In 1959, Walt Disney Productions, under the leadership of Walt Disney, began looking for land for a second resort to supplement Disneyland, which had opened in Anaheim, California in 1955. Walt Disney disliked the businesses that had sprung up around Disneyland and wanted control of a much larger area of land for the new project.
To avoid a burst of land speculation, Disney used various dummy corporations and cooperative individuals to acquire 27,400 acres (110 km², 43 mi²) of land. The first five-acre (20,000 m², 217400 ft²) lot was bought on October 23, 1964, by the Ayefour Corporation (a pun on Interstate 4). Others were also used with a second or secret meanings which add to the lore of the Florida Project, including M.T. Lott Real Estate Investments (pronounced empty lot).
After most of the land had been bought, the truth of the property's owner was leaked to the Orlando Sentinel on October 20, 1965. A press conference soon was organized for November 15. At the presentation, Walt Disney explained the plans for the site.