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By Michael Breen | 05-28-2009 07:53 PM

Fairholme's Piece of Florida

Bruce Berkowitz says fund holding St. Joe holds a valuable stake of land in the panhandle that will benefit from a new international airport.

Securities mentioned in this video
FAIRX Fairholme
JOE St Joe Corp

Michael Breen: We had spoken before about, you have St. Joe's, that's one real estate play. That's a really battered down area. I'm wondering if you are sniffing around in that space and finding anything?

Bruce Berkowitz: St. Joe's, most people don't ask me about St. Joe's, so I feel compelled to answer. But St. Joe's land, a little under 600,000 acres, 70% of the land is within 15 miles of the Gulf.

Michael: Northwest Florida?

Bruce: It is the panhandle. Some people call it lower Alabama, LA. It is about 2% of the state of Florida; it is the last open space. The catalyst to St. Joe is a new international airport which is opening next May. I think the first international airport since 9/11. It is almost impossible to open airports today. And that's been the problem with this area. It has beautiful land; it is as diverse as the rainforest. With an international airport right dab in the middle of St. Joe's land, you no longer have to take two planes, a train and a car to get to some of the most beautiful spots in the United States.

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