruals) which are necessary for a fair presentation
          of the results  for the periods  presented.  Certain  information  and
          footnote  disclosure,  normally  included in the financial  statements
          prepared in accordance with generally accepted accounting  principles,
          have been  condensed and omitted.  The results of  operations  for the
          three  months  and  nine  months  ended  September  30,  2005  are not
          indicative  of the results of operations  for the year ended  December
          31,  2005.  The  condensed  financial  statements  should  be  read in
          conjunction with the Company's  financial  statements  included in its
          annual Form 10 KSB for the year ended December 31, 2004.


NOTE B -  COMMITMENTS AND CONTINGENCIES

          On December  13, 2004,  in  connection  with an action  being  brought
          against a major  shareholder  of the  Company,  the  Supreme  Court of
          Victoria  in  Melbourne,   Australia  placed  an  injunction   against
          Australian  Agricultural and Property Management  Limited,  one of the
          company's  wholly owned  subsidiaries,  which  restricts the Company's
          ability to sell certain real estate  holdings  and  prohibits  certain
          business  transactions.  The  Company  has  been  informed,  and  been
          provided  with  an  opinion  by  its   Australian   counsel  that  the
          restrictions  against the Company  are without  merit.  The Company is
          currently   vigorously   challenging  the  foregoing  actions  in  the
          Australian courts and does not believe that it will have a significant
          impact on the operations of the Company.

NOTE C -  STOCKHOLDERS' EQUITY

          During  the  quarter  ended  June 30,  2005,  in  connection  with the
          acquisition of additional properties,  5,365,412 shares were agreed to
          be  issued  as part of the  contract  purchase  price.  For  financial
          statement purposes, these shares have been considered outstanding even
          though they have not been  officially  issued.  Had these  shares been
          issued,  the Company  would have exceeded its  authorized  shares that
          could be issued by 1,419,746 shares.

          The Company has  initiated the  appropriate  documents to increase the
          number of shares outstanding to 500,000,000. As at September 30, 2005,
          the documents had not been filed.

NOTE D -  RELATED PARTY TRANSACTIONS AND LETTER OF INTENT TO ACQUIRE COMPANY

          On August 20, 2005, Global Realty  Development  Corporation  (formerly
          known as Australian Agriculture and Property Development  Corporation)
          (the   "Company")   entered  into  an  Agreement  of  Settlement  (the
          "Agreement of  Settlement")  by and between  Atlantic  Wine  Agencies,
          Inc.,  a Florida  corporation  ("Atlantic"),  Dominion  Wines Ltd, ACN
          087183739,  an Australian Corporation ("Wines"),  and Dominion Estates
          Pty Ltd, ACN 072221375, an Australian corporation ("Estates";  Estates
          and Wines are  hereinafter  collectively  referred to as the  "Estates
          Group").  Pursuant  to  Agreement  of  Settlement  Atlantic  Wines and
          Estates  agreed  that it  would be in the  best  interests  of each of
          Atlantic Wines and Estates and their respective stockholders to unwind
          the  share  exchange  transaction  that  the  parties  had  previously
          consummated in accordance  with the certain Share  Exchange  Agreement
          effective as of September 4, 2004 by and among  Atlantic,  Estates and
          Wines  pursuant to which  Atlantic  had acquired all of the issued and
          outstanding shares of Estates and Wines.


                                       4
<PAGE>
                     GLOBAL REALTY DEVELOPMENT, CORPORATION
     (Formerly Australian Agriculture and Property Development Corporation)

                          NOTES TO FINANCIAL STATEMENTS


NOTE D - RELATED PARTY TRANSACTIONS AND LETTER OF INTENT TO ACQUIRE COMPANY
         (CONTINUED)

          For its part, the Company  agreed to the following  pursuant to and in
          connection with the Agreement of Settlement:

