ST JOE Co — Director's Dealing 2010

Oct 14, 2010

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ST JOE CO (JOE)
CIK: 0000745308
Period of Report: 2010-10-13

Reporting Person: FAIRHOLME CAPITAL MANAGEMENT LLC (10% Owner)
Reporting Person: FAIRHOLME FUNDS INC (10% Owner)
Reporting Person: BERKOWITZ BRUCE R (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23136502	Direct
Common Stock	23136502	Indirect
Common Stock	3755318	Indirect

Footnotes

F1: These securities are directly owned by Fairholme Funds, Inc., which is a Reporting Person.

F2: The securities may be deemed to be beneficially owned by Fairholme Capital Management, L.L.C., ("Fairholme") as the investment manager of Fairholme Funds, Inc., and by Mr. Berkowitz as the managing member of Fairholme. The Reporting Persons disclaim beneficial ownership in the securities reported on this Form 3 except to the extent of his or its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3: The securities may be deemed to be beneficially owned by Fairholme, as the investment manager of such managed accounts, and by Mr. Berkowitz as the managing member of Fairholme. The Reporting Persons disclaim beneficial ownership in the securities reported on this Form 3 except to the extent of his or its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.