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For the First Time: JOE Offers Prime Real Estate to the Public via an Online Auction


    The St. Joe Company has selected Internet real estate auction
    marketing firm, the LFC Group of Companies, to auction more than 3,000
    acres of its prime land in the Florida Panhandle. What makes this
    opportunity so rare is that The St. Joe Company, one of Florida´s
    largest landowners and developers, has taken an innovative approach in
    choosing to sell its land through an online auction. During the online
    auction marketing campaign, buyers will have the opportunity to bid on
    one or all three of the unique properties: Concord, Sabal Island and
    Brewton Lane, via the Internet on LFC Online (www.LFC.com/706R2).

    "When we decided to sell these three properties, we wanted to find
    a marketing and sales method that would capture a broad national and
    international market," says Clay Smallwood, President of Land Sales at
    The St. Joe Company. "We felt that the inherent benefits of an online
    auction, and LFC´s auction marketing program in particular, would
    deliver the global exposure we were looking for, and show the world
    how beautiful this region of Florida is. Each of these properties is
    truly spectacular in its own right. They have been enhanced or
    entitled by JOE but are not strategic to our core development business
    so we decided to make them available through this innovative process.
    It means that someone is going to be afforded a very big opportunity."

    Concord is slightly over 3,000 acres of recreational property
    located in Gadsden County, just 15 miles from downtown Tallahassee.
    The property´s prime location, development potential and unique
    features, such as its rolling terrain, river frontage and abundant
    wildlife make it ideal for various uses.

    Located in Port St. Joe, Sabal Island is roughly a 56-acre parcel
    with plans in place for an 18-lot residential subdivision on the
    upland area of the property. Included within this parcel lies a
    1.3-acre isolated upland area/island along beautiful St. Joseph´s Bay.
    In addition to the home sites, a kayak launch has been constructed on
    a deep-water canal that empties into St. Joseph´s Bay, and current
    permits call for the development of a pedestrian boardwalk, from the
    upland area of the property to the small private island. Its proximity
    to picturesque WindMark Beach and St. Joseph´s Bay Aquatic Preserve
    prevents future development around the property and preserves its
    secluded feel. St. Joseph´s Bay is known for its white sands, pristine
    waters and some of the best fishing in Florida. The property is
    situated approximately two hours from Tallahassee, an hour from Panama
    City and a stone´s throw from St. Joseph´s Peninsula State Park Beach,
    rated as the #1 beach in the U.S. by Dr. Stephen P. Leatherman, also
    known as "Dr. Beach."

    Located along Deer Point Lake in Bay County, Brewton Lane is
    approximately 29.5 acres of residential property zoned for about 50-60
    lots. The lake, which covers about 5,000 acres, offers recreational
    activities like swimming, fishing and boating. The property is
    conveniently located less than 15 miles from Panama City, near
    shopping, dining, schools and an international airport, making it a
    perfect place for future high-end residential development.

    "There has been so much buzz recently about how the weak U.S.
    dollar and a buyer´s real estate market are making land in Florida
    especially appealing to international investors, particularly in
    Europe," notes Bill Lange, president of the LFC Group of Companies.
    "And what better way for foreign investors and even domestic buyers to
    purchase real estate than in an online auction!"

    Interested buyers are encouraged to visit www.LFC.com/706R2 to
    review important property materials, documents and auction
    information. The bid deadline is Thursday, May 1, 2008.

    The LFC Group of Companies

    For more than 30 years, the LFC Group of Companies have served
    numerous Fortune 500 companies, real estate developers, investors,
    financial institutions and government agencies by auction marketing
    thousands of commercial, industrial, land and residential properties
    with an aggregate value well in excess of $5 billion. www.LFC.com

    The St. Joe Company

    The St. Joe Company, a publicly held company based in
    Jacksonville, is one of Florida´s largest real estate development
    companies. They are primarily engaged in real estate development and
    sales, with significant interests in timber. Their mission is to
    create places that inspire people and make JOE´s Florida an even
    better place to live, work and play. www.joe.com.

    Forward-Looking Statements

    Statements in this press release that are not historical facts are
    "forward-looking statements" within the meaning of the Private
    Securities Litigation Reform Act of 1995, including statements about
    beliefs, plans, goals, expectations and intentions. Forward-looking
    statements involve risk and uncertainty, and there can be no assurance
    that the results described in such statements will be realized. Such
    statements are based on current expectations and The St. Joe Company
    undertakes no obligation to publicly update or reissue any
    forward-looking statements. Risk factors that may cause the actual
    results to differ are described in this press release and in various
    documents The St. Joe Company has filed with the U.S. Securities and
    Exchange Commission, including its Annual Report on Form 10-K for the
    year ended December 31, 2007.

    "JOE," "St. Joe," and the "Taking Flight" design are service marks
    of The St. Joe Company.