"It's the premier commercial property remaining in the Disney corridor," Rob McEwan, vice president in the Orlando office of CB Richard Ellis Inc., tells GlobeSt.com. "I don't know of a comparable property" in metro Orlando "that is surrounded by a 60-acre lake and has valuable Interstate 4 frontage."

The west-bound I-4 frontage is 3,400 feet and 33 ½ acres. CB Richard Ellis won the exclusive listing contract on Marbella. The brokerage's national marketing program on the land is just beginning.

Cuenant is selling land zoned for hotel development at $10,000 to $14,000 per room. Land for a typical 200-room hotel, for example, at $10,000 per room would cost at least $2 million.

Time share dirt is going for $16,000 to $20,000 per unit. A typical 300-unit time share development, for instance, would need a minimum $5 million worth of land.

Land for general commercial projects with master drainage and retention areas in place is listed for $15 per sf to $20 per sf ($653,400 per acre to $871,200 per acre).

"He would sell the entire tract as a single package as well," McEwan says, "if you know anyone who is interested."

Donald T. Regan, Treasury Secretary under President Ronald Reagan and former chairman of Merrill Lynch, sold the Marbella land to Cuenant in 1997 for $34 million or $125,926 per acre ($2.89) per sf.

The deal still stands as the largest land transaction in the past five years in Central Florida based on price, according to Orange County real estate records.

Regan's real estate holding company then was RTD-One Inc. of Sarasota, FL. Regan called his property the Ruby Lake Ranch after the lake which surrounds the tract.

The land is a half mile from Big Lake Bryan and immediately across Interstate 4 from Little Lake Bryan, a commercial development hot spot. The nearest intersection is Palm Parkway, Central Florida Parkway east and Parkway/State Road 435 west.

Cuenant groomed Marbella for sale by building a four-lane extension off Palm Parkway through the property. The extension connected several key county access roads leading to Disney, Sea World, Universal Orlando and the expanding four million-sf Orange County Convention Center.

County planners tell GlobeSt.com the Palm Parkway extension will probably carry 25,000 cars daily through Marbella when the parcels are fully developed, possibly within five years.

Six hotels with at least 200 rooms or suites each are blueprinted for the tract. Construction on a $12 million, 211-suite Marriott Residence Inn is now being developed by JHM Enterprise. Canin & Associates of Orlando is designing a shopping village at Marbella that will cater to high-end clientele.

CB Richard Ellis also has an exclusive listing for 330 nearby acres owned by Orange County and adjacent to Disney property as well.

That tract has 5,000 feet of frontage on tourist-heavy International Drive but is being taken off the market until the county re-evaluates the relocation costs for its utilities on the site.