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 March 31, 2006 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


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 May 16, 2006,  there were  90,631,469  shares of the  registrant's  common
stock outstanding.
<PAGE>

                         PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

FINANCIAL STATEMENT INDEX

     Combined Balance Sheets at March 31, 2006 (Unaudited)
        and December 31, 2005                                              1

     Combined Statements of Operations for the Three Months
        Ended March 31, 2006 and 2005 (Unaudited)                          2

     Combined Statements of Cash Flows for the Three Months
        Ended March 31, 2006 and 2005 (Unaudited)                          3

     Notes to Financial Statements                                         4



<PAGE>
Item 1. Financial Statements

                         GLOBAL REALTY DEVELOPMENT CORP.

                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                    March 31,      December 31,
                                                                                      2006              2005
                                                                                   (Unaudited)
                                     ASSETS
<S>                                                                             <C>             <C>
Cash and cash equivalents                                                       $       16,947  $       20,670
Inventories-at the lower of cost or
   fair value-lots held for sale                                                    50,138,305      51,263,289
Trade and other receivables                                                            358,937         343,854
Receivable from related party                                                          623,901         574,672
Property, plant and equipment , net                                                  1,729,747       1,591,138
                                                                                --------------  --------------
       Total Assets                                                             $   52,867,837     $53,793,623
                                                                                ==============  ==============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
   Convertible subordinated note                                                $    2,400,000  $    2,400,000
   Accounts payable and other liabilities                                           11,579,900      11,422,129
Mortgage notes payable                                                              20,435,718      20,926,845
   Accrued interest expense                                                            495,527         699,463
   Loans from related parties-unsecured                                              2,168,447       1,849,543
   Loans from related parties-secured                                                5,031,465       5,160,888
   Income taxes payable                                                              2,409,542       2,346,735
   Other taxes payable                                                                 563,983         566,138
                                                                                --------------  --------------
       Total Liabilities                                                            45,084,582      45,371,741
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, 86,277,382 and
      86,054,334  shares  issued and outstanding at
      March 31, 2006 and December 31, 2005, respectively                                86,277          86,054
Paid in capital                                                                     19,938,933      19,693,803
   Accumulated other comprehensive income                                            1,169,652       1,244,653
Retained earnings (deficit)                                                        (13,411,607)    (12,602,628)
                                                                                --------------  --------------
       Total Stockholders' Equity                                                    7,783,255       8,421,882
                                                                                --------------  --------------
       Total Liabilities and Stockholders' Equity                               $   52,867,837  $   53,793,623
                                                                                ==============  ==============

</TABLE>
                 See accompanying notes to financial statements.

                                       1
<PAGE>
                         GLOBAL REALTY DEVELOPMENT CORP.

                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>
                                                          For the Three Months Ended
                                                                  March 31,

                                                         2006                    2005
<S>                                                  <C>                    <C>
Revenues:
   Other                                             $    44,123            $     6,489
                                                     -----------            -----------
     Total Revenue                                        44,123                  6,489
Expenses:
   Cost of sales                                          49,158
   Administrative                                        732,177                 45,174
   Stock based compensation
   Interest                                               69,516                199,904
   Depreciation                                            2,251                  1,888
                                                     -----------            -----------
     Total Expenses                                      853,102                246,966
                                                     -----------            -----------
Net income (loss)                                    $  (808,979)           $  (240,477)

Net (loss) income per common share
   (basic and diluted)                               $      (0.1)           $     (0.01)
                                                     ===========            ===========
Weighted average common shares outstanding            86,054,334             86,054,334
                                                     ===========            ===========

                 See accompanying notes to financial statements.
</TABLE>
                                       2
<PAGE>
                         GLOBAL REALTY DEVELOPMENT CORP.

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

                                                                                     For The Three Months Ended
                                                                                             March 31,
                                                                                       2006             2005

<S>                                                                               <C>            <C>
CASH FLOWS FROM
OPERATING
   ACTIVITIES
   Net loss                                                                       $  (808,979)   $    (240,477)
   Adjustments to reconcile net loss to
     cash flows from operating activities:
       Depreciation                                                                     2,251            1,888
       Stock based compensation                                                       245,353
   Changes in operating activities:
     Decrease in prepaid expenses
       Decrease (Increase) in inventories                                           1,124,984          152,786
     Decrease (Increase) in receivables                                               (15,083)           4,435
       Increase in receivable from related parties                                    (49,229)        (316,376)
      Increase (Decrease) in accounts payable and
       other liabilities                                                               16,642           68,409
     Decrease in taxes payable                                                          2,155          (92,058)
                                                                                 ------------    -------------
         NET CASH USED IN
            OPERATING ACTIVITIES                                                      518,094         (421,393)
                                                                                 ------------    -------------
CASH FLOWS FROM INVESTING
   ACTIVITIES
   Capital expenditures                                                              (140,860)
                                                                                 ------------    -------------
       NET CASH USED IN
         INVESTING ACTIVITIES                                                        (140,860)
                                                                                 ------------    -------------
   CASH FLOWS FROM FINANCING
   ACTIVITIES
   Mortgages notes payable, net                                                      (491,127)       1,103,033
   Loans from related parties, unsecured                                              318,904
   Loans from related parties, secured                                               (129,423)
                                                                                 ------------    -------------
       NET CASH PROVIDED BY (USED IN)
         FINANCING ACTIVITIES                                                        (301,646)       1,103,033
                                                                                 ------------    -------------
EFFECT OF EXCHANGE RATE
   CHANGES ON CASH                                                                    (79,311)        (422,968)
                                                                                 ------------    -------------
(Decrease) INCREASE IN CASH                                                            (3,723)         258,672

