Track was actually built by an arm of the Indianapolis Motor Speedway and was "home" to the first IRL (Indy Racing League) series race in January 1996. Most speculated that it was actually owned by the Hulman-George family to prop up the IRL but who knows. IRL ran there for several years (3 I think I remember) and several NASCAR events (truck series I believe) were held there, mostly in conjunction with and lead-up events to the IRL races.
IRL dropped the track from their schedules after a few years due in part to not wanting to run in January and the track supposedly having a "bad design" for Indy cars. Several accidents in races and testing with the IRL cars resulted in serious injuries to drivers (Sam Schmidt a current Indy Car owner was paralyzed in about '99 or 2000, don't remember which, I believe in a preseason test session) although some speculated that it had as much to do with car design at that time as it did with track design. In addition, the track suffered form a certain amount of neglect resulting in a somewhat rough surface which was not conducive to Indy cars.
Parking was always a big issue for the race events and most time ended up using the Epcot parking lot with shuttle busses, although later events were not well attended anyway. Noise was also a big issue because of it's proximity to Resorts and MK. Lake Mickey was built after the track opened, evidently someone forgot that it rains in FL and the water needed to go somewhere.
Some NASCAR teams still test there from time to time but not all that much anymore.