Mormon Church Affiliate Pays $565M For Fla. Land

Law360, New York (November 7, 2013, 4:33 PM EST) -- Mormon Church affiliate AgReserves Inc. will dole out $565 million for more than 380,000 acres of timberlands and rural lands in northwest Florida from the area’s largest private landowner and developer, The St. Joe Co., according to a Thursday SEC filing.

Located throughout Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties, the land also comes with numerous timber and agricultural contracts, St. Joe said in a statement. The land, excluding the contracts, is valued at $54 million, the real estate investment and development...
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