-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IhEosq7sTN3KYK3ruNwrRWLiEXaJjraDN3iPoFLL0VAaOVMPWAb/ElMPeoFQQ7kI
 IlTW/JRraxPx291mG5DXAg==

<SEC-DOCUMENT>0000919574-10-005908.txt : 20101014
<SEC-HEADER>0000919574-10-005908.hdr.sgml : 20101014
<ACCEPTANCE-DATETIME>20101014143411
ACCESSION NUMBER:		0000919574-10-005908
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101013
FILED AS OF DATE:		20101014
DATE AS OF CHANGE:		20101014

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERKOWITZ BRUCE R
		CENTRAL INDEX KEY:			0001214344

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10466
		FILM NUMBER:		101123622

	MAIL ADDRESS:	
		STREET 1:		C/O FAIRHOLME CAPITAL MANAGEMENT, L.L.C.
		STREET 2:		4400 BISCAYNE BOULEVARD, 9TH FLOOR
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ST JOE CO
		CENTRAL INDEX KEY:			0000745308
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				590432511
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		133 SOUTH WATERSOUND PARKWAY
		CITY:			WATERSOUND
		STATE:			FL
		ZIP:			32413
		BUSINESS PHONE:		850-231-6482

	MAIL ADDRESS:	
		STREET 1:		133 SOUTH WATERSOUND PARKWAY
		CITY:			WATERSOUND
		STATE:			FL
		ZIP:			32413

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ST JOE CORP
		DATE OF NAME CHANGE:	19980430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ST JOE PAPER CO
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FAIRHOLME CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001056831
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10466
		FILM NUMBER:		101123624

	BUSINESS ADDRESS:	
		STREET 1:		4400 BISCAYNE BOULEVARD
		STREET 2:		9TH FLOOR
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137
		BUSINESS PHONE:		305-358-3000

	MAIL ADDRESS:	
		STREET 1:		4400 BISCAYNE BOULEVARD
		STREET 2:		9TH FLOOR
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FAIRHOLME FUNDS INC
		CENTRAL INDEX KEY:			0001096344
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10466
		FILM NUMBER:		101123623

	BUSINESS ADDRESS:	
		STREET 1:		4400 BISCAYNE BOULEVARD
		STREET 2:		9TH FLOOR
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137
		BUSINESS PHONE:		305-358-3000

	MAIL ADDRESS:	
		STREET 1:		4400 BISCAYNE BOULEVARD
		STREET 2:		9TH FLOOR
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137

	FORMER NAME:	
		FORMER CONFORMED NAME:	FAIRHOLMES FUNDS INC
		DATE OF NAME CHANGE:	19991005
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>p1136819.xml
<DESCRIPTION>FAIRHOLME/ST. JOE
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-10-13</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000745308</issuerCik>
        <issuerName>ST JOE CO</issuerName>
        <issuerTradingSymbol>JOE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001056831</rptOwnerCik>
            <rptOwnerName>FAIRHOLME CAPITAL MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4400 BISCAYNE BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2>9TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33137</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001096344</rptOwnerCik>
            <rptOwnerName>FAIRHOLME FUNDS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FAIRHOLME CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>4400 BISCAYNE BOULEVARD, 9TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33137</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001214344</rptOwnerCik>
            <rptOwnerName>BERKOWITZ BRUCE R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FAIRHOLME CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>4400 BISCAYNE BOULEVARD, 9TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33137</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>23136502</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>23136502</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3755318</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are directly owned by Fairholme Funds, Inc., which is a Reporting Person.</footnote>
        <footnote id="F2">The securities may be deemed to be beneficially owned by Fairholme Capital Management, L.L.C., (&quot;Fairholme&quot;) 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.</footnote>
        <footnote id="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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Fairholme Capital Management, L.L.C., By: /s/ Bruce R. Berkowitz</signatureName>
        <signatureDate>2010-10-14</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Fairholme Funds, Inc., By: Fairholme Capital Management, L.L.C., Investment Manager, By: /s/ Bruce R. Berkowitz</signatureName>
        <signatureDate>2010-10-14</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Bruce R. Berkowitz</signatureName>
        <signatureDate>2010-10-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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