8-K

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                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 8-K

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): February 25, 1998
                                                         -----------------

                               ST. JOE CORPORATION
                               -------------------     
             (Exact name of registrant as specified in its charter)


Florida                             1-10466           59-0432511
- -------------------------------     -----------       -------------------
(State or other jurisdiction of     (Commission       (I.R.S. Employer 
Incorporation)                      File No.)         Identification No.)

             
Suite 400, 1650 Prudential Drive
Jacksonville, Florida                                           32207
- ----------------------------------------                        --------
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code:             (904) 396-6600
                                                                --------------


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Item 5. Other Events

Incorporated by reference is a press release issued on February 25, 1998,
attached as Exhibit 99, providing information concerning the Registrant's
acquisition of 33% of ENTROS, a location-based entertainment Company.

Item 7. Financial Statements and Exhibits

(c) Exhibit
Exhibit 99 - Press release issued February 25, 1998


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                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                             St. Joe Corporation

Date   March 3, 1998                         By:/s/ Charles A. Ledsinger
       ---------------------------              --------------------------
                                             Charles A. Ledsinger
                                             President, Chief Operating
                                             Officer, Chief Financial
                                             Officer
                                             

EX-99

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                                                                      EXHIBIT 99

FOR IMMEDIATE RELEASE           CONTACTS:    Jerry M. Ray, St. Joe, 904-858-2707
February 25, 1998                            Stephen Brown, ENTROS, 206-624-0057


                ST. JOE (NYSE: SJP) ACQUIRES 33 PERCENT OF ENTROS
ST. JOE EXPANDS LOCATION-BASED ENTERTAINMENT DIVISION WITH NEW GAME-BASED
                                    CONCEPT


         JACKSONVILLE, FLORIDA -- (FEBRUARY 25, 1998) -- St. Joe Corporation
(NYSE:SJP) said today that it has acquired a 33 percent interest in ENTROS, a
location-based entertainment company headquartered in Seattle, Washington, that
creates and produces interactive games in club settings. A second division
produces game-based programming for corporate events. ENTROS will establish
clubs combining game play and dining under the name Game Factory Grills at
locations across the country. ENTROS' first award-winning club opened in Seattle
in 1993, and a second location is slated for opening in San Francisco in
September. The Grills will offer participatory games and serve a distinctive
menu complemented by an upscale bar. ENTROS will also expand its corporate
events division that has organized game events involving as many as 500
executive-level participants for clients such as Microsoft, General Mills,
Boeing, Nintendo, GTE and Cisco Systems. "ENTROS founders Stephen Brown and Andy
Forrest have developed one of the most creative, original entertainment concepts
I have seen for some time," said Peter S. Rummell, chairman and chief executive
officer of St. Joe and former chairman and CEO of Walt Disney Imagineering. "Our
investment in ENTROS reflects St. Joe's commitment to develop an innovative,
location-based entertainment division that meets the growing demand for
interactive leisure activities." Last month St. Joe announced an agreement in
principle with the National Football League to build and operate National
Football League entertainment centers, tentatively called NFLX, in a number of
locations nationwide.


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         The ENTROS game-based entertainment concept is designed to engage large
numbers of participants in social interaction through a unique mix of high
technology and old-fashioned fun. ENTROS has staged its games at its Seattle
location, online and at corporate events including product launches, trade shows
and vendor meetings. "We consider our approach to entertainment to be
revolutionary. Far more than computer and video games, our games include
strategy, teamwork, physical involvement and friendly competition," said
Forrest. "We believe that technology does not have to be isolating, but rather
with the correct focus, high-tech can be used to enhance social interplay."

         "ENTROS games are unique because there are no spectators. Everyone is
involved, out of their chair, and in the action," adds Brown. "ENTROS games are
created and built by our own team of GameMakers. All games are designed to bring
people together in fun, physical, intelligent ways."

         St. Joe, a publicly held company based in Jacksonville, is Florida's
largest private land owner and is engaged in commercial/industrial, community,
resort, and location-based entertainment development. The company also has
interests in timber and railroads.

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