BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 5, 2006--Bluegreen Corporation (NYSE:BXG) (or "the Company"), today announced the completion of a $203.8 million Rule 144A private offering of vacation ownership receivable-backed securities. This is the largest securitization transaction in the Company's history.

These securities were issued by BXG Receivables Note Trust 2005-A and Bluegreen will continue to service the loans that collateralize the securities. A portion of the proceeds of the offering was used to pay down all outstanding amounts due under its vacation ownership receivables purchase facilities with Branch Banking and Trust Company ("BB&T") and Resort Finance LLC, which expired in December 2005. Bluegreen has received a term sheet and is in the documentation process for a new, $175.0 million vacation ownership receivables purchase facility with BB&T, which is expected to close in the first quarter of 2006.

George Donovan, President and Chief Executive Officer of Bluegreen, stated, "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."

The offering featured six classes of vacation ownership receivable-backed notes with a blended interest rate of approximately 5.98%. Each of the six classes of notes has been rated by two nationally recognized credit rating agencies as follows:

     Class of Notes     Interest Rate     Moody's     S&P
    ----------------   ---------------   ---------   -----
           A                5.409%          Aaa       AAA
           B                5.489%          Aa2       AA
           C                5.757%          A2        A
           D                6.353%          Baa1      BBB
           E                7.145%          Baa3      BBB-
           F                9.852%          Ba2       BB

The underlying vacation ownership receivables have a weighted average interest rate of approximately 14.97%. The Company has also received a retained interest in the future cash flows from this securitization.

The vacation ownership receivable-backed notes have not been registered under the Securities Act of 1933, as amended (the "Act"), or applicable state or blue sky laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements pursuant to the Act or applicable state or blue sky laws.

ABOUT BLUEGREEN CORPORATION

Bluegreen Corporation (NYSE:BXG) is a leading provider of Colorful Places to Live and Play(R). Bluegreen Resorts' flexible points-based vacation ownership system provides approximately 150,000 owners access to over 40 resorts and an exchange network of over 3,700 resorts and other vacation experiences such as cruises. Bluegreen Communities has sold over 49,000 planned residential and golf community homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, Fla., and employs approximately 4,900 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.

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. 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, the risk that Bluegreen will not be able to securitize its receivables in the future, the risk that Bluegreen will not be able to obtain sales accounting treatment for this and future securitizations, the risk that Bluegreen will not be able to obtain new facilities for the sale of receivables 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 16, 2005 and its Quarterly Report on Form 10-Q filed on November 9, 2005.

    CONTACT: Bluegreen Corporation
             Tony Puleo, 561-912-8270
             tony.puleo@bluegreencorp.com
              or
             The Equity Group Inc.
             Devin Sullivan, 212-836-9608
             dsullivan@equityny.com

    SOURCE: Bluegreen Corporation