               To issue a convertible  secured  subordinated  promissory note to
               Sapphire  Developments  Limited,  a creditor of Atlantic,  in the
               principal  amount of AUD $3,200,000  (the "Sapphire  Note").  The
               Sapphire Note bears interest at a rate of 1% per annum,  requires
               monthly   payments  of  principal  and  interest   commencing  on
               September 20, 2005 and shall be due and payable in full on August
               20, 2006.  In addition,  the Sapphire  Note is  convertible  into
               shares of the  Company,  at any date  commencing  no less than 90
               days from the date of the note  through  the date of  maturity at
               the average  closing bid price as recorded on  www.otcbb.com  for
               the 10  business  days  immediately  preceding  the  election  of
               conversion. Finally, the Sapphire Note is to be secured by shares
               of common stock of the  Company,  which shares are to be provided
               by either  the  Company or its  designee  within 90 days from the
               date of the Sapphire Note, with the number of shares being posted
               to be determined by dividing the principal amount of the Sapphire
               Note then  outstanding  by the  average  closing bid price of the
               Company's  common stock for the 20 days  preceding  the date that
               such shares are delivered; and

               To accept a novation  of a note owed by Mount  Estates Pty Ltd, a
               wholly-owned subsidiary of Atlantic, and in connection therewith,
               to issue a new note to  Estates  in the  principal  amount of AUD
               $465,000 (the "Estates Note").

          In addition to the foregoing, simultaneously with the execution of the
          Agreement  of  Settlement,  the Company  entered into Term Sheets with
          Estates and Wines  pursuant  to which the  Company  intends to acquire
          each of Estates and Wines.

          The   anticipated   purchase  price  for  Estates  is  AUD  $9,100,000
          (approximately US $6,881,500), which is to be paid as follows:

               At the  closing  of the  Transaction,  the  Company  shall  issue
               1,638,000  shares of the Company's  common  stock,  for $2.00 per
               share, totaling AUD $4,335,000 (approximately US $3,276,000).

               Prior to the closing of the  transaction,  the Company shall have
               issued  the  Estates  Note  for AUD  $465,000  (approximately  US
               $351,600);

               At or prior to the  closing,  the Company  shall  assume the debt
               owed  by  Estates  to  Commonwealth  Bank  of  Australia  in  the
               approximate   amount   of  AUD   $4,300,000   (approximately   US
               $3,300,000)

               In  addition,  the  anticipated  purchase  price for Wines is AUD
               $9,000,000 (approximately US $ 6,806,000), which is to be paid as
               follows:

               At the  closing  of the  Transaction,  the  Company  shall  issue
               2,191,500  shares of the Company's  common  stock,  for $2.00 per
               share, totaling AUD $5,800,000 (approximately US $4,383,000); and

               Prior to the closing of the  transaction  the Company  shall have
               issued the Sapphire  Note for AUD  $3,200,000  (approximately  US
               $2,400,000).



                                       5
<PAGE>



                     GLOBAL REALTY DEVELOPMENT, CORPORATION
     (Formerly Australian Agriculture and Property Development Corporation)

                          NOTES TO FINANCIAL STATEMENTS


NOTE D - RELATED PARTY TRANSACTIONS AND LETTER OF INTENT TO ACQUIRE COMPANY
         (CONTINUED)

          A1 Financial Planners Pty Ltd, a company owned and controlled by Peter
          Voss and which is a principal  shareholder of both the Company, on the
          one hand,  and  Estates and Wines,  on the other  hand,  has agreed to
          pledge to the Company  1,832,500  shares of the  Company's  stock,  at
          $2.00 per share, as security for the Company's  obligations  under the
          Sapphire Note and the Estates Note AUD  $3,665,000  (approximately  US
          $2,820,000).  Such  shares  shall be  released  by the  Company  to Al
          Financial  Planners upon  completion of the Company's  acquisition  of
          Estates and Wines.

          The  Closing  of each of the  acquisition  of  Estates  and  Wines  is
          conditioned,  among other things, upon the satisfactory  completion by
          the Company of its legal, accounting,  tax and technical due diligence
          and the  approval  of the  transaction  by the  respective  boards  of
          directors  of the Company and each of the sellers.  In  addition,  the
          obligations  of the Company and each of the sellers to consummate  the
          transaction  shall  be  subject  to  customary   closing   conditions,
          including,  but not limited to, the  accuracy of  representations  and
          warranties.

