Bluegreen Corporation Reports 2005 Fourth Quarter and Year-End Financial Results; Acquires 1,579-Acre Property to Develop Bluegr | Press Releases

Thursday, March 9th, 2006

BOCA RATON, Fla.--(BUSINESS WIRE)--March 9, 2006--Bluegreen Corporation (NYSE: BXG), a leading provider of leisure products and lifestyle choices, today announced financial results for the fourth quarter and year ended December 31, 2005 (see attached tables).

George F. Donovan, President and CEO of Bluegreen Corporation, commented, "2005 was a year of great success for Bluegreen(R), highlighted by record Resorts sales, record total operating revenues, and record net income. Resorts sales increased in each quarter of 2005. We commenced sales at four new Resort sales offices last year, increased our owner base by 14% to more than 153,000, and benefited from our critical mass, favorable demographic trends, and increasing acceptance of the Bluegreen Vacation Club(R). We also completed a $203.8 million securitization of vacation ownership receivables, the largest such transaction in our history. We believe that the successful completion of this offering reflects the liquidity of Bluegreen's vacation ownership receivables and the quality of our operations and prospects. Sales in the Communities segment, as expected, declined during the second half 2005, negatively impacting our overall operating results for that same period. As previously announced, this decline was the result of lower available inventory due to the high level of sales generated during 2004 and the first half of 2005. We are proud, however, that Bluegreen Communities® maintained a leading position in the direct-to-consumer sales of residential home sites. We commenced sales at three new residential properties during 2005, with sales at a fourth new property beginning in January 2006."

NEW BLUEGREEN GOLF COMMUNITY

Mr. Donovan continued, "In the first quarter of 2006, we acquired a 1,579-acre parcel of land in Grayson County, Texas, located in the Metroplex and within one hour of Dallas, Texas. This Bluegreen Golf® Community substantially increases our land inventory and expands Bluegreen's presence in one of the nation's most vibrant major metropolitan areas. The community will offer 1/4- to 1-acre homesites. The first phase of the development is expected to begin in March 2006 with sales expected to commence in the fourth quarter of 2006. Amenities are planned to include an 18-hole, championship style golf course, owner's clubhouse, and swim and tennis center. We currently believe that this community will generate total estimated life-of-project sales of approximately $168.2 million over an anticipated 7-year sell out period, based on our assessment of current estimated retail prices and the expected number of homesites to be offered."

ABOUT BLUEGREEN CORPORATION

Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R) through two principal operating divisions. With over 150,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts, an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities® has sold over 51,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs nearly 6,000 associates. In 2005, Bluegreen ranked No. 57 on Forbes' list of The 200 Best Small Companies and No. 48 on FORTUNE's list of America's 100 Fastest Growing Companies. More information about Bluegreen is available at www.bluegreencorp.com.

Statements in this release may constitute forward-looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act of 1995. Use of words such as "plan," "plans," "expects," "will," and other forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, risks that the Company's estimated remaining life-of-project sales will not be accurate, risks that the Chapel Ridge project will not be as successful as expected, will not be developed in the manner or within the time frames expected, and the risk factors and other issues detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2006, and the Quarterly Report on Form 10-Q filed on August 9, 2006.

    CONTACT: Investor:
             Bluegreen Corporation
             Tony Puleo, 561-912-8270
             Chief Financial Officer
             tony.puleo@bluegreencorp.com
             or
             The Equity Group Inc.
             Devin Sullivan, 212-836-9608
             dsullivan@equityny.com
             or
             Media:
             Bluegreen Corporation
             Lisa Thornhill, 561-912-8251
             Director, Corporate Communications
             lisa.thornhill@bluegreencorp.com

    SOURCE: Bluegreen Corporation

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