**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-QSB **

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

**ACT      OF 1934 **

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

**ACT      OF 1934 **

*Commission      File Number: 000-21247*

**Global      Realty Development Corp.**

|  Delaware                                      |  30-0360216                                                         |
|-----------------------------------------------------|--------------------------------------------------------------------------|
|  (Jurisdiction                of organization) |  (I.R.S.                Employer Identification                No.) |

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**PART      I.**
**FINANCIAL      INFORMATION**

**ITEM      1.**
**FINANCIAL      STATEMENTS**

**FINANCIAL      STATEMENT INDEX**

| CombinedBalance              Sheets at March 31, 2007 (Unaudited) and December 31,              2006                                          |   |   | 1      |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|                                                                                                                                               |   |   |   |   |
| CombinedStatements                of Operations for the Three Months Ended March 31, 2007 and 2006                (Unaudited)                      |   |   | 2      |   |
|                                                                                                                                               |   |   |   |   |
| Combined                Statements                of Cash Flows for the Three Months Ended                March 31, 2007 and 2006 (Unaudited) |   |   | 3      |   |
|                                                                                                                                               |   |   |   |   |
| Notes              to Financial              Statements                                                                                  |   |   | 4      |   |

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**GLOBAL        REALTY DEVELOPMENT CORPORATION**

**Consolidated        Balance Sheets **

|                                                                              |   |   |                                |   |   |                              |   |
|-----------------------------------------------------------------------------------|--------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                                   |   |   | **March                  31**  |   |   | **December                  31,** |   |
|                                                                              |   |   | **2007**                            |   |   | **2006**                          |   |
|                                                                                   |   |   | **(Unaudited)**                |   |   |                              |   |
| **ASSETS**                                                                        |   |   |                                |   |   |                              |   |
|                                                                              |   |   |                                |   |   |                              |   |
| Cash                  and cash equivalents                                        |   | $      | 332,951                             |   | $      | 110,979                           |   |
| Inventories-at                  the lower of cost or                              |   |   |                                |   |   |                              |   |
| fair                  value-lots held for sale                                    |   |   | 22,900,247                          |   |   | 29,469,111                        |   |
| Receivables                                                                       |   |   | 163,631                             |   |   | 219,827                           |   |
| Deposits                                                                          |   |   | 545,739                             |   |   | -                                 |   |
| Receivable                  from related party                                    |   |   | 2,611,369                           |   |   | 2,611,369                         |   |
| Prepaid                  expenses                                                 |   |   | 602,294                             |   |   | 1,091,500                         |   |
| Film                  Rights                                                      |   |   | 618,000                             |   |   | 618,000                           |   |
| Goodwill                                                                          |   |   | 6,794,000                           |   |   | 6,794,000                         |   |
| Property,                  plant and equipment, net                               |   |   | 1,954,217                           |   |   | 1,911,514                         |   |
|                                                                              |   |   |                                |   |   |                              |   |
| **TOTAL                  ASSETS**                                            |   | $      | 36,522,448                          |   | $      | 42,826,300                        |   |
|                                                                              |   |   |                                |   |   |                              |   |
|                                                                              |   |   |                                |   |   |                              |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                         |   |   |                                |   |   |                              |   |
|                                                                              |   |   |                                |   |   |                              |   |
| **Liabilities:**                                                                  |   |   |                                |   |   |                              |   |
| Convertible                  subordinated note                                    |   | $      | -                                   |   | $      | 2,400,000                         |   |
| Accounts                  payable and other liabilites                            |   |   | 1,628,854                           |   |   | 1,332,083                         |   |
| Mortgage                  notes payable                                           |   |   | 16,809,147                          |   |   | 19,924,616                        |   |
| Accrued                  interest expense                                         |   |   | 228                                 |   |   | 876,903                           |   |
| Accrued                  salaries and benefits                                    |   |   | 507,887                             |   |   | 454,963                           |   |
| Loans                  from related parties-unsecured                             |   |   | 580,853                             |   |   | 585,041                           |   |
| Income                  taxes payable                                             |   |   | 2,144,075                           |   |   | 2,302,729                         |   |
| Other                  taxes payable                                              |   |   | 2,229,138                           |   |   | 1,619,837                         |   |
|                                                                              |   |   |                                |   |   |                              |   |
| **Total                  Liabilities**                                            |   |   | 23,900,182                          |   |   | 29,496,172                        |   |
|                                                                              |   |   |                                |   |   |                              |   |
|                                                                              |   |   |                                |   |   |                              |   |
| **Stockholders'                  equity**                                         |   |   |                                |   |   |                              |   |
| Preferred                  stock, $0.001 par value, 10,000,000 shares authorized, |   |   |                                |   |   |                              |   |
| no                  shares issued and outstanding                                 |   |   |                                |   |   | -                                 |   |
| Common                  stock, $0.001 par value, 500,000,000 shares               |   |   |                                |   |   |                              |   |
| authorized,                  99,532,742 shares issued and outstanding             |   |   |                                |   |   |                              |   |
| at                  March 31, 2007 and December 31, 2006, respectively            |   |   | 99,533                              |   |   | 99,533                            |   |
| Paid                  in capital                                                  |   |   | 36,525,926                          |   |   | 35,917,345                        |   |
| Accumulated                  other comprehensive income                           |   |   | 2,376,381                           |   |   | 2,321,164                         |   |
| Retained                  earnings (deficit)                                      |   |   | (26,379,574                         | )      |   | (25,007,914                       | )      |
|                                                                              |   |   |                                |   |   |                              |   |
| **Total                  stockholders' equity**                                   |   |   | 12,622,266                          |   |   | 13,330,128                        |   |
|                                                                              |   |   |                                |   |   |                              |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY**              |   | $      | 36,522,448                          |   | $      | 42,826,300                        |   |
|                                                                              |   |   |                                |   |   |                              |   |
|                                                                              |   |   |                                |   |   |                              |   |

