Arvida Corporation

Arvida Corporation One of the biggest real estate and development companies in Florida, specializing in planned communities. It was purchased by Disney in May 1984, for $200 million in Disney stock, with the Bass Brothers ending up with 5.9 percent of the Disney stock as a result of the transaction. Part of the reason for the purchase was to dilute the value of the stock, which was at that time being bought up by a corporate raider, Saul Steinberg. While some thought the marriage of the two companies was ideal because of Disney’s large land holdings in Florida, others were not so happy, and after Michael Eisner and Frank G. Wells took over the management of Disney, Arvida was sold in 1987 to JMB Realty Corporation for $404 million.