Bluegreen Corporation Acquires Certain Assets and Unsold Inventory of World Golf Village in St. Augustine, Florida.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Sept. 4, 2003

Bluegreen Corporation (NYSE: BXG) ("Bluegreen(R)") a leading U.S. developer and marketer of drive-to timeshare resorts ("Bluegreen Resorts") and planned residential and golf communities ("Bluegreen Communities"), today announced that it has purchased from FCC Resort, LLC, a wholly-owned subsidiary of Finova Capital Corporation, certain assets and the unsold timeshare inventory of World Golf Village in St. Augustine, FL. Terms of the acquisition were not disclosed.

Bluegreen will rename the resort Grande Villas at World Golf Village.

The acquisition included the unsold inventory in four buildings, a member's club house/check-in facility and additional land that can accommodate the construction of approximately 200 new vacation residences. Sales of Grande Villas at World Golf Village through the Bluegreen Vacation Club(R) are expected to commence within 30 days and the unsold inventory Bluegreen acquired is expected to sell out within 120 days. Bluegreen has also assumed management responsibilities for the entire property and expects to open an on-site sales office within 30 days.

The Grande Villas at World Golf Village is adjacent to the renowned World Golf Village and its 18-hole championship golf course the Slammer & Squire. All vacation residences at Grande Villas at World Golf Village overlook the 17th and 18th holes of this 6,939-yard course, which is named for Hall of Fame members and course consultants Sam Snead and Gene Sarazen. Residents of Grande Villas at World Golf Village will enjoy VIP access to and discounted green fees for this course.

Additional amenities at the new Grande Villas at World Golf Village include a showcase swimming pool, fitness center, game room, children's playground, sand volleyball court, basketball court and tennis courts. Also adjacent to the resort is the World Golf Hall of Fame, World Golf Village's 300-seat IMAX(R) Theater, the first IMAX Theater built in conjunction with a sports museum or Hall of Fame, as well as an upscale collection of shops and restaurants.

"We are pleased to add this exceptional property to the Bluegreen Vacation Club," noted George F. Donovan, President and CEO of Bluegreen. "This acquisition expands Bluegreen's presence in Florida and addresses increasing consumer demand for combination beach and golf vacation experiences. It offers access to the historic town of St. Augustine, the nation's oldest city, which boasts 43 miles of pristine beaches, more than 60 unique, themed attractions, sightseeing, museums and, of course, world-renowned championship golf. It is within easy driving distance of Jacksonville, Daytona and Orlando, FL."

About Bluegreen Corporation

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of vacation ownership resorts and residential home sites. Bluegreen Resorts are located in a variety of popular vacation destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; Boyne Mountain, Michigan; and Aruba, while its Bluegreen Communities operations are predominantly located in the Southeastern and Southwestern United States.

This press release contains forward-looking statements and the Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements. Statements contained herein are not statements of historical fact may be deemed forward-looking statements. The words "believe," "expect," "intend," "anticipate," "project," "may," "should," "designed to," "estimate," "hope," "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Future events could differ materially from those set forth in, contemplated by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject to include, but are not limited to, the following: that sales and marketing strategies related to Grande Villas at World Golf Village will not be as successful as anticipated, the sell-out period will be longer than projected and other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission, including its most recent Transition Report on Form 10-KT filed on March 31, 2003, and its Quarterly Report on Form 10-Q filed on August 14, 2003.

(C) 2003 Bluegreen Corporation. All rights reserved. Bluegreen, Bluegreen Resorts, Bluegreen Communities and the Bluegreen Vacation Club are registered trademarks of Bluegreen Corporation. All other trademarks are properties of their respective owners.