----

**GLOBAL      REALTY DEVELOPMENT, CORPORATION**

**Consolidated        Statements of Operations (Unaudited)**

|                                                            |   |                                            |       |     |   |
|-----------------------------------------------------------------|--------|-------------------------------------------------|------------|----------|--------|
|                                                            |   | **For                  the Three Months Ended** |
|                                                            |   | **March                  31**                   |       |
|                                                            |   | **2007**                                        |       | **2006** |   |
|                                                            |   |                                            |       |     |   |
| **REVENUES**                                                    |   |                                            |       |     |   |   |   |
| Land                  sales                                     |   | $                                               | 9,078,993  |     | $      | - |   |
| Other                                                           |   |                                            | 46,543     |     |   | 44,123 |   |
|                                                            |   |                                            |       |     |   |   |   |
| **Total                  Revenue**                              |   |                                            | 9,125,536  |     |   | 44,123 |   |
|                                                            |   |                                            |       |     |   |   |   |
| **EXPENSES**                                                    |   |                                            |       |     |   |   |   |
| Cost                  of sales                                  |   |                                            | 8,110,251  |     |   | 49,158 |   |
| Administrative                                                  |   |                                            | 2,295,119  |     |   | 732,177 |   |
| Interest                                                        |   |                                            | 89,311     |     |   | 69,516 |   |
| Depreciation                                                    |   |                                            | 2,515      |     |   | 2,251 |   |
|                                                            |   |                                            |       |     |   |   |   |
| **Total                  Expenses**                             |   |                                            | 10,497,196 |     |   | 853,102 |   |
|                                                            |   |                                            |       |     |   |   |   |
|                                                            |   |                                            |       |     |   |   |   |
| **Loss                  before income taxes**                   |   |                                            | (1,371,660 | )        |   | (808,979 | ) |
|                                                            |   |                                            |       |     |   |   |   |
| **Income                  taxes**                               |   |                                            | -          |     |   | - |   |
|                                                            |   |                                            |       |     |   |   |   |
| **Net                  loss**                                   |   | $                                               | (1,371,660 | )        | $      | (808,979 | ) |
|                                                            |   |                                            |       |     |   |   |   |
| **Net                  loss per common share**                  |   |                                            |       |     |   |   |   |
| **(basic                  & diluted)**                      |   | $                                               | (0.01      | )        | $      | (0.01 | ) |
|                                                            |   |                                            |       |     |   |   |   |
| **Weighted                  average common shares outstanding** |   |                                            |       |     |   |   |   |
| **(basic                  & diluted)**                      |   |                                            | 99,532,742 |     |   | 86,054,334 |   |
|                                                            |   |                                            |       |     |   |   |   |

