Bluegreen Announces Record First Quarter Results; Total Sales and Net Income Reach Record Levels.

BOCA RATON, Fla.--(BUSINESS WIRE)--July 28, 1999--

Timeshare Sales Exceed 50% of Total Sales of Real Estate,

Continuing Previously Established Trend

Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of timeshare resorts and residential land and golf communities, today announced record financial results for the first quarter ended July 4, 1999 (see attached table). The first quarter of fiscal 2000 represents the ninth consecutive quarter that Bluegreen has reported record year-over-year revenues and net income.

Total revenues for the three months ended July 4, 1999 increased 10.3% to an all-time quarterly record $71.0 million from $64.3 million last year. Net income for the fiscal 2000 first quarter rose 9.0% to a first quarter record $4.4 million, or $0.17 per diluted share, versus net income of $4.1 roximately $35 million of Bluegreen common stock quarter increased 34.7% to a record $32.3 millmarily to increased revenues from existing resort properties, the emerging impact of the Company's new off-site sales offices and the success of Bluegreen's Vacation Clubmitment to creating active and fulfilling lifestte's "Best New Golf Courses."

Selling, general and administrative expenses ("S,G&A") as a percentage of total revenues were 48.4% in the fiscal 2000 first quarter cgrowth impacted

first quarter results, higher t 1.4 million shares of its common stock, pursuanted, "The continued strong growth of our timeshare properties and the significant revenue and cash flow contributions from our residential land and golf business produced yet another record quarter. During the first quarter we commenced Bluegreen had sufficient land and zoning in place to build additional properties which, once constructed and sold, would result in remaining life-of-project sales of more than $1 billion, based on current pricing."

Mr. Donovan contifamily-oriented destinations, and has commenced several new marketing initiatives to enhance brand awareness for Bluegreen's timeshare products.

"We have partnered timeshare owners. We have also invested in cerGA and LPGA Professionals to attract consumer interest."

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare resorts and residential land and golf communities. The Companisconsin; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern United States.

This press release contains forward-lookinnt was made. The Company undertakes no obligatinties to which forward-looking statements are subject include, but are not limited to, regulatory changes, national or regional economic conditions that can affect the real estate market, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-

                          BLUEGREEN CORPORATION
                     Consolidated Statements of Income
                      (In 000's, Except Per Share Data)
                              (Unaudited)

                                            Three Months Ended
                                    July 4, 1999        June 28, 1998
       REVENUES:
       Timeshare sales             $      32,279        $      23,962
       Lot sales                          29,697               30,637
       Home sales                            738                1,059
                                    -------------       -------------
       Total sales of real estate         62,714               55,658
       Other resort and golf
        operations revenue                 4,386                2,476
       Interest income                     3,792                3,763
       Gain on sale of notes receivable       -                 2,053
       Other income                           59                  372
                                    -------------       -------------
       Total operating revenues           70,951               64,322
                                    -------------       -------------

       EXPENSES:
       Cost of sales
        Timeshare cost of sales            7,546                6,217
            Lot cost of sales             13,381               13,820
            Homes cost of sales              797                  831
                                    -------------       -------------
       Total cost of sales                21,724               20,868
       Cost of other resort
        and golf operations                3,749                2,251
       Selling, general and
        administrative expense            34,329               27,568
       Interest expense                    2,955                3,745
       Provisions for losses                 788                  293
                                    -------------       -------------
       Total operating expenses           63,545               54,725
                                    -------------       -------------
       Income before taxes                 7,406                9,597
       Provision for income taxes          2,926                3,839
       Minority interest in income
        of consolidated subsidiary            56                   18
                                    -------------       -------------
       Income before extraordinary
        item                               4,424                5,740
       Extraordinary loss on early
        extinguishment of
         debt, net of income taxes            -                (1,682)
                                    -------------       -------------
       Net income                  $       4,424        $       4,058
                                    -============       =============

       Net income per share:

        Basic                      $        0.19        $        0.20
                                   ==============       ==============
       Diluted                     $        0.17        $        0.17
                                   ==============       ==============

       Weighted average number of
        common and common
          equivalent shares:

           Basic                          23,425              20,349
                                    =============       =============
         Diluted                          29,837              27,508
                                    =============       =============



                         BLUEGREEN CORPORATION
                 Condensed Consolidated Balance Sheets
                              ( in 000's)

                                      July 4,             March 28,
                                       1999                  1999

----                       ----
                                   (Unaudited)
   ASSETS

   Cash and cash equivalents       $   39,046         $   55,557
   Contracts receivable, net.          16,743             20,167
   Notes receivable, net               84,265             68,548
   Inventory, net                     146,784            142,628
   Investment in securities            17,169             17,106
   Other assets                        21,575             19,064
   Property and equipment, net         28,621             26,052
                                 --------------      --------------
   Total assets                    $  354,203         $  349,122
                                 ==============      ==============

   LIABILITIES AND SHAREHOLDERS' EQUITY

   Liabilities
   Accounts payable, accrued
    liabilities and other          $   26,997         $   26,226
   Deferred income                      5,127              5,792
   Deferred income taxes               16,343             18,850
   Lines-of-credit and notes payable   34,587             27,499
   10.50% senior secured
    notes payable                     110,000            110,000
   8.00% convertible subordinated
    notes payable                       6,000              6,000
   8.25% convertible
    subordinated debentures            34,371             34,371
                                 --------------       --------------
   Total liabilities                  233,425            228,738

   Minority interest                    1,091              1,035

   Total shareholders' equity         119,687            119,349
                                 --------------       --------------
      Total liabilities and
        shareholders' equity   $      354,203     $      349,122
                                 ==============       ==============