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

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The LFC Group of Companies has just announced the launch of an online auction to sell more than 3,000 acres of land in the Florida Panhandle for The St. Joe Company. As one of Florida's largest landowners and developers, The St. Joe Company has selected the LFC Group of Companies to auction three distinct parcels: Concord, Sabal Island and Brewton Lane, via the Internet on LFC Online (http://www.LFC.com/706R3).

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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

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 accelerated online auction marketing campaign, interested 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(http://www.LFC.com/706R3).

"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 a ± 3,059-acre 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, oak canopies, river frontage and abundant wildlife, including deer, quail and turkey, make it ideal for various uses.

Located in Port St. Joe,Sabal Island is a ± 56-acre parcel with plans in place for an 18-lot residential subdivision on the upland area of the property along Highway C-30. 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 plans and 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 perfectly 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 United States for three years in a row by Dr. Stephen P. Leatherman, also known as "Dr. Beach."

Lastly, Brewton Lane is a ± 29.5-acre parcel located along Deer Point Lake in Bay County. The property is zoned residential for approximately 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, hospitals, public 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 http://www.LFC.com/706R3 to review all important property materials, documents and auction information. The bid deadline is Thursday, May 1, 2008.

About 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. http://www.LFC.com

About 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. http://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.

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