St. Joe Company (NYSE: JOE) owns 577,000 acres of prime Gulf Coast real estate. Founded in 1936, the company has slowly acquired everything from beachfront property, to property on St. James Island, to inland rural land ripe for development. The company doesn't just sit on that land, though. Some of it remains undeveloped, but it's found plenty of ways to monetize the rest.
The company has four divisions: Residential Real Estate, Commercial Real Estate, Rural Land Sales and Forestry. The Residential Real Estate division operates some very attractive resorts right on the Emerald Coast as well as other beaches (just check out the website). There are quaint residential communities, also along the beach, which are sparsely populated and remain relatively untouched. The Commercial division develops and sells real estate for just about every type of business: retail, office, industrial, multi-family, mixed use and even hospitality. The Rural side sells undeveloped land from two acres up to 468 acres for development (such as homebuilding), recreation, conservation and for the timber industry. Finally, as its name suggests, the Forestry division focuses on anything having to do with timber, while also doing its part for conservation by managing properties for that purpose.
If it's possible to more fully diversify a real estate holding, I can't think how.
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