<?xml version="1.0"?><?xml-stylesheet type="text/xsl" href="../4_X02.xsl"?><ownershipDocument>    <schemaVersion>X0303</schemaVersion>    <documentType>4/A</documentType>    <periodOfReport>2009-05-18</periodOfReport>    <dateOfOriginalSubmission>2009-05-19</dateOfOriginalSubmission>    <notSubjectToSection16>0</notSubjectToSection16>    <issuer>        <issuerCik>0001121783</issuerCik>        <issuerName>AMERICAN SPECTRUM REALTY INC</issuerName>        <issuerTradingSymbol>AQQ</issuerTradingSymbol>    </issuer>    <reportingOwner>        <reportingOwnerId>            <rptOwnerCik>0001173058</rptOwnerCik>            <rptOwnerName>BROWN TIMOTHY R</rptOwnerName>        </reportingOwnerId>        <reportingOwnerAddress>            <rptOwnerStreet1>333 CLAY STREET</rptOwnerStreet1>            <rptOwnerStreet2>SUITE 3300</rptOwnerStreet2>            <rptOwnerCity>HOUSTON</rptOwnerCity>            <rptOwnerState>TX</rptOwnerState>            <rptOwnerZipCode>77002-4104</rptOwnerZipCode>            <rptOwnerStateDescription></rptOwnerStateDescription>        </reportingOwnerAddress>        <reportingOwnerRelationship>            <isDirector>1</isDirector>            <isOfficer>0</isOfficer>            <isTenPercentOwner>0</isTenPercentOwner>            <isOther>0</isOther>            <officerTitle></officerTitle>            <otherText></otherText>        </reportingOwnerRelationship>    </reportingOwner>    <nonDerivativeTable>        <nonDerivativeTransaction>            <securityTitle>                <value>Common Stock</value>            </securityTitle>            <transactionDate>                <value>2009-05-18</value>            </transactionDate>            <transactionCoding>                <transactionFormType>4</transactionFormType>                <transactionCode>P</transactionCode>                <equitySwapInvolved>0</equitySwapInvolved>            </transactionCoding>            <transactionAmounts>                <transactionShares>                    <value>158</value>                </transactionShares>                <transactionPricePerShare>                    <value>19.75</value>                </transactionPricePerShare>                <transactionAcquiredDisposedCode>                    <value>A</value>                </transactionAcquiredDisposedCode>            </transactionAmounts>            <postTransactionAmounts>                <sharesOwnedFollowingTransaction>                    <value>93349</value>                </sharesOwnedFollowingTransaction>            </postTransactionAmounts>            <ownershipNature>                <directOrIndirectOwnership>                    <value>D</value>                    <footnoteId id="F3"/>                </directOrIndirectOwnership>            </ownershipNature>        </nonDerivativeTransaction>        <nonDerivativeTransaction>            <securityTitle>                <value>Common Stock</value>            </securityTitle>            <transactionDate>                <value>2009-05-19</value>            </transactionDate>            <transactionCoding>                <transactionFormType>4</transactionFormType>                <transactionCode>P</transactionCode>                <equitySwapInvolved>0</equitySwapInvolved>            </transactionCoding>            <transactionAmounts>                <transactionShares>                    <value>158</value>                </transactionShares>                <transactionPricePerShare>                    <value>19.79</value>                </transactionPricePerShare>                <transactionAcquiredDisposedCode>                    <value>A</value>                </transactionAcquiredDisposedCode>            </transactionAmounts>            <postTransactionAmounts>                <sharesOwnedFollowingTransaction>                    <value>93507</value>                </sharesOwnedFollowingTransaction>            </postTransactionAmounts>            <ownershipNature>                <directOrIndirectOwnership>                    <value>D</value>                </directOrIndirectOwnership>            </ownershipNature>        </nonDerivativeTransaction>        <nonDerivativeHolding>            <securityTitle>                <value>Preferred Stock, Series A</value>            </securityTitle>            <postTransactionAmounts>                <sharesOwnedFollowingTransaction>                    <value>55172</value>                </sharesOwnedFollowingTransaction>            </postTransactionAmounts>            <ownershipNature>                <directOrIndirectOwnership>                    <value>D</value>                    <footnoteId id="F3"/>                </directOrIndirectOwnership>            </ownershipNature>        </nonDerivativeHolding>        <nonDerivativeHolding>            <securityTitle>                <value>Common Stock</value>            </securityTitle>            <postTransactionAmounts>                <sharesOwnedFollowingTransaction>                    <value>1500</value>                </sharesOwnedFollowingTransaction>            </postTransactionAmounts>            <ownershipNature>                <directOrIndirectOwnership>                    <value>D</value>                </directOrIndirectOwnership>            </ownershipNature>        </nonDerivativeHolding>        <nonDerivativeHolding>            <securityTitle>                <value>Common Stock</value>            </securityTitle>            <postTransactionAmounts>                <sharesOwnedFollowingTransaction>                    <value>9499</value>                </sharesOwnedFollowingTransaction>            </postTransactionAmounts>            <ownershipNature>                <directOrIndirectOwnership>                    <value>I</value>                </directOrIndirectOwnership>                <natureOfOwnership>                    <value>By Trust for Family</value>                    <footnoteId id="F1"/>                </natureOfOwnership>            </ownershipNature>        </nonDerivativeHolding>        <nonDerivativeHolding>            <securityTitle>                <value>Common Stock</value>            </securityTitle>            <postTransactionAmounts>                <sharesOwnedFollowingTransaction>                    <value>1450</value>                </sharesOwnedFollowingTransaction>            </postTransactionAmounts>            <ownershipNature>                <directOrIndirectOwnership>                    <value>I</value>                </directOrIndirectOwnership>                <natureOfOwnership>                    <value>IRA</value>                    <footnoteId id="F2"/>                </natureOfOwnership>            </ownershipNature>        </nonDerivativeHolding>    </nonDerivativeTable>    <derivativeTable></derivativeTable>    <footnotes>        <footnote id="F1">Held in Trust in which undersigned is trustee.  Undersigned disclaims beneficial ownership of these shares.</footnote>        <footnote id="F2">Represents shares owned indirectly by an IRA</footnote>        <footnote id="F3">Represents shares owned jointly by Timothy R. Brown, William J. Carden and John N. Galardi as Tenants in Common.</footnote>    </footnotes>    <ownerSignature>        <signatureName>Timothy R. Brown</signatureName>        <signatureDate>2009-05-22</signatureDate>    </ownerSignature></ownershipDocument>