<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 
FINANCIAL STATEMENTS OF ST JOE CORPORATION FOR THE THREE MONTHS ENDED MARCH 31,
1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
       
                                                  
<PERIOD-TYPE>                   3-MOS                   
<FISCAL-YEAR-END>                          DEC-31-1997  
<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>                                 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>                                      .09        
<EPS-DILUTED>                                      .08