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WaterColor Inn & Resort Announces Fall, Winter Signature Golf Packages

October 23, 2007

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Tom Fazio, Greg Norman and Davis Love III-Designed Courses Featured

(WATERSOUND, Fla.) – The St. Joe Company’s WaterColor Inn & Resort, the award-winning hotel located on the Gulf of Mexico, today announces the availability of its fall and winter "Signature Series" Golf Packages, featuring Tom Fazio-designed Camp Creek, Greg Norman-designed Shark’s Tooth and The Origins Course at WaterSound, designed by Davis Love III.

All packages include accommodations at the WaterColor Inn & Resort, a 60-room boutique property designed by David Rockwell with rooms overlooking the white sugar sand beaches and wind-swept coastal dunes of South Walton County. Camp Creek, The Origins Course and Shark’s Tooth are located just minutes from the Inn, and shuttle van transportation is provided by request.

Signature Series Golf Packages

Signature Guys Golf Gorge Experience (Oct. 2, 2007 – Feb. 29, 2008) – Includes unlimited golf at Camp Creek and Shark’s Tooth, one round at Origins and dinner at Fish Out of Water, located at the Inn. Stays available starting at $300 per night per person, based on double occupancy. Two-night minimum stay required.

Signature Family Golf Experience (Oct. 2, 2007 – Feb. 29, 2008) – Includes one round of golf at Origins per family member, per stay. Three-night stays available starting at $785, based on double occupancy.

Signature Day with a Pro Golf Experience (Oct. 2, 2007 – Feb. 29, 2008) — Includes lessons with a PGA professional from Camp Creek or Shark’s Tooth, lunch, videoed instruction, two rounds of golf (one with the teaching professional) and dinner at Fish Out of Water. Minimum three-night stay and double occupancy ($480 – $565).

Camp Creek and Shark’s Tooth offer golfers exclusive, championship-level playing experiences that truly adhere to the "country club for a day" adage. Only members, their guests, and guests of WaterColor and WaterSound resort properties have access to both courses, creating a truly memorable golf experience unique to the region. The Origins Course, open to the public, is a concept course that plays as a six-hole regulation, nine-hole executive and 10-hole par-3 layout.

"Our Signature Series Golf Packages provide our guests with an exclusive golfing experience that few destinations can match," says Stephen Hilliard, Vice President of Resort and Club Operations. "The one-two punch of Camp Creek and Shark’s Tooth – both considered among the most challenging private courses in the state — is a strong combination that appeals to avid golfers. The Origins Course, designed with beginners, juniors and family golf in mind, is the perfect complement."

All packages are customizable at the time of booking and can include additional golf, instruction, dinners and nights. For more information and package pricing, visit www.watercolorinn.com or WaterColor Vacations, www.watercolorvacations.com.

About Camp Creek

Since opening in 2001, Camp Creek has been consistently cited as one of Tom Fazio’s most thought-provoking, aesthetically-stunning design credits. Featuring a unique "dunescape" appearance, the course was created as a private club for members who are owners of St. Joe selected communities and resort guests of St. Joe’s WaterColor and WaterSound Beach resorts. From the back green tees, the course plays to a championship caliber yardage of 7,159 and a formidable slope rating of 152. Camp Creek’s five-tee configuration, which also includes gold (senior) and red (women’s) tees, accommodates players of all skill and experience levels. Travel + Leisure Golf recently recognized Camp Creek as "Florida’s No. 1 Course of the New Millennium." It has also been recognized for its environmental stewardship through designation as a Certified Audubon Cooperative Sanctuary by the Audubon Cooperative Sanctuary ! System (ACSS). Superintendent Larry Livingston was similarly distinguished as a certified Audubon Steward.

About Shark’s Tooth

Designed by Greg Norman and voted the second best new private course by Golf Digest upon opening in 2002, Shark’s Tooth Golf Club was recently purchased by The St. Joe Company to bolster its high-end, golf course holdings. The course stretches to 7,209 yards from the back tees and features five fairways that border scenic Lake Powell, two holes that play toward the water and numerous wooden cart path bridges that cross over streams and estuaries. Tucked among the oaks and pines along the shores of the historic lake, which has been designated an Outstanding Florida Waterway, Shark’s Tooth is a challenging course that co-exists with its surroundings. Grass from the Greg Norman Turf Company was used on the fairways, approaches and rough. Shark’s Tooth is located just 10 miles from Camp Creek and the Origins Course at WaterSound, collectively creating one of west Florida’s great golf destin! ations. The course is a Silver Signature Sanctuary Course as accredited by the Audubon Signature Program.

About The Origins Course at WaterSound

The Origins Course at WaterSound’s mission is to make golf more fun, accessible and attractive to families, beginners and casual golfers. A six-hole regulation course that alternatively plays as a nine-hole executive course and a ten-hole par 3 layout, The Origins Course was conceived with the "short course" concept at its core. Designed by Love Golf Design, founded by PGA Tour player Davis Love III, the course is consistent with the Scottish origins of the game, in which six, nine and 12-hole courses were commonplace. The Origins Course appeals and caters to novices via its non-penal design and manageable distance of approximately 1,800 yards. Yet its regulation-length holes and traditionally wrought green complexes provide enough challenge and strategy to retain the interest of experienced golfers. Turfed with "Sealsle Supreme Paspalum," which requires fewer chemicals for! weed and pest control, The Origins Course supports St. Joe’s commitment to environmental sensitivity and preservation.

About WaterColor

WaterColor is a 499-acre coastal resort and residential community in Northwest Florida directly on the Gulf of Mexico, adjacent to the acclaimed Grayton Beach State Recreation Area along Walton County’s scenic highway 30A. Developed by The St. Joe Company, the resort features a 60-room inn, fine dining restaurant Fish Out of Water, Camp WaterColor, spa, swimming pools, tennis center, Orvis accredited fishing excursions, dune walkovers, lakefront parks and BoatHouse for water sports. At full build-out the community is planned to include 1,140 residences. Nearly half the property is devoted to open space and preservation areas.

WaterColor Inn is Northwest Florida’s only AAA Four Diamond hotel. In 2007 and 2006 readers of Travel + Leisure voted the property one of the "World’s Best," and in 2006 Travel + Leisure Family rated it "#1 Family-Friendly Resort in North America." WaterColor was also named the 2006 "Grand Award Winner" in Andrew Harper’s Hideaway Report. WaterColor Inn is a member of Preferred Hotels & Resorts.

More information can be found at http://www.watercolorvacations.com

About JOE

The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida’s largest real estate development companies. We are primarily engaged in real estate development and sales, with significant interests in timber. JOE’s mission is to create places that inspire people and make the region an even better place to live, work and play. We’re no ordinary JOE.

More information about JOE can be found at our website at www.joe.com .

© 2007 The St. Joe Company. "Camp Creek," "JOE," "St. Joe", "WaterColor," "Shark’s Tooth," "WaterSound" and the "Taking Flight" design are service marks of The St. Joe Company.

Contact:
Shane Sharp

Buffalo Communications

704.519.8381

ssharp@billycaspergolf.com

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