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Could have sworn it was State Forest

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Yes, if you go to www.waltonpa.com you can use the map under the search feature (similar to google earth) and see that there was a purchase of the park from the State of Florida to St. Joe company in I believe 2005. That map is loads of fun, according to it the beach from 395 going west is not owned by those owners but in fact a lady who lives in Virginia.

I believe this dates back to the Cube McGee days and that land might be owned by Seagrove Beach Inc, but is is deemed "Right of Way" and is for public use.
 
I was going to copy the actual listing off of the PA's website, but now it just shows that the entire piece of land between Watersound and Watersound Beach is owned by St. Joe. The transfer date is still listed as 03-09-2004. The parcel number if you would like to look it up is 20-3S-18-16000-001-0020.
 
As for St. Joe buying State Park land, I don't think so. What you may be looking at as a land sale is part of a settlement agreement the state has with St. Joe.
Originally SJPC owned the property but it was acquired by the state to widen the greenway trail. So there might be a large portion to the south of the EL path that still belongs to them.
 
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