Mormon Church Buys Land in Florida Panhandle

An agricultural company owned by the Mormon Church agreed Thursday to purchase 382,834 acres of timberland in the Florida Panhandle.

The St. Joe Co. announced Thursday it will sell the land to AgReserves Inc., a taxpaying company owned by The Church of Jesus Christ of Latter-day Saints, for $565 million.

The transaction is expected to close by April 1.

Commissioner of Agriculture Adam Putnam said the sale is a boon for Florida because it is "a long-term investment in the state's timber and cattle industries."

The church has owned 290,000 acres of land in Central Florida since the early 1950s.

"This transaction between two of Florida's largest and most-committed land stewards is a meaningful reminder of the economic and ecological value of agriculture in our state," said Putnam. "For decades, the St. Joe Co. has played an important role in conserving the landscape of Floridas Panhandle, and AgReserves Inc. will build on that commitment while continuing to support the local economy."