----

**GLOBAL        REALTY DEVELOPMENT, CORPORATION**

**Consolidated        Statements of Cash Flows (Unaudited)**

|                                                                     |   |                                            |       |   |   |
|--------------------------------------------------------------------------|--------|-------------------------------------------------|------------|--------|--------|
|                                                                     |   | **For                  the Three Months Ended** |       |
|                                                                     |   | **March                  31, 2007**             |       |
|                                                                     |   |                                            | **2007**   |   |   | **2006** |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES:**               |   |                                            |       |   |   |   |   |
| Net                  loss                                                |   | $                                               | (1,371,660 | )      | $      | (808,979 | ) |
| Adjustments                  to reconcile net loss to net cash           |   |                                            |       |   |   |   |   |
| from                  operating activities:                              |   |                                            |       |   |   |   |   |
| Depreciation                  and amortization                           |   |                                            | 2,515      |   |   | 2,251 |   |
| Amortization                  of prepaid consulting expenses             |   |                                            | 680,250    |   |   | - |   |
| Stock                  based compensation                                |   |                                            | 608,581    |   |   | 245,353 |   |
| Decrease                  (increase) in assets:                          |   |                                            |       |   |   |   |   |
| Accounts                  Receivable                                     |   |                                            | 56,196     |   |   | (15,083 | ) |
| Deposits                                                                 |   |                                            | (545,739   | )      |   | - |   |
| Inventory                                                                |   |                                            | 6,568,864  |   |   | 1,124,984 |   |
| Accounts                  receivable to related party                    |   |                                            | -          |   |   | (49,229 | ) |
| Prepaid                  expenses                                        |   |                                            | (191,044   | )      |   | - |   |
| Increase                  (decrease) in liablilties:                     |   |                                            |       |   |   |   |   |
| Accounts                  payable                                        |   |                                            | 296,771    |   |   | 16,642 |   |
| Accrued                  salaries and benefits                           |   |                                            | 52,924     |   |   | - |   |
| Taxes                  payable                                           |   |                                            | (158,654   | )      |   | 2,155 |   |
| Accrued                  interest                                        |   |                                            | (876,675   | )      |   | - |   |
| Other                  taxes payable                                     |   |                                            | 609,301    |   |   | - |   |
|                                                                     |   |                                            |       |   |   |   |   |
| **NET                  CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES** |   |                                            | 5,731,630  |   |   | 518,094 |   |
|                                                                     |   |                                            |       |   |   |   |   |
|                                                                     |   |                                            |       |   |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES:**               |   |                                            |       |   |   |   |   |
| Capital                  expeditures                                     |   |                                            | -          |   |   | (140,860 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| **NET                  CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES** |   |                                            | -          |   |   | (140,860 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
|                                                                     |   |                                            |       |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES:**               |   |                                            |       |   |   |   |   |
| Notes                  payable                                           |   |                                            | (2,400,000 | )      |   | - |   |
| Mortgages                  payable, net                                  |   |                                            | (3,115,469 | )      |   | (491,127 | ) |
| Loans                  from related parties, unsecured                   |   |                                            | (4,188     | )      |   | 318,904 |   |
| Loans                  from related parties, secured                     |   |                                            | -          |   |   | (129,423 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| **NET                  CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES** |   |                                            | (5,519,657 | )      |   | (301,646 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| **EFFECT                  OF EXCHANGE RATE CHANGES ON CASH**             |   |                                            | 9,999      |   |   | (79,311 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| **NET                  INCREASE (DECREASE) IN CASH**                     |   |                                            | 221,972    |   |   | (3,723 | ) |
|                                                                     |   |                                            |       |   |   |   |   |
| **CASH,**beginning                  of year                              |   |                                            | 110,979    |   |   | 20,670 |   |
|                                                                     |   |                                            |       |   |   |   |   |
| **CASH,**                  end of period                                 |   | $                                               | 332,951    |   | $      | 16,947 |   |
|                                                                     |   |                                            |       |   |   |   |   |