CASH, BEGINNING OF PERIOD                                                              20,670          139,095
                                                                                 ------------    -------------
CASH, END OF PERIOD                                                              $     16,947    $     397,767
                                                                                 ============    =============

</TABLE>
                 See accompanying notes to financial statements.

                                       3
<PAGE>
                         GLOBAL REALTY DEVELOPMENT CORP.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 March 31, 2006


NOTE A - CONDENSED FINANCIAL STATEMENTS

         In the opinion of the Company, the accompanying  unaudited consolidated
         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
         ended March 31, 2006 are not  indicative  of the results of  operations
         for  the  year  ended  December  31,  2006.  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, 2005.

NOTE B - GOING CONCERN

         As indicated in the accompanying financial statements,  the Company has
         an accumulated  deficit of $13,411,607 at March 31, 2006.  Management's
         plans include the raising of capital  through the equity market and the
         generating of revenue  through its  business.  Failure to raise capital
         and  generate  sales  revenues  could  result in the Company  having to
         curtail or cease  operations.  Additionally,  even if the Company  does
         raise sufficient capital to support its operating expenses and generate
         revenues,  there  can  be  no  assurances  that  the  revenue  will  be
         sufficient  to enable it to develop  business  to a level where it will
         generate  profits and cash flows from  operations.  These matters raise
         substantial  doubt about the  Company's  ability to continue as a going
         concern.  However,  the  accompanying  financial  statements  have been
         prepared on a going concern basis,  which  contemplates the realization
         of assets and  satisfaction  of  liabilities  in the  normal  course of
         business.  These  financial  statements do not include any  adjustments
         relating to the recovery of the recorded  assets or the  classification
         of the liabilities that might be necessary should the Company be unable
         to continue as a going concern.

NOTE C -  LITIGATION

         On August 20, 2005, the Company entered into an agreement of settlement
         with Atlantic Wine  Agencies,  Inc.,  Dominion  Wines Ltd. and Dominion
         Estates  Pty.,  Ltd. and issued a convertible  subordinated  promissory
         note to Sapphire  Development  Limited in the amount of $2,400,000 (See
         Note C).  Simultaneously,  the  Company  received  a pledge of the same
         amount from Mr. Peter Voss, a principal shareholder of the Company. The
         convertible  note  was due on  August  20,  2005  and is  currently  in
         default.  On May 2, 2006,  attorneys for Sapphire  Development  Limited
         filed a consent judgment against the Company.

NOTE D - STOCKHOLDERS' EQUITY

         On January 27, 2006,  the Board of Directors  authorized an increase in
         its authorized common stock to 500,000,000 shares.

         On January 30, 2006, the Company issued  2,254,087 shares of its common
         stock to be held in escrow  for the  benefit  of  Sapphire  Development
         Limited in connection  with their pending  lawsuit against the Company.
         The shares were never delivered to the escrow agent and are held in the
         Company's treasury.

         On March 3,  2006,  the  Company  designated  1,000,000  shares  of its
         authorized  preferred  stock as Series A Preferred  Stock with a stated
         value of $2,500. The Series A Preferred Stock is convertible one year


                                       4
<PAGE>
                         GLOBAL REALTY DEVELOPMENT CORP.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                 March 31, 2006


NOTE D - STOCKHOLDERS' EQUITY (CONTINUED)

         from date of issuance  into common  stock of the Company at the rate of
         one share of Preferred to 50 shares of common stock.

         On March 27, 2006,  the Board of Directors  authorized  the adoption of
         the 2006 Incentive Stock Option Plan and reserved  13,600,000 shares of
         common stock for the plan.

         On March 27, 2006,  the Board of Directors  authorized  the issuance of
         5,440,000  stock options under the 2006 Incentive  Stock Option Plan to
         its Chief Executive  officer at $1.05 per share.  3,440,000  shares are
         exercisable  immediately and 2,000,000  shares are exercisable on March
         31, 2007. The value of these options are  calculated at $1,412,768.  No
         expense has been  recorded at March 31, 2006 since these  options  were
         authorized at the end of the quarter.

