Indian Lake Estates, Florida
History
El Dorado Estates, Inc. was incorporated in January 1955, with Washington, D.C. real estate developer Leon Ackerman as its only shareholder. In October 1955, the company's name was changed to Indian Lake Estates, Inc. and it purchased a large tract of undeveloped land on the shores of Lake Walk-in-Water, about 19 miles southeast of Lake Wales. The company purchased the 12-square-mile tract for $222,000, or roughly $35 per acre.
Ackerman envisioned an exclusive gated community of 15,000 residents, complete with golf course, country club, marina, and pier on Lake Walk-in-Water. In December 1955, the first plat of the 7,200-acre community was recorded at the county courthouse. The company invested millions to build a network of canals near the lake, a quarter-mile pier, and 200 miles of roads throughout the development, of which 98 miles are paved. Prices for half-acre lots in the community started at $2,250. However, most of the buyers of plots were land speculators and only about 150 homes were built in the initial years after the community was founded. By 1959, financial problems seemed imminent and the following year Ackerman sold his interest in the company to Alaska Oil & Mineral Company, Inc. However, the Indian Lake Estates, Inc. went bankrupt in April 1965. As of 2009, there are about 700 homes, mostly near the lake or golf course, on the community's over 8,000 lots.
Notable residents
- Harold Edward "Red" Grange (1959–1991)
References
- ^ United States Postal Service (2012). "USPS - Look Up a ZIP Code". Retrieved February 15, 2012.
- ^ "Indian Lake Estates". Geographic Names Information System. United States Geological Survey, United States Department of the Interior.
- ^ Indian Lake Estates, Inc. v. Stewart, 448 F.2d. 574 (United States Court of Appeals for the Fifth Circuit 1971).
- ^ Bair, Bill (October 2, 2002). "Remote Community Struggles With Issues That Keep It From Blossoming". The Ledger. Retrieved December 15, 2016.
- ^ Bair, Cinnamon (July 1, 2007). "Indian Lakes Estates Fell Short of Prospect". The Ledger. Retrieved December 15, 2016.
- ^ Snyder, Jack (November 3, 1986). "Land Of Lost Dreams Developments Of Days Past Awakening From Deep Sleep". Orlando Sentinel. Retrieved December 15, 2016.
- ^ Stuart, Paula (December 6, 2009). "Small ridge community grew on shore of Lake Walk-In-Water". The Ledger. Retrieved December 15, 2016.
External links
Municipalities and communities of Polk County, Florida, United States | ||
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| Footnotes | ‡This populated place also has portions in an adjacent county or counties | |