The subject lot was sold after foreclosure and repossession by a lender. The same lot was sold by St. Joe for $180,000 in 2007. The buyer took out a $162,000 loan to purchase the lot.
It appears as though St. Joe's glory years were fueled by speculators being able to walk into banks and placing leveraged bets, with only 10% down. We know this is no longer the case.
Going forward, the vulture investors who participate in the liquidation process of the previous decade's bubble, will profit from St. Joe's costly "placemaking" efforts in the region.