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  <TITLE> The St. Joe Company (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	September 18, 2006
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  	The St. Joe Company
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Florida
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  	1-10466
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  	59-0432511
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	245 Riverside Avenue, Suite 500, Jacksonville, Florida
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  	&nbsp;
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  	32202
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	904-301-4200
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On September 18, 2006, the Compensation Committee of the Board of Directors of The St. Joe Company (the "Company") approved amendments to the Company's Supplemental Executive Retirement Plan ("SERP") and the Deferred Capital Accumulation Plan ("DCAP").   The amendments were adopted to comply with the requirements of Internal Revenue Code Section 409A.<br><br>Each of the SERP and DCAP amendments provides, among other things, for the following: (1) limits distributions to only lump sum payments; (2) requires a six month delay on distribution payments after termination of service, except for payments on death; (3) eliminates Committee discretion to accelerate payments; and (4) requires that any amendment or termination must comply with Section 409A.  The DCAP amendment also conforms the definition of "change of control" to the requirements of Section 409A and eliminates in-service distributions.<br><br>The description of the SERP and DCAP amendments in this report is qualified in its entirety by reference to the amendments themselves, copies of which are filed herewith as Exhibits 10.1 and 10.2 and are incorporated by reference herein.  <br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits<br><br>10.1	Third Amendment to The St. Joe Company Supplemental Executive Retirement Plan<br><br>10.2	Fourth Amendment to The St. Joe Company Deferred Capital Accumulation Plan	<br>
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  	SIGNATURES
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  	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.
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  	The St. Joe Company
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  	&nbsp;&nbsp;
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  <I>
  	September 22, 2006
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  	&nbsp;
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  	By:
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  <I>
  	/s/ Christine M. Marx
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  	&nbsp;
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  <I>
  	Name: Christine M. Marx
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  <I>
  	Title: General Counsel and Corporate Secretary
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Third Amendment to The St. Joe Company Supplemental Executive Retirement Plan
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  	10.2
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  Fourth Amendment to The St. Joe Company Deferred Capital Accumulation Plan
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_15102.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11376}]
metadata_filer: {"company-data": {"conformed-name": "ST JOE CO", "cik": "0000745308", "assigned-sic": "6552", "irs-number": "590432511", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10466", "film-number": "061104449"}, "business-address": {"street1": "245 RIVERSIDE AVENUE STE 500", "city": "JACKSONVILLE", "state": "FL", "zip": "32202", "phone": "9043014200"}, "mail-address": {"street1": "245 RIVERSIDE AVENUE", "street2": "SUITE 500", "city": "JACKSONVILLE", "state": "FL", "zip": "32202"}, "former-company": [{"former-conformed-name": "ST JOE CORP", "date-changed": "19980430"}, {"former-conformed-name": "ST JOE PAPER CO", "date-changed": "19920703"}]}
text: The St. Joe Company (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  September 18, 2006
  The St. Joe Company
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Florida
  1-10466
  59-0432511
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  245 Riverside Avenue, Suite 500, Jacksonville, Florida
  32202
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  904-301-4200
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On September 18, 2006, the Compensation Committee of the Board of Directors of The St. Joe Company (the "Company") approved amendments to the Company's Supplemental Executive Retirement Plan ("SERP") and the Deferred Capital Accumulation Plan ("DCAP").   The amendments were adopted to comply with the requirements of Internal Revenue Code Section 409A.
  Each of the SERP and DCAP amendments provides, among other things, for the following: (1) limits distributions to only lump sum payments; (2) requires a six month delay on distribution payments after termination of service, except for payments on death; (3) eliminates Committee discretion to accelerate payments; and (4) requires that any amendment or termination must comply with Section 409A.  The DCAP amendment also conforms the definition of "change of control" to the requirements of Section 409A and eliminates in-service distributions.
  The description of the SERP and DCAP amendments in this report is qualified in its entirety by reference to the amendments themselves, copies of which are filed herewith as Exhibits 10.1 and 10.2 and are incorporated by reference herein.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits
  10.1	Third Amendment to The St. Joe Company Supplemental Executive Retirement Plan
  10.2	Fourth Amendment to The St. Joe Company Deferred Capital Accumulation Plan
  Top of the Form
  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.
  The St. Joe Company
  September 22, 2006
  By:
  /s/ Christine M. Marx
  Name: Christine M. Marx
  Title: General Counsel and Corporate Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Third Amendment to The St. Joe Company Supplemental Executive Retirement Plan
  10.2
  Fourth Amendment to The St. Joe Company Deferred Capital Accumulation Plan