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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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  	December 4, 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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  	&nbsp;
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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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  	&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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  	&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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  <FONT SIZE="2">Top of the Form</FONT>
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  <B>
  	Item 5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.
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  On December 4, 2006, the Audit Committee of the Company's Board of Directors approved certain amendments to the Company's Code of Conduct regarding the review of related person transactions.  The amendments were adopted in response to the SEC's new rules regarding related person transactions contained in Item 404 of Regulation S-K.<br><br>The amendments appear in the Conflicts of Interest section of the Code of Conduct and, among other things, include the following:<br><br>-  clarification of the reporting and review process for conflicts of interest; <br>-  changes to the description of material interests and the definition of immediate family; <br>-  additional exceptions to the policy for interests in transactions arising from public company directorships and employee benefit policies; and<br>-  authorization for the Company's Compliance Officer to adopt additional procedures to monitor compliance with the policy.<br><br>The foregoing description of the Code of Conduct revisions does not purport to be complete, and is qualified in its entirety by reference to the full text of the revised Code of Conduct, which is filed as Exhibit 14.1 hereto and which is incorporated by reference herein.<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>
  	December 7, 2006
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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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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  	14.1
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  	&nbsp;
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  Code of Conduct (revised December 4, 2006)
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_16866.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10721}]
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": "061263328"}, "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):
  December 4, 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 5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.
  On December 4, 2006, the Audit Committee of the Company's Board of Directors approved certain amendments to the Company's Code of Conduct regarding the review of related person transactions.  The amendments were adopted in response to the SEC's new rules regarding related person transactions contained in Item 404 of Regulation S-K.
  The amendments appear in the Conflicts of Interest section of the Code of Conduct and, among other things, include the following:
  -  clarification of the reporting and review process for conflicts of interest;
  -  changes to the description of material interests and the definition of immediate family;
  -  additional exceptions to the policy for interests in transactions arising from public company directorships and employee benefit policies; and
  -  authorization for the Company's Compliance Officer to adopt additional procedures to monitor compliance with the policy.
  The foregoing description of the Code of Conduct revisions does not purport to be complete, and is qualified in its entirety by reference to the full text of the revised Code of Conduct, which is filed as Exhibit 14.1 hereto and which is incorporated by reference herein.
  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
  December 7, 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
  14.1
  Code of Conduct (revised December 4, 2006)