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. 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. 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==