          The  effect  of the above  transaction  has not been  recorded  on the
          financial  statements  since  the  convertible  note  is  offset  by a
          receivable from A1 Financial  Planners Pty Ltd and  collateralized  by
          shares of the Company's capital stock.


                                       6

<PAGE>
ITEM 2. MANGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Introduction

     The following  discussion  should be read in conjunction with the Financial
Statements  and Notes  thereto.  Our fiscal year ends December 31. This document
contains certain forward-looking statements including, among others, anticipated
trends in our financial  condition  and results of  operations  and our business
strategy.  These  forward-looking  statements  are based  largely on our current
expectations  and are  subject  to a number of risks and  uncertainties.  Actual
results could differ materially from these forward-looking statements. Important
factors to consider in evaluating such  forward-looking  statements  include (i)
changes in external  factors or in our internal  budgeting  process  which might
impact trends in our results of operations;  (ii) unanticipated  working capital
or other  cash  requirements;  (iii)  changes  in our  business  strategy  or an
inability to execute our strategy due to unanticipated changes in the industries
in which the Company operates;  and (iv) various competitive market factors that
may prevent us from competing successfully in the marketplace.

Overview

     The  primary   objective  of  the  Company's   management  is  to  maximize
shareholder  wealth.  The  Company  attempts to  accomplish  this  objective  by
increasing the number of real estate development  projects.  Management believes
revenues and earned  income can be  increased  significantly  by  acquiring  the
remaining  properties the Company has targeted in Australia  Management  further
believes by working with joint venture partners, it can rapidly begin to develop
real estate projects throughout Australia and other countries.

     The Company is primarily a residential  land  development and  homebuilding
company with properties located primarily in Australia. The principal activities
of the Company and its consolidated  subsidiaries include:  obtaining zoning and
other  entitlements  for land it owns or controls  through  purchase or purchase
options and improving the land for  residential  development by building  roads,
putting in utilities and subdividing  the land. Once the residential  land owned
by the Company is entitled, the Company may either sell unimproved land to other
developers or homebuilders,  sell improved land to homebuilders,  or participate
in joint ventures with other  developers,  investors or  homebuilders to finance
and construct infrastructure and homes.

     During  2005,  the Company will focus its  immediate  efforts to (i) obtain
properties  in Australia  that the Company has targeted for  purchase;  and (ii)
continue to expand  development  operations for its currently owned  properties.
However,  the  Company  may also  consider  other  strategic  and joint  venture
opportunities;  and there can be no assurance that the Company will  accomplish,
in whole or in part, all or any of these strategic goals.

     The Company currently has on-going  Australian projects on various seaboard
cities of the Southeastern coastal regions of Australia. The Company's inventory
of entitled land available for  homebuilding  projects will always be limited by
its  ability  to  finance  new  projects.   Therefore,  the  Company  has  begun
discussions with various  financing  organizations  for the purpose of providing
lines of credit  and  other  financings  for  current  and  future  real  estate
projects.  The  Company is  continuing  to pursue  residential  lot  acquisition
opportunities throughout Australia.

CRITICAL ACCOUNTING POLICIES

     The Securities and Exchange Commission ("SEC") defines "critical accounting
policies" as those that require  application  of  management's  most  difficult,
subjective or complex judgments, often as a result of the need to make estimates
about the  effect of matters  that are  inherently  uncertain  and may change in
subsequent periods.

     Not all of the accounting  policies  require  management to make difficult,
subjective or complex judgments or estimates.  However,  the following  policies
could be deemed to be critical within the SEC definition.

                                       7
<PAGE>
Revenue and Cost Recognition

     Revenue on product  sales is  recognized  when  persuasive  evidence  of an
arrangement  exists,  such as when a purchase order or contract is received from
the customer,  the price is fixed, title to the goods has changed and there is a
reasonable  assurance of collection of the sales  proceeds.  The Company obtains
written  purchase  authorizations  from its customers for a specified  amount of
product at a specified price and considers delivery to have occurred at the time
of shipment. Revenue is recognized at shipment and the Company records a reserve
for estimated sales returns, which is reflected as a reduction of revenue at the
time of revenue recognition.

