Comparable land, already zoned for commercial/retail/entertainment use, would go for at least $1 million per acre or $23 per sf, area brokers familiar with Lake Buena Vista, FL submarket prices tell GlobeSt.com on condition of anonymity. This tract, however, is in neighboring and largely rural Lake County.

Ray Maxwell, vice president/administration, Reedy Creek Improvement District, confirmed the deal. Reedy Creek is Disney's private governmental arm. A closing date hasn't been set. Disney bought the tract in 1992 to use as a wastewater runoff area from its theme parks. However, new technology makes the retention pond land unnecessary and surplus property for Disney, Reedy Creek officials say.

GlobeSt.com couldn't reach Karl at publication deadline to learn the company's plans for the site in a hot residential development market, 15 miles northwest of Interstate 4 and a quarter of a mile west of U.S. 27 in neighboring Lake County. Karl's bid was the highest in the six months the property has been on the market, Maxwell confirms.