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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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  	August 11, 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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  	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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  	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>
  </P>
  <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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  <B>
  	Item 2.05 Costs Associated with Exit or Disposal Activities.
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  On August 11, 2006, The St. Joe Company (the "Company") announced a reorganization of its operational structure designed to refocus the Company on long-term growth opportunities while capturing operating efficiencies.  Under the reorganization plan, three of the Company's operating divisions are being reorganized into one integrated business.  Regional managers will now be responsible for the operations of each of the Company's segments in their region.   In addition, as certain residential developments in the Company's central and south Florida regions reach full build-out later this year, the homebuilding operations in those developments will be discontinued.<br><br>As a result, the Company expects to take a charge to earnings of approximately $3.8 million.  Of the total charge, $3.1 million is expected to be incurred in the third quarter of 2006.  The majority of the balance will be recognized in the fourth quarter of 2006.  The charges incurred will be primarily one-time termination benefits to employees.  Approximately $200,000 of the total charges are expected to be non-cash.  The Company expects a net reduction of about 11% of its work force in connection with this reorganization plan.  <br><br>Additional information on the reorganization is set forth in our press release dated August 11, 2006, a copy of which is filed as exhibit 99.1 hereto and is incorporated by reference herein.<br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits<br><br>99.1 	Press Release dated August 11, 2006	<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>
  	August 16, 2006
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  	&nbsp;
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  <I>
  	By:
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  <I>
  	/s/ Michael N. Regan
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  	&nbsp;
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  <I>
  	Name: Michael N. Regan
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  <I>
  	Title: Senior Vice President - Finance and Planning
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	99.1
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  Press Release dated August 11, 2006
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14449.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11141}]
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": "061037067"}, "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):
  August 11, 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 2.05 Costs Associated with Exit or Disposal Activities.
  On August 11, 2006, The St. Joe Company (the "Company") announced a reorganization of its operational structure designed to refocus the Company on long-term growth opportunities while capturing operating efficiencies.  Under the reorganization plan, three of the Company's operating divisions are being reorganized into one integrated business.  Regional managers will now be responsible for the operations of each of the Company's segments in their region.   In addition, as certain residential developments in the Company's central and south Florida regions reach full build-out later this year, the homebuilding operations in those developments will be discontinued.
  As a result, the Company expects to take a charge to earnings of approximately $3.8 million.  Of the total charge, $3.1 million is expected to be incurred in the third quarter of 2006.  The majority of the balance will be recognized in the fourth quarter of 2006.  The charges incurred will be primarily one-time termination benefits to employees.  Approximately $200,000 of the total charges are expected to be non-cash.  The Company expects a net reduction of about 11% of its work force in connection with this reorganization plan.
  Additional information on the reorganization is set forth in our press release dated August 11, 2006, a copy of which is filed as exhibit 99.1 hereto and is incorporated by reference herein.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits
  99.1 	Press Release dated August 11, 2006
  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
  August 16, 2006
  By:
  /s/ Michael N. Regan
  Name: Michael N. Regan
  Title: Senior Vice President - Finance and Planning
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  99.1
  Press Release dated August 11, 2006