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Buy When There's Oil in the Water (Jun-10)

Buy When There's Oil in the Water (Jun-10)



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Published by: Broyhill Asset Management on Jun 28, 2010
Copyright:Attribution Non-commercial


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Buy When There’sOil In The Water
   C   O   N   F   I   D   E   N   T   I   A   L   I   N   F   O   R   M   A   T   I   O   N
 The Beginning 
The St Joe Company was founded in 1936 as part of the Alfred I. duPont Testamentary Trust by du Pont’s brother-in-law Edward Ball.
Prior to its establishment, the trust had already begun land purchases,making its in 1923, acquiring cheap land in the Florida Panhandle.
Land purchases continued throughout the 1940s and 1950s, and St Joeeventually owned more than a million acres at “a couple bucks per acre.
The company invigorated the local economy following the Depression,employing thousands at its paper mill, but ultimately exited the businessafter nearly sixty years, selling the mill to Florida Coast Paper for $390million in 1996.
Following Ball’s death in 1981, the company began to sell off its industrialoperations and focus on land development. Peter Rummell, formerchairman of Walt Disney Imagineering, was hired in 1997 to lead theirreal estate business and became Chairman and CEO.
   C   O   N   F   I   D   E   N   T   I   A   L   I   N   F   O   R   M   A   T   I   O   N
 The St Joe Company Today 
Britton Greene has served as CEO of the company since May 2008 andas President since October 2007.
The company sold its homebuilding operations and commercial realestate portfolio in 2007. Greene has since focused the company onsecuring higher and better land-use entitlements for its raw land,facilitating infrastructure improvements, and undertaking strategic landplanning and development.
The St. Joe Company today is the premier real estate developmentcompany in Northwest Florida, with approximately 580,000 acres of low-cost land, between Tallahassee and Destin.
St. Joe owns approximately 41,000 entitled acres that allow for thedevelopment of 43,000 residential units and over 13 million square feetof commercial uses.
The company also manages timber operations on thousands of acres of rural land with 289,000 acres encumbered under a pulpwood supply agreement totaling over 22 million tons of standing pine and over 7million tons of hardwood inventory.

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