It's actually from The Walt Disney Story.
At least according to this.
Cool find, but that looks like a different animatronic. The face is completely different, not wrinkled like the owl here, and the hat and tassel are different. It's possible they from a similar design, but this is probably not the same character as in the Walt Disney Story attraction.
Can't believe that owl went for so low at auction only a few years ago. $5K is incredible for a working animatronic in such good shape, even without a strong history or ride attachment. If this really was from the Tiki Room it could have fetched a small fortune at Van Eaton or Heritage. Whoever bought this got a heck of a deal on this guy. I've seen standies and set pieces go for that and more!
Really cool piece. I hope whoever got him takes care of him! I just moved homes and I swear I was sweating on packing some of my more delicate props up. I feel so obligated to not be the one who destroys a piece of history...