BLUEGREEN CORP PURCHASES 550,200 SHARE BLOCK OF ITS COMMON STOCK

Press Release: Bluegreen Corporation

April 18, 1999
Bluegreen Corporation has announced that on April 12, 1999 it purchased a block of 550,200 shares of its common stock.

As previously announced, Bluegreen and its Board of Directors have instituted a program to repurchase up to 2,000,000 shares of the Company's common stock from time to time in open market transactions, depending on price, availability and market conditions. There are approximately 23,400,000 shares of Bluegreen common stock outstanding.

George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, "Since initiating this program in October 1998, Bluegreen has repurchased approximately 1,150,000 shares of its common stock. This reflects the continued belief of the Board of Directors and senior management that Bluegreen common shares represent excellent value at current price levels."

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare resorts and residential land. The Company's timeshare resorts are located in a variety of popular vacation destinations including the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Orlando, Florida; Wisconsin Dells, Wisconsin; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern United States.