Bluegreen Corporation to Explore Strategic Alternatives for Bluegreen Communities

Bluegreen Corporation (NYSE: BXG) (“Bluegreen”), a leading timeshare sales, marketing and resort management company, announced that its Board of Directors is exploring other strategic alternatives for the Company’s Bluegreen Communities business segment, including a possible sale.

Led by President and Chief Executive Officer Daniel Koscher, Bluegreen Communities has operated for 45 years and focuses on the acquisition, development, marketing, and retail sale of master-planned residential communities in the Southwestern and Southeastern United States. As such, the operations of Bluegreen Communities do not align with Bluegreen’s long-term strategy of being a pure-play in the vacation ownership, resort and hospitality sectors.

The Algon Group is leading an advisory team, including REH Capital Partners, LLC and Label & Co., in assisting the Company in the exploration of strategic alternatives for Bluegreen Communities.

There can be no assurance that any transaction regarding Communities or its assets will be pursued or completed. The Company does not intend to disclose developments with respect to the progress of its strategic alternative review process until such time as the Board of Directors approves or completes a transaction(s) or otherwise deems further disclosure appropriate.

ABOUT BLUEGREEN CORPORATION

Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (NYSE:BXG) is the leader in providing Colorful Places to Live and Play® through its vacation ownership resort and residential real estate businesses. Bluegreen Resorts manages, markets and sells the Bluegreen Vacation Club, a flexible, real estate-based vacation ownership plan with more than 160,000 owners, over 56 owned or managed resorts, and access to more than 4,000 resorts worldwide. We also offer a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, customer generation and sales solutions to third-party developers and lenders. For more information, visit www.bluegreencorp.com.

ABOUT ADVISORY TEAM

Algon Group is a national financial advisory firm specializing in complex and/or challenging situations whose senior team has experience in a variety of industries and transaction types. The Atlanta-based firm has advised on over $3 billion closed real estate transactions in the last 18 months. For more information, visit www.algongroup.com.

Label & Co., located in Fort Lauderdale, is a real estate advisory firm with over 35 years experience in residential development and has helped develop and market over 20,000 residences across all asset classes. For more information, visit www.labelandcompany.com.

REH Capital Partners, LLC, located in Fort Lauderdale, is a national investment and advisory firm whose primary focus is the on the real estate and hospitality sectors. For more information, visit www.rehcp.com.

Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to: the general risks associated with strategic transactions; the Company's ability to identify desirable strategic alternatives for all or part of its non-timeshare businesses, potentially including divestitures, joint ventures or partnerships; the level of interest of third parties in pursuing possible strategic transactions for these businesses; the desire and ability (or lack thereof) of the Company and any relevant third parties to negotiate mutually acceptable definitive documentation to effect a possible strategic transaction and, if that occurs, whether the conditions to closing would then be satisfied; reactions, either positive or negative, of investors, competitors, customers, employees and others to the Company exploring strategic alternatives and opportunities and to any specific strategic alternative or opportunity selected by the Company; and the risks and other factors detailed in the Company’s SEC filings, including its most recent Annual Report on Form 10-K filed on March 31, 2010, and most recent Form 10-Q filed on November 9, 2010.

Contacts:

Bluegreen Corporation
Tony Puleo, 561-912-8270
Chief Financial Officer
tony.puleo@bluegreencorp.com
or
Investor Relations:
The Equity Group Inc.
Devin Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
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