BOCA RATON, Fla.--(BUSINESS WIRE)--June 15, 2006--Bluegreen Corporation (NYSE:BXG), a leading provider of Colorful Places to Live and Play(R), proudly announced today that it won a 2006 American Business Award for "Best Overall Company" (more than 2,500 employees). The timeshare and residential land development company accepted its golden "Stevie" Award at a gala awards banquet hosted by The American Business Awards on June 12 in New York City.

"We are so proud to win this prestigious award. National recognition like this confirms we are growing our business in the right ways," said George Donovan, president and chief executive officer of Bluegreen(R). He added, "It is a clear reflection of the diligence and dedication of all our associates throughout the United States."

Dubbed "the business world's own Oscar Awards," the American Business Awards honor great performances in the workplace in the United States and are judged by distinguished business leaders from leading companies in many industries. The criteria for the awards differ by category, but the emphasis is on overall quality, integrity and growth of the company, and the merits of the accomplishments in the nomination. Although Bluegreen's nomination spoke to the tremendous growth in sales and owner base in 2005, it focused on the watershed change in owner servicing through a new, centralized department, and the addition of numerous new resorts and community developments.

Other finalists in the "Best Overall Company" (more than 2,500 employees) category included Checkers Drive-in Restaurants, CarMax, Carrier Corporation, The Thomson Corporation and Carlson Restaurants Worldwide. A complete list of the 2006 Stevie Award winners and finalists by category can be found at http://www.stevieawards.com/pubs/awards/70_1834_12902.cfm.

Other accolades Bluegreen has received include being 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. Most recently, Bluegreen ranked No. 60 on Florida Trend's list of the top 150 Florida public companies. Bluegreen was named a Finalist in the South Florida Business Journal's "Best Places to Work in South Florida" Award in the large company category in 2005 and 2006. Bluegreen was named the South Florida Business Journal 2005 Business of the Year Award Winner in the real estate services category. In 2005, Bluegreen president and CEO George Donovan was named a Finalist in the Ernst & Young Entrepreneur Of the Year Florida Awards program in the real estate and construction category, and he was awarded the Lifetime Achievement Award from The American Resort Development Association in 2004.

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 over 5,000 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. 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; as well as the risk that growth levels will not continue and that the new resorts and developments may not be as successful as anticipated; that offsite sale centers may not be as successful as anticipated; 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, 2006.

    CONTACT: Bluegreen Corporation
             Lisa Thornhill, 561-912-8251
             Director, Corporate Communications
             lisa.thornhill@bluegreencorp.com
             or
             Investor Contacts:
             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

    SOURCE: Bluegreen Corporation