Bluegreen Corporation Enters into a Timeshare Receivables Purchase Facility for up to $140 Million with BB&T; Renews $15 Million Revolving Line of Credit with Wachovia Bank, N.A.

BOCA RATON, Fla. -- Bluegreen Corporation (NYSE: BXG), a leading provider of leisure products and services, today announced that it has entered into a timeshare receivables purchase facility for up to $140 million with Branch Banking and Trust Company ("BB&T") acting as the Agent. The commitment for $40 million in purchases under this facility expires on July 5, 2005 and the remainder expires on December 29, 2005. The facility utilizes an owner trust structure, pursuant to which Bluegreen will sell or otherwise absolutely transfer timeshare receivables to a special purpose subsidiary of Bluegreen and the subsidiary will sell the receivables to the owner trust without recourse to Bluegreen or the subsidiary, except for breaches of customary representations and warranties made at the time of sale. Bluegreen will generally continue to service the receivables that are sold under the facility for a fee.

Bluegreen also announced that on December 31, 2004 it extended to June 30, 2006 the expiration date of its existing $15 million, unsecured revolving line of credit with Wachovia Bank, N.A. The facility, which is used for general corporate purposes, was set to expire on December 31, 2004. Other than the expiration date, the terms are unchanged.

George Donovan, President and Chief Executive Officer of Bluegreen, stated, "We believe that this new facility with BB&T and the renewal of our line of credit with Wachovia is a recognition of our prior success and the reputation that we have developed in the timeshare resort and residential development industries."

BB&T Corporation (NYSE:BBT) is headquartered in Winston-Salem, N.C. BB&T operates more than 1,400 financial centers nationwide.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide.

Bluegreen Corporation (NYSE:BXG) is a leading provider of leisure products and services. The company has over 4,000 employees working in two divisions: Bluegreen Resorts and Bluegreen Communities(R). Bluegreen Resorts markets and sells the Bluegreen Vacation Club(R), a flexible points-based vacation ownership system with over 134,000 owners. The Bluegreen Vacation Club network includes over 35 resorts, as well as an exchange network of over 3,700 resorts and other leisure products such as cruises. Bluegreen Communities develops, markets and sells planned residential and golf communities predominately in the southeastern and southwestern United States. Bluegreen Communities has sold over 47,000 homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, FL, and in 2004 was ranked #67 on Forbes' list of the "The 200 Best Small Companies."

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 the relationships with BB&T and Wachovia may not proceed as expected or be as successful as contemplated and funds may not be available from time to time under the terms of the facilities, and other factors detailed in the Company's SEC filings.