     Revenues  from  research  and  development   activities  relating  to  firm
fixed-price  contracts are generally recognized on the  percentage-of-completion
method of accounting as costs are incurred  (cost-to-cost basis).  Revenues from
research and development activities relating to cost-plus-fee  contracts include
costs  incurred  plus a  portion  of  estimated  fees or  profits  based  on the
relationship of costs incurred to total estimated costs.  Contract costs include
all direct  material and labor costs and an  allocation  of  allowable  indirect
costs as defined by each contract,  as periodically  adjusted to reflect revised
agreed upon rates. These rates are subject to audit by the other party.  Amounts
can be  billed  on a  bi-monthly  basis.  Billing  is based on  subjective  cost
investment factors.

Use of Estimates:

     The  preparation  of financial  statements  in conformity  with  accounting
principles  generally accepted in the United States requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and the disclosure of contingent  assets and liabilities at the date
of the  financial  statements  as well as the  reported  amounts of revenues and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.  These  estimates  and  assumptions  relate to recording net revenue,
collectibility of accounts receivable, and the realizability of other intangible
assets,  accruals,  income  taxes,  inventory  realization  and  other  factors.
Management  has  exercised  reasonable  judgment  in deriving  these  estimates;
however, actual results could differ from these estimates.  Consequently, change
in conditions could affect our estimates.

                                       8
<PAGE>
Fair Value of Financial Instruments:

     The Company considers all highly liquid interest-earning investments with a
maturity of three months or less at the date of purchase to be cash equivalents.
Investments  with  maturities  beyond one year may be  classified  as short-term
based on their  highly  liquid  nature and because  such  marketable  securities
represent the investment of cash that is available for current  operations.  All
cash and  short-term  investments  are  classified as available for sale and are
recorded at market value using the specific  identification  method;  unrealized
gains and losses (excluding  other-than-temporary  impairments) are reflected in
other income.

Results of Operations
<TABLE>
<CAPTION>
<S>                                                <C>          <C>                    <C>          <C>
                                                    Three Months Ended                 Nine Months Ended
                                                       September 30,                      September 30,
                                                   ----------------------             ----------------------
                                                     2005        2004                   2005          2004
                                                   ----------- ----------             ----------- ----------

                                                    Three Months Ended                  Nine Months Ended
                                                       September 30,                       September 30,
                                                   ----------------------             ----------------------
                                                     2005        2004                   2005          2004
                                                   ----------- ----------             ----------- ----------
REVENUES
   Land Sales                                                                                     $2,186,898
   Other                                           $  58,716    $   6,584              $ 102,251
                                                   ----------- ----------             ----------- ----------
           Total Revenue                              58,716        6,584                102,251   2,186,898

EXPENSES
   Cost of sales, including provision for
     loss on future sale of land of
     $1,978,841 in 2005 and $757,865
     in 2004                                         (11,224)       2,475              1,967,617   1,539,781
   Administrative                                   (125,572)     147,128                160,305     119,385
   Interest                                           52,855                             252,015
   Depreciation                                       (3,371)
   Other                                              98,017                             238,652
                                                   ----------- ----------             ----------- ----------
           Total Expenses                             10,705      149,603              2,618,589   1,659,166
                                                   ----------- ----------             ----------- ----------

OTHER INCOME (EXPENSE)
   Rental income                                                   21,067                             69,286
   Interest income                                                    115                             27,738
   Interest expense                                               (17,675)                           (27,524)
                                                   ----------- ----------             ----------- ----------
Total Other Income                                                  3,507                             69,500


Income (loss) before income taxes                     48,011     (139,512)             (2,516,338)   597,232

Income taxes                                                                                        (310,561)
                                                   ----------- ----------             ----------- ----------

Net income (loss)                                  $  48,011   $ (139,512)            $(2,516,338)$  286,671
                                                   =========== ==========             =========== ==========
</TABLE>
                                       9
<PAGE>
THREE MONTHS ENDED SEPTEMBER 3O, 2005 VS. THREE MONTHS ENDED SEPTEMBER 3O, 2004

     Revenues of $58,716 for the three month period ended  September 30, 2005 as
compared to $6,584 for the three month period ended  September  30, 2004 reflect
the results principally from an increase in land contract sales.

