[2] While developing a side project for the industrial district, a theme park originally to be named Great Southwestland, it opened in 1961 as Six Flags Over Texas.
[3] The Zeckendorfs arrived in Texas on the day of the reports, but were refused to confirm the rumors swirling of a large land purchase for an industrial complex.
After 12 days of arguments Judge Paul Peurifoy rejected the $300 Million lawsuit, though held that Texas Industrial Ventures was entitled to repurchase within 60-days from Webb & Knapp six tracks of land involved for $18,000.
[12][13] In July, it was announced Nelson, Laurance, David, Winthrop, and John D. Rockefeller III would join the Wynnes, and Webb & Knapp in developing the industrial park.
"[17] Construction continued through 1957,[12] and in June 1958 the Interstate Commerce Commission gave Wynne and the Great Southwest Corp permission to build its railroad.
"[20] During the planning stages of the expansion, Arlington mayor Tom Vandergriff advised that Wynne and his family should visit the recently opened Disneyland in Anaheim, California.
[12] Under the leadership of Wynne,[21] the Great Southwest Corporation hired former Disneyland vice-president Cornelius Vanderbilt Wood's firm Marco Engineering to help design the park.
At the same time it was revealed very little progress had been made at the site aside from construction of the 32-lane bowling alley which was announced to be the first planned structure to be built.
[12] In June 1964, it was announced Toddie Lee Wynne intended on selling his stake of the Great Southwest Corporation, rumors reported the Pennsylvania Railroad was interested.
[29] On June 25, 1964, Stuart Saunders a board member of the Pennsylvania Railroad, announced they had acquired the controlling stake in the company[30] for an estimated $11-$12 million.
The new company had bought 3,000 acres of land for more than $3 million in the Atlanta area for a new theme park location, which would go on to be Six Flags Over Georgia.
This resulted in Great Southwest having money difficulties because certain credit facilities have been terminated or suspended, and because other cash-producing operations were forced to cease temporarily.
In November 1970 the company filed a suit in the Orange County, California Superior Court alleging the employees were overcompensated.
Bevan and Gerstnecker were charged with misappropriating and illegally diverting part of a $100 million from July 1969 to November 1, 1970, as well as committing mail-fraud in an attempt to cover up their actions.
The new entity was named GSC/Six Flags Corp, headquartered out of Los Angeles[44] the new company oversaw the theme parks, wax museums, and real estate properties.
[47] The purchase resulted in the name reverting back to the Six Flags alone, and Great Southwest Corp continued selling off the properties in Arlington's industrial district.