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ORLANDO-A mystery American timeshare developer has purchased a prime 12.5-acre parcel adjacent to Walt Disney World and its sponsored city of Celebration, FL from two unidentified Asian businessman for an estimated $5 million, or about $400,000 per acre, industrial real estate brokers familiar with that Osceola County submarket tell GlobeSt.com.

The sale by the Asian group’s corporate entity, Phoenix Orlando Inc., hasn’t yet been posted publicly by the Osceola County Property Appraiser’s office. But Tandy O. Lofland, founder and president of 23-year-old Intergroup Realty Inc. of Houston, which brokered the deal, tells GlobeSt.com the contract price is “in the low seven figures.”

Lofland says the sellers asked him not to disclose the price or the name of the buyer until the deal is recorded and becomes public information. However, he identifies the buyer as “one of the largest US private timeshare developers.”

A local land broker who asked for anonymity tells GlobeSt.com the unidentified buyer “could only be one person–David A. Siegel.” Siegel is founder and chairman of privately held, Orlando-based Central Florida Investments Inc., an umbrella corporation with 2002 gross revenue of $400 million, primarily from sales at Westgate Resorts, the company’s flagship timeshare asset one mile from Disney property.

Siegel couldn’t be reached by GlobeSt.com’s publication deadline. But a broker who has done deals for Siegel in the past tells GlobeSt. “that’s the sort of dirt David would be interested in looking at, for sure.”

Lofland tells GlobeSt.com the Asian investors have owned the 12.5 acres for about 10 years. He didn’t disclose what they originally paid for the land but says the contract price includes the tract and “excess utility capacity.”

Lofland says the new owner plans to develop a seven-story timeshare structure with about 100 two-bedroom units within the 195-acre, mixed-use Parkway development. Lofland says The Parkway already has about 1,000 hotel rooms, several hundred existing timeshare units, an undetermined amount of commercial space and multifamily units and a dinner theater.

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