     The cost of sales of $(11,224)  for the three month period ended  September
30, 2005 as  compared to the cost of sales of $2,475 for the three month  period
ended  September  30, 2004  represents a reduction for the cost of sales of land
previously sold.

     Administrative  expenses  operations  were  $(125,572)  for the three month
period ended  September 30, 2005 as compared  with  $147,128 for the  respective
prior year period.  The decrease from 2005 to 2004 is due primarily to decreases
in personnel and related costs  including  legal and accounting  fees related to
the development of land.

     During the three month period ended  September 30, 2005 the Company had net
interest  expense of $52,855 as compared  with net  interest  expense of $17,675
during the three month period ended September 30, 2004, respectively.

     The Company has $0 income taxes for the three month period ended  September
30,  2005 as compared to income  taxes of $0 for the three  month  period  ended
September 30, 2004.

     During the three month  period ended  September  30, 2005 the Company had a
net income of $48,011 as compared to a net loss of $139,512  for the three month
period ended September 30, 2004.

NINE MONTHS ENDED SEPTEMBER 3O, 2005 VS. NINE MONTHS ENDED SEPTEMBER 3O, 2004

     Revenues of $102,251 for the nine month period ended  September 30, 2005 as
compared  to  $2,186,898  for the nine month  period  ended  September  30, 2004
reflect the results principally from rental income for 2005 and the sale of land
for 2004.

     The cost of sales of $1,967,617  for the nine month period ended  September
30,  2005 as  compared  to the cost of sales of  $1,539,781  for the nine  month
period ended September 30, 2004 represents the cost of sales of land.

     Administrative  expenses  were  $160,305  for the nine month  period  ended
September  30, 2005 as compared  with  $119,385  for the  respective  prior year
period.  The increase  from 2005 to 2004 is due  primarily to increases in costs
including legal and accounting fees related to the development of land.

                                       10
<PAGE>
     During the nine month period ended  September  30, 2005 the Company had net
interest  expense of $252,015 as compared  with net interest  expense of $27,524
during the nine month period ended September 30, 2004, respectively.

     The Company has $0 income taxes for the nine month  period ended  September
30, 2005 as compared to income taxes of $310,561 for the nine month period ended
September 30, 2004.

During the nine month period ended September 30, 2005 the Company had a net loss
of $(2,516,338) as compared to net income of $286,671 for the nine month period
ended September 30, 2004.

     The  Company  had a  $16,355,227  increase  in  accounts  payable and other
liabilities  for the period ended September 30, 2005 as compared with a decrease
of $0 for the period ended September 30, 2004.

     Stockholders'  equity decreased by $3,124,250 to $16,739,170 for the period
ending  September 30, 2005 compared  $19,863,420  for the period ended September
30, 2004.

Liquidity and Capital Resources

     The Company's  ability to meet its  obligations  in the ordinary  course of
business is dependent upon its ability to establish profitable  operations.  For
the 12 month period of 2004 and 2003,  with limited land sales,  the Company has
had positive cash flow from operations. AUAP needs to raise additional financing
through public or private equity  financing,  bank financing or other sources of
capital for the purposes of acquiring new real estate development properties and
further development of its existing properties.

     The  Company's  cash  decreased  $151,561  during  the three  months  ended
September 30, 2005.  Cash flows used by operating  activities of $(246,898)  and
cash flows  used by  investing  activities  of $0 and an effect of  exchange  in
exchange rate of $33,726 were less than cash flows from financing  activities of
$61,611.   Operating   activities  used  cash  flows  to  reduce  the  Company's
inventories and receivables,  increase accounts payable,  decrease taxes payable
and increase  receivables to related parties for the nine months ended September
30, 2005.  Investing  activities  were 0 for the nine months ended September 30,
2005. Financing activities provided cash flows from mortgage notes payable.

EFFECT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

     In January 2003, the Financial  Accounting  Standards Board ("FASB") issued
interpretation  No.  46R  ("FIN  46R"),   "Consolidation  of  Variable  Interest
Entities."  Until this  interpretation,  a company  generally  included  another
entity in its consolidated financial statements only if it controlled the entity
through  voting  interests.  FIN 46R  requires a variable  interest  entity,  as
defined,  to be  consolidated  by a company  if that  company  is  subject  to a
majority of the risk of loss from the variable interest  entity's  activities or
is entitled  to receive a majority of the  entity's  residual  returns.  Certain
provisions of FIN46R were deferred until the period ending after March 15, 2004.
The adoption of FIN 46R for  provisions  effective  during 2003 has no impact on
the Company's financial position, cash flows or result of operations.

