40,975-ACRE TIMBER DEED SELLS FOR $55.9 MILLION IN WATERSOUND, FLA.

WATERSOUND, FLA. — The St. Joe Company has sold a 40,975-acre timber deed in Watersound for $55.9 million to Resource Management Services. Under the terms of the deed, RMS can harvest or sell the standing timber on specified stands for up to 20 years. Use of the land will revert back to The St. Joe Company following the final harvest as individual tracts of land are released by RMS. No brokers were involved in the transaction.