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**ITEM      2. **
**MANGEMENT’S      DISCUSSION AND ANALYSIS OR PLAN OF OPERATION**

**INTRODUCTION      **

*** ***

**Overview**

**Entertainment**

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**Real      Estate**

**CRITICAL      ACCOUNTING POLICIES**

**Revenue      and Cost Recognition**

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**Use      of Estimates:**

**Fair      Value of Financial Instruments:**

**Results      of Operations**

|                                                                                                                                                                                   |   | Three                  Months             |       | Three                  Months              |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|------------|--------------------------------------------|--------|
|                                                                                                                                 |   |                     Ended  |       | Ended                                      |   |
|                                                                                                                                                                                                            |   | March                  31, 2007      |       | March                  31, 2006  |   |
| Total                  Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                         | 9,125,536  |                                       | $      | 44,123 |   |
|  Cost                  of                  Sales                                                                                                                                                                                                                                                                                                                                          |   | $                                         | 8,110,251  |                                       | $      | 49,148 |   |
|  Selling,                  General and Administrative Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                                         | 2,295,119  |                                       | $      | 732,177 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                      |       |                                       |   |   |   |
| Other                  Income (Expense)                                                                                                                                                                                                                                                                                                           |   |                                      |       |                                       |   |   |   |
| Depreciation                                                                                                                                                                                                                                                      |   | $                                         | $2,515     |                                       | $      | 2,251 |   |
| Interest                  Expense                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                         | 89,311     |                                       | $      | 69,516 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                      |       |                                       |   |   |   |
| Net                  income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                                         | (1,371,660 | )                                          | $      | (808,979 | ) |

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**THREE      MONTHS ENDED MARCH 31, 2007 VS. THREE MONTHS ENDED MARCH 31,      2006**

**LIQUIDITY      AND CAPITAL RESOURCES**

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**EFFECT      OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS**

*The      Fair Value Option for Financial Assets and Financial Liabilities*

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**ITEM      3. CONTROLS AND PROCEDURES **

|   | a) | Evaluation                of Disclosure Controls and Procedures. As of March 31, 2007, 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. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PART      II. OTHER INFORMATION**

**ITEM      1 LEGAL PROCEEDINGS**** **

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

**ITEM      3****DEFAULTS      UPON SENIOR SECURITIES****.**

**ITEM      4****SUBMISSION      OF MATTERS TO A VOTE OF SECURITY HOLDERS**

**ITEM      5****OTHER      INFORMATION**

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**ITEM      6 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    |   | Amendment                to Certificate of Incorporation (incorporated by reference to the                Company’s Registration Statement on Form SB-2, filed on July 21,                2000)                                                              |
|   |   |                                                                                                                                                                                                                                                               |
| 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 pursuant to                Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                               |
| 31.2   |   | Certification                of 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)                                                       |
|   |   |                                                                                                                                                                                                                                                               |
| 32.2   |   | Certification                pursuant to 18 U.S.C. Section 1350, as                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                (Chief                Financial Officer)                                                       |

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**SIGNATURES**

|         |                                                                 |                              |
|--------------|----------------------------------------------------------------------|-----------------------------------|
|         | **GLOBAL                REALTY****DEVELOPMENT                CORP.** |
|    |                                                            |                         |
|         | By:                                                        | /s/ Robert              Kohn |
|         | Robert Kohn Chief Executive Officer                             |
|         |                                                                 |

|  NAME                                              |                  TITLE                                                          |   DATE                              |
|---------------------------------------------------------|--------------------------------------------------------------------------------------|-----------------------------------------------|
|                                                    |                                                                                 |                                          |
| /s/ Robert Kohn  Robert                Kohn   |  Director                and Chief Executive                Officer   |  May                18, 2007   |
|                                                    |                                                                                 |                                          |
|  /s/ Roger Davis Roger                  Davis |  Director                and Chief Financial                Officer   |  May                18, 2007   |