Bluegreen Corp Aquires Williamsburg, VA Resort

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. October 14, 2008

BOCA RATON, FL, November 28, 2006. Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play(R), today announced it has finalized the second phase of its resort property acquisition in Williamsburg, Va. less than one block from the historic district of Colonial Williamsburg. The new Bluegreen(R) resort will be called Patrick Henry SquareTM.

As announced on June 28, 2006, Bluegreen commenced the first phase of this project with the purchase of the Patrick Henry Inn, and the Liberty Inn and Conference Center, located on approximately 4.6 acres of land in Williamsburg, Va. The second and final phase of the project consisted of the purchase of the Colonial Capital Inn and a commercial building, which are located on approximately 18 acres of adjacent land.

Bluegreen currently plans to build approximately 8 campus-style buildings containing 400 two-bedroom timeshare units and an amenities building on the 18-acre site. The development is planned to be built in approximately 9 phases beginning in 2007.

"We're very excited to finalize plans for our Williamsburg resort," notes George F. Donovan, president and chief executive officer of Bluegreen. "This new property, our second in Virginia, shows our continued commitment to providing our owners and guests with access to some of the nation's most popular vacation destinations," he added.

Bluegreen expects to begin construction in the fourth quarter of 2006 to transform the 142-room Liberty Inn hotel into approximately 76 one- and two-bedroom timeshare units. These units are estimated to be available for occupancy in 2008. Approximately 11,000 square feet of the adjoining Conference Center and approximately 6,000 square feet of the hotel are planned as a Bluegreen Preview Center, also estimated to be available in 2008. Bluegreen Resorts Management, Inc. is currently operating the Liberty Inn and Conference Center. The Company plans to renovate and continue to utilize the 158-room Patrick Henry Inn for overnight accommodations.

Williamsburg is 150 miles from Washington, DC; 50 miles from Richmond, Va. and 60 miles from Virginia Beach, Va. In addition to Colonial Williamsburg, this latest Bluegreen Resort will be in close proximity to Busch Gardens, an amusement park based around a European theme, and Water Country USA, the mid-Atlantic's largest water play park with a 1950's and 1960's surf theme.

According to industry information in Virginia, timeshare owners spend an average of $1,591 on food, shopping and tourist attractions during a typical one-week vacation stay. In addition to bringing additional tourists to the area, Bluegreen expects to contribute to the local economy through the employment of guest services, construction, and sales and marketing personnel, as well as through generation of state and local taxes and fees. The Company hopes to establish marketing alliances with local vendors to provide incentives to its guests, including admission tickets to local attractions, and restaurant and merchandise certificates.