Bluegreen Corporation Completes $75.0 Million Timeshare Receivables Facility

BOCA RATON, Fla.--(Business Wire)--
Bluegreen Corporation (NYSE: BXG) ("Bluegreen"), a leading
provider of Colorful Places to Live and Play(R), today announced that
on August 27, 2008 it entered into a new $75.0 million revolving
timeshare receivables hypothecation facility with a syndicate of
lenders led by Liberty Bank and assembled by Wellington Financial. The
facility provides for a 90% advance on eligible receivables pledged
under the facility during a two-year period ending in August 2010,
subject to customary terms and conditions. Amounts borrowed under the
facility and interest incurred will be repaid as cash is collected on
the pledged receivables, with the remaining balance due in August
2014.

John M. Maloney Jr., President and Chief Executive Officer,
commented, "We are pleased to be able to further enhance our liquidity
and support our timeshare operations with this new facility. We look
forward to working with Liberty Bank, and the other participants in
the syndicate in this new lending relationship."

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 more than 190,000 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 Liberty
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 and Form 10-Q filed
on August 7, 2008.

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

Copyright Business Wire 2008