     On April 30,  2003,  the FASB issued  Statement  No. 149 ("SFAS No.  149"),
"Amendment of Statement 133 on Derivative  Instruments and Hedging  Activities."
SFAS No.  149  amends  and  clarifies  accounting  for  derivative  instruments,
including certain derivative  instruments  embedded in other contracts,  and for
hedging  activities  under  Statement  No. 133. In  particular,  this  statement
clarifies  under what  circumstances  a contract with an initial net  investment
meets the  characteristic of a derivative as discussed in Statement No. 133, and
it clarifies  when a derivative  contains a financing  component  that  warrants
special  reporting in the statement of cash flows. SFAS No. 149 is effective for
contracts  entered  into or modified  after  September  30, 2003 and for hedging
relationships  designated  after  September  30,  2003  and  is  to  be  applied
prospectively.  Upon  adoption  of SFAS No.  149,  there  was no  effect  on its
financial position, cash flows or results of operations.

                                       11
<PAGE>
     On May 15,  2003,  the FASB  issued  Statement  No.  150 ("FAS  No.  150"),
Accounting  for  Certain  Financial  Instruments  with  Characteristics  of Both
Liabilities  and Equity.  FAS No. 150  establishes  standards  for how an issuer
classifies and measures certain financial  instruments with  characteristics  of
both  liabilities  and equity.  It requires that an issuer  classify a financial
instrument  that is  within  its  scope  as a  liability  (or an  asset  in some
circumstances).  FAS No. 150 affects the issuer's  accounting for three types of
freestanding financial instruments.

     o    mandatory redeemable shares, which the issuing company is obligated to
          buy back in exchange for cash or other assets

     o    instruments  that do or may require the issuer to buy back some of its
          shares in exchange for cash or other assets;  includes put options and
          forward purchase contracts

     o    obligations  that can be settled  with shares,  the monetary  value of
          which is fixed,  tied solely or  predominantly to a variable such as a
          market  index,  or varies  inversely  with the  value of the  issuers'
          shares.

FAS No. 150 does not apply to features  embedded in a financial  instrument that
is not a  derivative  in its  entirety.  Most of the  guidance in FAS No. 150 is
effective for all financial  instruments  entered into or modified after May 31,
2003,  and otherwise is effective at the  beginning of the first interim  period
beginning  after June 15,  2003.  Upon  adoption of SFAS No.  150,  there was no
effect on its financial position, cash flows or results of operations.

     FASB Statement 123 (Revision  2004),  "Share-Based  Payment," was issued in
December 2004 and is effective for reporting  periods  beginning  after June 15,
2005.  The new statement  requires all  share-based  payments to employees to be
recognized in the financial  statements based on their fair values.  The Company
currently accounts for its share-based payments to employees under the intrinsic
value method of accounting set forth in Accounting  Principles Board Opinion No.
25,  "Accounting  for Stock  Issues to  Employees."  Additionally,  the  company
complies with the stock-based employer compensation  disclosure  requirements of
SFAS  No.  148,  "Accounting  for  Stock-Based  Compensation  -  Transition  and
Disclosure,  an amendment of FASB Statement No. 123." The Company plans to adopt
the new statement in its financial  statements for the quarter ending  September
2005.

                                       12
<PAGE>
ITEM 3. CONTROLS AND PROCEDURES

     a) Evaluation of Disclosure  Controls and  Procedures.  As of September 30,
2005, the Company's management carried out an evaluation,  under the supervision
of the Company's Chief Executive Officer and the Chief Financial Officer, of the
effectiveness  of the design and operation of the Company's system of disclosure
controls  and  procedures  pursuant to the  Securities  and  Exchange Act , Rule
13a-15(d) and 15d-15(d) under the Exchange Act. Based upon that evaluation,  the
Chief Executive Officer and Chief Financial Officer concluded that the Company's
disclosure  controls  and  procedures  were  effective,  as of the date of their
evaluation,  for the purposes of recording,  processing,  summarizing and timely
reporting material  information required to be disclosed in reports filed by the
Company under the Securities Exchange Act of 1934.

     b) Changes in  internal  controls.  There were no changes in the  Company's
internal  controls over  financial  reporting,  that occurred  during the period
covered by this report that have materially  affected,  or are reasonably likely
to materially effect, the Company's internal control over financial reporting.

