Disney Selling 2,086 Prime Acres for 24 Cents per SF

ORLANDO-Walt Disney World Co. is selling a prime 2,086-acre citrus-bearing tract, five miles from its front door, to little-known West Palm Beach-based Karl Corp. for $22.2 million or $10,642 per acre (24 cents per sf).

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.