Bluegreen Corporation Renews and Increases Unsecured Revolving Credit Facility with Wachovia Bank, N.A.

Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, today announced that it has renewed its existing unsecured revolving line of credit with Wachovia Bank, N.A. Under the terms of the renewal, the facility was increased to $20.0 million from $15.0 million, and the interest rate decreased to LIBOR plus 1.75% from LIBOR plus 2.00%. The facility, which is designated for general corporate purposes, will expire in July 2008. Other terms of the facility are substantially unchanged. John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, commented, "We value our relationship with Wachovia, and appreciate their continuing support. We believe that the terms of this facility validate our business model and reflect the strength of our operations and outlook.” Karen Leikert, Senior Vice President of Wachovia, commented, "Wachovia views its relationship with Bluegreen Corporation as a partnership that we would like to continue to develop and expand as we move forward. It has been our experience that dealing with a well known and well respected organization such as Bluegreen is a sound business decision foremost. We are confident that this strong relationship will continue to flourish." Wachovia Corporation is one of the nation's largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. ABOUT BLUEGREEN CORPORATION Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play® through two principal operating divisions. With approximately 178,000 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 55,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs over 6,200 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 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 risk that this facility may not be available when needed pursuant to its terms, 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 16, 2007, its Form 10-K/A filed on July 3, 2007 and its Form 10-Q filed on August 9, 2007.