<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF THE ST. JOE CORPORATION FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1997  
<PERIOD-END>                               MAR-31-1997
<CASH>                                         129,085
<SECURITIES>                                    66,227
<RECEIVABLES>                                   53,496
<ALLOWANCES>                                         0
<INVENTORY>                                     23,728
<CURRENT-ASSETS>                               293,508
<PP&E>                                       1,167,064
<DEPRECIATION>                                (325,953)
<TOTAL-ASSETS>                               1,528,310
<CURRENT-LIABILITIES>                           62,696
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        13,054
<OTHER-SE>                                     890,181
<TOTAL-LIABILITY-AND-EQUITY>                 1,528,310
<SALES>                                         19,992
<TOTAL-REVENUES>                                68,387
<CGS>                                           13,794
<TOTAL-COSTS>                                   78,124
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                  91
<INCOME-PRETAX>                                 22,121
<INCOME-TAX>                                    10,274
<INCOME-CONTINUING>                             11,847
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     8,010
<EPS-PRIMARY>                                     0.26
<EPS-DILUTED>                                     0.26