Exhibit 10.2

EMPLOYMENT AGREEMENT

This
Employment Agreement ("Agreement") is made and entered into as of November 8, 2007 by and between Golf Trust of America, Inc., a Maryland corporation (the "Company"),
and Michael Pearce (the "Employee").

WHEREAS, the parties desire that the Employee become the Chief Executive Officer and President of the Company, subject to the terms and
conditions of this Agreement.

NOW, THEREFORE, the parties, intending to be legally bound and in consideration of the promises and mutual covenants and agreements
contained herein, hereby stipulate and agree as follows:

1.Term of Employment.    The Company hereby employs the Employee, and the Employee hereby accepts employment from
the Company, for the period commencing as of November 8, 2007.

2.Duties of Employee.



3.Compensation.For all services rendered by Employee under this Agreement, the
Employee shall be entitled to compensation in accordance with the following:



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4.Fringe Benefits.The Employee shall receive with other similarly situated employees
of the Company, all of the fringe benefits to be established by the Company, together with the following additional fringe benefits, provided that the Employee is otherwise eligible and desires to
participate.



5.Termination of Employment.This Agreement shall terminate as follows:



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6.Obligations of Employee and the Company Upon Termination.The parties agree as follows:



7.Covenant Not to Disclose Confidential Information.



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8.Remedies.It is stipulated that a breach by the Employee of the provisions of Paragraph 7 would cause
irreparable damage to the Company. The Company, in addition to any other rights or remedies which the Company may have, shall be entitled to an injunction restraining the Employee from violating or
continuing any violation of the provisions of Paragraph 7. Such right to obtain injunctive relief may be exercised at the option of the Company, concurrently with, prior to, after or in lieu
of, the exercise of any other rights or remedies which the Company may have as a result of any such breach or threatened breach.

9.Acknowledgment of Reasonableness.The Employee has carefully read and considered the
provisions of this Agreement, has had the opportunity for consultation with an attorney of the Employee's choice and agrees that the restrictions set forth herein are fair and reasonably required for
the protection of the Company.

10.Other Agreements/Warranties.The Employee warrants that Employee is not bound by the
terms of a confidentiality agreement or non-competition agreement or any other agreement with a former employer or other third party which would preclude the Employee from accepting
employment

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with
the Company or which would preclude the Employee from effectively performing the Employee's Duties.

11.Surrender of Books and Records.The Employee acknowledges that all files, computer
disks, records, lists, designs, specifications, books, products, plans and other materials or property owned or used by the Company in connection with the conduct of its business shall at all times
remain the property of the Company, and that upon termination or expiration of this Agreement for any reason or upon the request of the Company, the Employee will immediately surrender to the Company
all such materials.

12.Entire Agreement.This Agreement contains the entire agreement of the parties hereto
and supersedes and replaces all prior agreements, arrangements and understandings, whether written or oral. Moreover, this Agreement shall not be modified or changed in any respect except by a writing
executed by both parties hereto.

13.Successors and Assigns.The rights and obligations of the Employee under this
Agreement, including but not limited to the provisions of Paragraph 7 herein, shall inure to the benefit of the Company, its successors and assigns, and shall be binding upon the Employee and
the Employee's respective successors, heirs and assigns. The Company shall have the right to assign, transfer or convey this Agreement to its affiliated companies, successor entities, or assignees or
transferees of substantially all of the Company's business activities. This Agreement, being personal in nature to the Employee, may not be assigned by the Employee without the Company's prior written
consent.

14.Notice.All notices required and permitted to be given under this Agreement shall be
in writing and shall be deemed to have been given when mailed by certified or registered mail, return receipt requested, addressed to the intended recipient as follows, or at such other address as is
provided by either party to the other:

| | If to the Company:  |                                                          | Golf Trust of America, Inc.
10 North Adger's Wharf
Charleston, South Carolina 29401
Attn: Chairman of the Board
| | ------------------- | -------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------
| | If to the Employee: |                                                          | Michael Pearce                                                                                                 
| |                     | 213 Rhododendron Drive
Chapel Hill, North Carolina 27517

15.Governing Law.This Agreement shall, in all respects, be governed by and construed
according to the laws of the State of South Carolina, notwithstanding any South Carolina or other conflict-of-interest provisions to the contrary.

16.General Provisions.



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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first above written.

| | Employee:                                                                      
| | -------------------------------------------------------------------------------
| | /s/MICHAEL PEARCE11-8-08Michael Pearce                                         
| | Golf Trust of America, Inc.                                                    
| | Electronic Consent of the Board of Directors 11-8-08By: Board of Directors
Its:

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