         During the quarter ended March 31, 2006,  the Company issued 223,048 of
         its common  shares for  professional  fees  incurred.  The shares  were
         valued at $1.05 per share.

NOTE E - SUBSEQUENT EVENT

         On May 4, 2006,  the Board of  Directors  authorized  the  issuance  of
         2,100,000 shares of common stock to Redwood Consultants for services to
         be provided over the ensuing 12 months.



                                       5
<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. (See "Factors Which May Affect Future Results"). 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  and seeking  other
business  opportunities.  Management  believes revenues and earned income can be
increased  by acquiring  the  remaining  properties  the Company has targeted in
Australia and by acquiring interests in real estate development  projects in the
United  States.  Management  further  believes  by working  with  joint  venture
partners,  it can  rapidly  begin to develop  real  estate  projects  throughout
Australia, the United States and other countries.

     The Company to date has been  primarily a commercial and  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
commercial and residential  development by building roads,  putting in utilities
and subdividing  the land.  Once the land owned by the Company is entitled,  the
Company may either sell  unimproved  land to other  developers or  homebuilders,
sell improved land to other developers or homebuilders,  or participate in joint
ventures  with other  developers,  investors  or  homebuilders  to  finance  and
construct infrastructure and homes.

     The Company currently has on-going  Australian projects on various seaboard
cities of the Eastern coastal regions of Australia.  The Company's  inventory of
entitled  land  available  for 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 lot acquisition opportunities throughout Australia.

     Real estate held for current  development  or sale and land held for future
development  (real estate  properties) are carried at fair value.  The Company's
real estate properties are subject to a number of uncertainties which can affect
the values of those assets. These uncertainties include litigation or appeals of
regulatory  approvals and availability of adequate  capital,  financing and cash
flow.  In  addition,  future  values may be  adversely  affected by increases in
property  taxes,  increases  in the  costs  of labor  and  materials  and  other
development  risks,  changes in general  economic  conditions,  including higher
mortgage  interest rates, and other real estate risks such as the general demand
for housing and the supply of competitive  products.  Real estate  properties do
not constitute liquid assets and, at any given time, it may be difficult to sell
a particular property for an appropriate price.

                                       6
<PAGE>
     During 2004 the  Supreme  Court of Victoria  in  Melbourne,  Australia  had
issued an order to  restrain  business  operations  of the  subsidiaries  of the
Company. Due to that order, the Company suffered damages and losses. As of March
3, 2006 the  Supreme  Court of Victoria in  Melbourne,  Australia  has issued an
order  immediately  releasing  all  of the  properties  held  by  the  Company's
Australian  subsidiaries  from all restraints that were in effect as a result of
an action  being  brought  against a  shareholder  of the Company in the Supreme
Court of Victoria in Melbourne,  Australia.  The favorable ruling, which results
in the  immediate  turning  over of all cash funds,  real estate  assets and the
operations of the Company's Australian subsidiaries back to the Company, did not
require the Company to make any payments.

     Because  of  wrongful  injunction  for the  past 15  months,  all  sales of
properties were stopped as well as development activities.  Therefore,  revenues
were only a result of rental income for 2005.

     The Company  intends to pursue the  recovery of damages and losses which it
believes is in excess of $79 Million AUD. A hearing date of August 2006 has been
set to hear our claim  costs as a non party.  The case to recover  damages  will
follow the hearing of the claim for costs at a date to be set by the Court.

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.

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.

                                       7
<PAGE>
     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.

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>
                                                           Three Months        Three Months
                                                               Ended               Ended
                                                           March 31, 2006      March 31, 2005
                                                            ----------           ---------
<S>                                                         <C>                  <C>
 Total Revenue . . . . . . .                                $   44,123           $   6,489
                                                            ==========           =========
 Cost of Sales                                              $   49,148           $       0
 Selling, General and Administrative Expenses               $  732,177           $  45,174

 Other Income (Expense)
 Depreciation                                               $    2,251           $   1,888
 Interest Expense                                           $   69,516           $ 199,904
                                                            ----------           ---------
 Net income (loss)                                          $ (853,102)          $(240,477)
</TABLE>
                                       8
<PAGE>
THREE MONTHS ENDED MARCH 31, 2006 VS. THREE MONTHS ENDED MARCH 31, 2005


     Revenues  of $44,123  for the three  month  period  ended March 31, 2006 as
compared to $6,489 for the three month  period  ended March 31, 2005 reflect the
results principally from rental income.

     The cost of sales of $49,148  for the three  month  period  ended March 31,
2006 as  compared to the cost of sales of $0 for the three  month  period  ended
March 31, 2005 represents the cost of sales of options on land.

