St. Joe Closes Land Deal With Mormon Church

WATERSOUND, Fla. At one time the St. Joe Company was the largest single private landowner in Florida. Now it is in the top 10.

Wednesday, St. Joe announced it's finaized the sale of 380-thousand acres of panhandle timberland to a Utah company called Agreserves, Iinc, a Subsidiary of the Church of Jesus Christ of Latter Day Saints. The Morman Chuch is now one of the largest land owners in Florida.

The sales price was $562 million dollars.

The deal includes the majority of St. Joe's timberlands in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties.

St. Joe officials call it non-strategic timberland, meaning it does not include any of the 185-thousand acres St. Joe plans to develop as residential or commercial properties.