U.S. Dept. of Interior Secretary Ken Salazar announced today the finalization of a $1.2 billion agreement with the Walt Disney Company for the company's purchase of approx. 180,000 acres of the Great Smoky Mountains National Park.

The area encompasses most of the park land in Tennessee, which includes all of the property along US441 from Gatlinburg to Newfound Gap along with the stretch between Gatlinburg and Pigeon Forge, plus the area along Little River Road from Gatlinburg to Townsend including Elkmont, Tremont, and Cades Cove.

Sec. Salazar said that "While the Great Smoky Mountains is our most visited National Park, because of various deed restrictions and lack of funding we have not been able to fully realize its enormous economic potential. By outsourcing the development and management and this great natural resource to the top entertainment and tourism company in the world, we can free up resources and generate substantial revenues that can be put to better use in other parks."

According to a Disney press release, the company is in separate negotiations with property and business owners in Gatlinburg and Pigeon Forge to purchase "all or substantially all" of their real estate and other assets, a deal estimated to be worth an additional $5 to $6 billion for the region.

Details about Disney's plans for the area are not yet known, but sources say the deal with Interior includes the transfer of all timber and mineral rights, which Disney will leverage to fund the project.

Commenting on the agreement, Sen. Lamar Alexander (R-TN), who was instrumental in the negotiations, said "This type of public-private partnership is a perfect example of the kind of bipartisan, taxpayer-friendly, free market solution that Republicans can bring to the table."

Ed. Note 4/2: This was an April Fools post.