     Expenses  from  operations  were  $732,177 for the three month period ended
March 31, 2006 as compared  with $45,174 for the  respective  prior year period.
The increase from 2006 to 2005 is due primarily to increases in consulting  fees
and related costs including legal and accounting fees.

     During the three  month  period  ended  March 31,  2006 the Company had net
interest  expense of $69,516 as compared  with net interest  expense of $199,904
during the three month period ended March 31, 2005, respectively.

     The Company has $0 income  taxes for the three month period ended March 31,
2006 as compared to income  taxes of $0 for the three month  period  ended March
31, 2005.

     During the three  month  period  ended March 31, 2006 the Company had a net
loss of  $853,102  as  compared  to a net loss of  $240,477  for the three month
period ended March 31, 2005.

     The  Company  had  a  $157,771  increase  in  accounts  payable  and  other
liabilities  for the period  ended  March 31,  2006 as  compared  with a $68,409
increase in accounts  payable and other  liabilities  for the period ended March
31, 2005.

Stockholders'  equity  decreased by  $11,416,720  to  $7,783,255  for the period
ending  March 31, 2006  compared to  $19,199,975  for the period ended March 31,
2005.

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 2005,  because of the  sanctions  of the Court,  the Company had
limited  operating  abilities,  and, as a result,  had  negative  cash flow from
operations. Global 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 to further  development of
its existing properties. Global also intends to sell properties to increase cash
flows now that the  restraining  order  has been  released.  We  cannot  predict
whether  we will be  successful  in  obtaining  sufficient  capital  to fund the
acquisition  of  new  real  estate   development   properties  and  the  further
development of existing properties.  If we are unable to obtain sufficient funds
in the near  future,  such event will delay the  acquisition  of new real estate
development  properties and the further  development of existing  properties and
likely will have a material adverse impact on us and our business prospects.

Global's  cash and cash  equivalents  decreased  $3,723  during the three months
ended March 31, 2006.  Cash flows used by operating  activities  of $518,094 and
cash flows used by investing  activities  of  $(140,860)  were greater than cash
flows from  financing  activities of $301,646.  Operating  activities  used cash
flows to decrease the Company's  inventories and decrease  accounts  payable and
liabilities for the three months ended March 31, 2006.  Investing activities for
the three months ended March 31, 2006 were  decreased by  $(140,860).  Financing
activities  provided  cash flows in the form of  unsecured  loans  from  related
parties and decreased for mortgage  notes payable and secured loans from related
parties for the three months ended March 31, 2006.

                                       9
<PAGE>
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.

     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  June  30,  2003  and  for  hedging
relationships designated after June 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.

     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.

     Given the facts and  circumstances  described  above,  the Company believes
that the eventual  development  of the above projects will result in realization
of an amount that is  substantially  in excess of the book value of the projects
acquired  and  presently  reflected  in  the  Company's  consolidated  financial
statements.  The Company has received  outside  appraisals  on an "as  developed
basis" which have  supported the  Company's  beliefs,  although  there can be no
assurance that those beliefs will be validated or realized.

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<PAGE>
ITEM 3. CONTROLS AND PROCEDURES

a)      Evaluation of Disclosure Controls and Procedures.  As of March 31, 2006,
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

     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 GLOBAL's Australian  subsidiaries,  which
restricted  the Company's  ability to sell real estate  holdings and  prohibited
certain business  transactions.  On March 3, 2006 the Supreme Court released all
sanctions against the Company.

     On August 20, 2005,  the Company  entered  into an agreement of  settlement
with Atlantic Wine  Agencies,  Inc.,  Dominion  Wines Ltd. and Dominion  Estates
Pty.,  Ltd. and issued a convertible  subordinated  promissory  note to Sapphire
Development  Limited in the amount of $2,400,000  (See Note C).  Simultaneously,
the  Company  received  a pledge  of the same  amount  from Mr.  Peter  Voss,  a
principal shareholder of the Company. The convertible note was due on August 20,
2005 and is  currently  in  default.  On May 2,  2006,  attorneys  for  Sapphire
Development Limited filed a consent judgment against 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 March 31, 2006.

ITEM 5 OTHER INFORMATION

     The Company has no other information to report.

ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K

Exhibits:

   Number           Exhibit
   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)


                                       11
<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 CORP.

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

     In  accordance  with the Exchange Act, this report has been signed below by
the following  persons on behalf of the  registrant and in the capacities and on
the dates indicated.


     NAME                         TITLE                                DATE
--------------------------------------------------------------------------------

/s/ Robert Kohn            Director and Chief Executive Officer     May 24, 2006
---------------
Robert Kohn

/s/ Roger Davis            Director and Chief Financial Officer     May 24, 2006
---------------
Roger Davis



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