The Mormon church is poised to become the largest private landowner in Florida as a result of a deal to buy nearly 400,000 acres in the state's Panhandle region. The property is mostly timberland, and the church "intends to maintain timber and agricultural uses of the lands," according to a statement released by St. Joe Company, a Florida real estate firm.
The signed sales agreement with the church's company, AgReserves Inc., for $565 million is subject to regulatory and shareholder approvals, according to the statement. The company expects the deal to be finalized in the first quarter of 2014.