ST JOE PAPER CO
4, 1997-12-10
PAPERBOARD MILLS
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[  ] Check this box if no longer subject to Section 16. Form 4 or Form 5
     obligations may continue. See Instruction 1(b).
(Print or Type Responses)
================================================================================
1. Name and Address of Reporting Person*

   Alfred I. duPont Testamentary Trust
- - --------------------------------------------------------------------------------
   (Last)               (First)                 (Middle)

   1650 Prudential Drive, Suite 300
- - --------------------------------------------------------------------------------
                                    (Street)

   Jacksonville,           FL                     32207
- - --------------------------------------------------------------------------------
   (City)               (State)                 (Zip)


================================================================================
2. Issuer Name and Ticker or Trading Symbol


   St. Joe Corporation  SJP
================================================================================
3. IRS or Social Security Number of Reporting Person (Voluntary)


================================================================================
4. Statement for Month/Year

   12-97
================================================================================
5. If Amendment, Date of Original (Month/Year)

   N/A
================================================================================
6. Relationship of Reporting Person(s) to Issuer
   (Check all applicable)

   [   ]   Director                             [ X ]   10% Owner
   [   ]   Officer (give title below)           [   ]   Other (specify below)



      --------------------------------------------------------------------
================================================================================
7. Individual or Joint/Group Filing (Check Applicable Line)

   [   ] Form filed by One Reporting Person
   [ X ] Form filed by More than One Reporting Person


<PAGE>

================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================
<TABLE>
<CAPTION>
                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>            <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>
                                                                                                                         Member of
Common Stock                          12/10/97       J               N/A         N/A    N/A      21,324,316     I         a Group
- - ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                 20,547,764     D
- - ------------------------------------------------------------------------------------------------------------------------------------

- - ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
                                                                                                                             (Over)
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.

* If the form is filed by more than one reporting person, see
Instruction 4(b)(v).

<PAGE>


FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================
<TABLE>
<CAPTION>
                                                                                                          9.        10.
                                                                                                          Number    Owner-
                                                                                                          of        ship
                    2.                                                                                    Deriv-    Form of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    of                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Code     of (D)        (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>      <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>      <C>       <C>      <C>


- - ------------------------------------------------------------------------------------------------------------------------------------

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====================================================================================================================================
</TABLE>
Explanation of Responses:
* See Attachment.



* See Attachment
- - ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this Form, one of which must be manually signed.
       If space is insufficient, see Instruction 6 for procedures.

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.

<PAGE>

     Attachment to Form 4 Filed by the Alfred I. duPont Testamentary Trust
      Reporting Beneficial Ownership of Common Stock of St. Joe Corporation
                            Dated December 10, 1997

Explanation of Response: Pursuant to instruction 4(b)(v) of Form 4, the Alfred
I. duPont Testamentary Trust and each of the persons listed below are Reporting
Persons. The Alfred I. duPont Testamentary Trust and each of the persons listed
below are filing this Form 4 as joint filers and each are considered for
purposes of this Form 4 to be members of a single group ("Group") within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended
("1934 Act").

"J": This Form 4 is being filed to report that the Alfred I. duPont Testamentary
Trust and each of the persons listed below beneficially own shares of St. Joe
Corporation as members of the Group, instead of individually, for purposes of
complying with the reporting requirements of Section 16(a) of the 1934 Act.

