JOE Nixes $130 Million Sale

Earlier today Florida’s largest private landowner, The St. Joe Company, announced the cancellation of a major transaction: 67,365 acres for more than $130 million ($1,929 per acre). Here is the press release from the corporate website.

The St. Joe Company (NYSE: JOE) today said that the previously announced contract for the sale of 67,365 acres of non-strategic rural conservation land in Liberty, Jefferson, Gulf, and Franklin Counties has been terminated.  The sale was to have closed in two transactions for a total price of $130.4 million, the first transaction in the fourth quarter of this year and the other in the second quarter of 2009.

“We are now able to return these parcels to the market,” said JOE’s president and CEO Britt Greene.  “While this particular buyer had sought large contiguous conservation acreage, we are now able to offer this acreage in smaller parcels to other interested buyers. With no near-term need for the proceeds, we plan to continue our orderly disposition of these non-strategic assets.”

“We are continuing to execute our strategic plan, while keeping JOE lean and efficient to better withstand these difficult market conditions,” said Greene. “With our strong balance sheet and cash position, we are prepared to withstand this prolonged downturn and will continue to prudently manage our inventory and assets to preserve long-term shareholder value.”