The Mormon Church, one of the largest private landowners in Florida, is buying some of the real estate of an even larger landowner, The St. Joe Company, for more than a half-billion dollars.
St. Joe Company is selling more than 385,000 acres of its land for more than a half billion dollars, ( 565 million to be exact).
The land, which covers 8 northwest Florida counties, is is referred to as non-stategic timberland.
St. Joe says the sale does not include land within the company's existing residential or commercial real estate segments or its resorts or any land for which the company has plans to develop in the foreseeable future.
Its timberland in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty & Wakulla Counties, basically from Panama City to east of Tallahassee.
When the deal is done the Mormon Church will own two percent of the land in Florida.
The church will maintain timber and agriculture uses of the land. AgReserves, Inc., a tax-paying company owned by the Church of Jesus Christ of Latter-Day Saints.