<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
                                                                                        Amount of
                                                                                        Securities      Ownership        Nature of
                                                                         Securities     Beneficially    Form:            Indirect
Name and Address of           Title of       Transaction   Transaction   Acquired or    Owned at the    Direct (D)       Beneficial
Reporting Person              Security       Date          Code          Disposed of    End of Month    or Indirect (I)  Ownership
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>              <C>              <C>           <C>           <C>              <C>          <C>
The Nemours Foundation       Common           12/10/97         J             N/A           21,324,316       I            Member of
1650 Prudential Drive        Stock                                                                                        a Group
Suite 300
Jacksonville, FL 32207

                             Common           12/10/97         J             N/A              744,136       D
                             Stock
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Winfred L. and               Common           12/10/97         J             N/A           21,324,316       I            Member of
  Mary Anne Thornton         Stock                                                                                        a Group
1650 Prudential Drive
Suite 300
Jacksonville, FL 32207

                             Common           12/10/97         J             N/A                2,011       D
                             Stock
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>







<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
                                                                                        Amount of
                                                                                        Securities      Ownership        Nature of
                                                                         Securities     Beneficially    Form:            Indirect
Name and Address of           Title of       Transaction   Transaction   Acquired or    Owned at the    Direct (D)       Beneficial
Reporting Person              Security       Date          Code          Disposed of    End of Month    or Indirect (I)  Ownership
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>              <C>              <C>           <C>           <C>              <C>          <C>
William T. Thompson III      Common          12/10/97          J             N/A           21,324,316       I            Member of
1650 Prudential Drive        Stock                                                                                       a Group
Suite 300
Jacksonville, FL 32207


                             Common           12/10/97         J             N/A               21,150       D              
                             Stock
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Jacob C. Belin               Common           12/10/97         J             N/A           21,324,316       I            Member of
1650 Prudential Drive        Stock                                                                                        a Group
Suite 300               
Jacksonville, FL 32207  


                             Common           12/10/97         J             N/A                9,255       D
                             Stock
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Hugh M. Durden               Common           12/10/97         J             N/A           21,324,316       I            Member of
1650 Prudential Drive        Stock                                                                                        a Group
Suite 300               
Jacksonville, FL 32207  
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
John F. Porter III           Common           12/10/97         J             N/A           21,324,316       I            Member of
1650 Prudential Drive        Stock                                                                                        a Group
Suite 300               
Jacksonville, FL 32207  
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>



                Signatures to Form 4 Dated December 10, 1997
                Filed by the Alfred I. duPont Testamentary Trust
           Reporting Ownership of Common Stock of St. Joe Corporation


Alfred I. duPont Testamentary Trust     William T. Thompson III

By:    /s/ Winfred L. Thornton           By:    /s/ William T. Thompson III
       ----------------------------             -------------------------------

Name:  Winfred L. Thornton               Name:  William T. Thompson III
       ----------------------------             -------------------------------

Title: Chairman                          Date:  December 10, 1997
       ----------------------------             -------------------------------

Date:  December 10, 1997
       ----------------------------      Jacob C. Belin                        
                                                                               
The Nemours Foundation                   By:    /s/ Jacob C. Belin             
                                                -------------------------------
By:    /s/ Jacob C. Belin                                                      
       ----------------------------      Name:  Jacob C. Belin                 
                                                -------------------------------
Name:  Jacob C. Belin                                                          
       ----------------------------      Date:  December 10, 1997              
                                                -------------------------------
Title: President                                                               
       ----------------------------      Hugh M. Durden                        
                                                                               
Date:  December 10, 1997                 By:    /s/ Hugh M. Durden             
       ----------------------------             -------------------------------
                                                                               
Winfred L. and Mary Anne Thornton        Name:  Hugh M. Durden                 
                                                -------------------------------
By:    /s/ Winfred L. Thronton                                                 
       ----------------------------      Date:  December 10, 1997              
                                                -------------------------------
Name:  Winfred L. Thronton                                                     
       ----------------------------                                            
                                         John F. Porter III                    
Date:  December 10, 1997                                                       
       ----------------------------      By:    /s/ John F. Porter III         
                                                -------------------------------
By:    /s/ Mary Anne Thronton                                                  
       ----------------------------      Name:  John F. Porter III             
                                                -------------------------------
Name:  Mary Anne Thronton                                                      
       ----------------------------      Date:  December 10, 1997              
                                                -------------------------------
Date:  December 10, 1997
       ----------------------------


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