                                       13
<PAGE>
                           PART II. OTHER INFORMATION

ITEM 1 LEGAL PROCEEDINGS

     On December 13, 2004, in connection  with an action being brought against a
shareholder  of the  Company,  the  Supreme  Court  of  Victoria  in  Melbourne,
Australia  placed an  injunction  against  Australian  Agriculture  and Property
Management  Limited,  one of the  Company's  wholly  owned  subsidiaries,  which
restricts  the  Company's  ability to sell  certain  real  estate  holdings  and
prohibits certain business transactions. The Company has been informed, and been
provided wit an opinion, by its Australian counsel that the restrictions against
the Company are without merit.  The Company is currently  vigorously  challenged
the foregoing actions in the Australian courts and does not believe that it will
have a significant impact on the operations of the Company.

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

     There has not been any recent unregistered sale of equity securities by the
Company.

ITEM 3 DEFAULTS UPON SENIOR SECURITIES.

     There have not been any defaults on any senior Securities.

ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to the Security Holders of the Company for a vote
during the three months ended September 30, 2005.

ITEM 5 OTHER INFORMATION

     On November 17, 2005 the Company decided that it will no longer be pursuing
the  acquisition and development of certain real estate that had been previously
owned by Elvis  Presley.  The Company has  terminated  its  interest in Circle G
Resort, LLC, an entity which was 51% owned by the Company formed to purchase the
property, as previously announced.

                                       14
<PAGE>
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K

Exhibits:

   Number           Exhibit
---------      -----------------------------------------------------------------
3.1            Certificate of  Incorporation  (incorporated  by reference to the
               Company's  Registration Statement on Form SB-2, filed on July 21,
               2000)

3.2            Amendment  to  Certificate  of  Incorporation   (incorporated  by
               reference to the Company's  Registration  Statement on Form SB-2,
               filed on July 21, 2000)

3.3            Certificate of Ownership

3.4            By-Laws (incorporated by reference to the Company's  Registration
               Statement on Form SB-2, filed on July 21, 2000)

3.5            Amendment  to  Certificate  of  Incorporation   (incorporated  by
               reference to the Company's Annual Statement on Form 10-KSB, filed
               on April 14, 2004)

3.6            Amendment  to  Certificate  of  Incorporation   (incorporated  by
               reference to the Company's Annual Statement on Form 10-KSB, filed
               on May 19, 2005)

4.1            Agreement between Barry Russell and the Company dated on or about
               July  23,  2004  (incorporated  by  reference  to  the  Company's
               Registration Statement on Form S-8, filed on March 3, 2004)

4.2            Agreement  between Benjamin  Mauerberger and the Company dated on
               or about  August  20,  2004  (incorporated  by  reference  to the
               Company's  Registration  Statement on Form S-8, filed on March 3,
               2004)

4.3            Agreement  between Gary Stewart and the Company dated on or about
               August 20,  2004  (incorporated  by  reference  to the  Company's
               Registration Statement on Form S-8, filed on April 13, 2004)

31.1           Certification  of  Principal   Executive  Officer  and  Principal
               Financial  Officer pursuant to Section 302 of the  Sarbanes-Oxley
               Act of 2002


32.1           Certification  pursuant  to 18 U.S.C.  Section  1350,  as adopted
               pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002 (Chief
               Executive Officer and Principal Financial Officer)


                                       15
<PAGE>
                                   SIGNATURES

     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

GLOBAL REALTY DEVELOPMENT CORPORATION

BY:  /s/ Robert Kohn
     ---------------
     Robert Kohn
     Chief Executive Officer and
     Chief Financial Officer

Dated:  November 21, 2005
                                       16