Bluegreen Corporation Completes $60.0 Million Term Securitization

Bluegreen Corporation (NYSE: BXG) ("Bluegreen”), a leading provider of Colorful Places to Live and Play®, today announced that on March 31, 2008 it completed a private offering and sale of $60.0 million of timeshare loan-backed securities (the "2008 Term Securitization"). The amount of the receivables sold totaled $68.6 million, including: (1) $61.4 million of loans in aggregate principal of timeshare loans that were previously transferred under an existing timeshare loans purchase facility with Branch Banking & Trust Company ("BB&T”) (the "BB&T Purchase Facility"); and (2) $7.2 million of timeshare loans owned by Bluegreen immediately prior to the 2008 Term Securitization. BB&T Capital Markets acted as the Initial Purchaser in the 2008 Term Securitization. The proceeds from the 2008 Term Securitization were used to: (1) repay $51.0 million of the $60.6 million outstanding under the BB&T Purchase Facility; (2) deposit initial amounts in a required cash reserve account; (3) pay certain transaction fees and expenses; and (4) provide net cash proceeds of $5.8 million to Bluegreen, which will be used for general corporate purposes and debt service. Bluegreen also received a retained interest in the future cash flows from the 2008 Term Securitization. The timeshare loans were sold to BRFC 2008-A LLC, a wholly-owned, special purpose finance subsidiary of the Company (the "Subsidiary"). The Subsidiary then sold the timeshare loans to BXG Receivables Note Trust 2008-A, a Delaware statutory trust (a qualified special purpose entity), without recourse to Bluegreen or the Subsidiary except for breaches of certain representations and warranties at the time of sale. The Company expects to account for this transaction as an "off-balance sheet" sale of receivables. The securities sold in the 2008 Term Securitization have not been registered under the Securities Act and may not be offered or sold except in reliance on an exemption from such registration requirements. RENEWS AND EXPANDS PURCHASE FACILITY WITH BB&T Bluegreen also announced that it has renewed the BB&T Purchase Facility, extending the facility to May 2010 and expanding the facility amount to a cumulative purchase price of $150 million on a revolving basis, pursuant to the terms of the facility and subject to certain conditions precedent. The original BB&T Purchase Facility signed on June 1, 2006 allowed for transfers of notes receivable for a cumulative purchase price of up to $137.5 million, on a revolving basis, through May 2008. As a result of the amounts repaid under the BB&T Purchase Facility with the proceeds of the 2008 Term Securitization, availability under the facility is currently approximately $140 million and accordingly Bluegreen Timeshare Finance Corporation I, the Company's wholly-owned, special purpose finance subsidiary of the Company, may transfer additional timeshare loans for a cumulative purchase price of approximately $140 million on a revolving basis, through May 2010 at approximately 83% of the principal balance, subject to the eligibility requirements and certain conditions precedent. SENIOR SECURED NOTES On March 31, 2008, Bluegreen repaid in full its $55 million, 10.5% Senior Secured Notes plus all accrued interest, immediately prior to the maturity of the Notes on April 1, 2008. John M. Maloney Jr., President and Chief Executive Officer, commented, "We are pleased to be able to consummate these two transactions, which, in the aggregate and in combination with the repayment of our Senior Secured Notes, significantly strengthened our balance sheet and enhanced our future liquidity. We appreciate the participation of our securitization investors and our relationship with BB&T.” ABOUT BLUEGREEN CORPORATION Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play® through two principal operating divisions. With more than 185,000 owners, Bluegreen Resorts markets a flexible, real estate-based vacation ownership plan that provides access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences such as cruises and hotel stays. Bluegreen Communities has sold over 56,300 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and currently employs over 6,000 associates. 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 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 risks and uncertainties associated with the risk that the BB&T Purchase Facility may not be available pursuant to its terms or at all, the risk that the Company may not be able to successfully securitize its timeshare loans in the future, 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 3, 2008.