Bluegreen Corporation Announces Amendment of Its Rights Plan

Business Wire, May 21, 2007

BOCA RATON, Fla. -- Bluegreen Corporation (NYSE: BXG) today announced that it has amended its Rights Agreement, dated as of July 27, 2006 as previously amended on October 16, 2006 to provide that, subject to certain exceptions, the beneficial ownership of 10% or more of the Company's common stock will cause an acquirer to become an Acquiring Person as defined and trigger a right to exercise the Company's previously distributed Preferred Share Purchase Rights. The previous ownership threshold was 15%. The Rights Agreement has also been amended to provide that the period for divestiture by David A. Siegel, David A. Siegel Revocable Trust and Central Florida Investments has, subject to continued compliance with the Stipulation and Order dated October 16, 2006, been extended as follows: (i) during the period from October 16, 2006 through October 16, 2007, sell 1,112,000 shares of the Company's common stock, (ii) during the period from October 17, 2007 through October 16, 2008, sell 4,260,198 shares of the Company's common stock, and (iii) during the period from October 17, 2008 through October 16, 2009, sell all of their remaining holdings of the Company's common stock.

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 170,000 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 5,800 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 risks other factors detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2007 and 10-Q filed on May 10, 2007.