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FOR IMMEDIATE RELEASE

BLUEGREEN CORPORATION REPORTS SECOND QUARTER RESULTS

Net Income Rises 25% to $5.7 Million on 19% Increase in Total Revenues Sales Up 36% to a Quarterly Record $56.3 Million

Boca Raton, FL – October 24, 2002 – Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare resorts (“Bluegreen® Resorts”) and planned residential and golf communities (“Bluegreen Communities”), today announced financial results for the second quarter ended September 29, 2002 (see attached tables).

Net income for the second quarter increased 25% to $5.7 million, or $.21 per share, compared to net income of $4.6 million, or $.17 per share, for the same period last year. Bluegreen Resorts sales for the second quarter increased 36% to a second quarter record $56.3 million from $41.3 million in the same period last year, due primarily to increased same-resort sales as Bluegreen did not open any new sales offices or begin sales of any new project during the quarter. Bluegreen Communities sales were $27.1 million versus $27.9 million in the second quarter of 2001, with the decline due primarily to the effect of percentage-of-completion accounting.

Net income for the first six months of fiscal 2003 increased 25% to $10.9 million, or $.41 per share, compared to net income of $8.7 million, or $.32 per share, for the first six months of fiscal 2002. Bluegreen Resorts sales for the first half of fiscal 2002 rose 25% to $98.5 million from $78.6 million for the same period last year. Bluegreen Communities sales were up 10% to $56.0 million from $50.8 million in the comparable period of the prior year.

Bluegreen’s balance sheet at September 30, 2002 was highlighted by a book value of $6.64 per share and a debt-to- equity ratio of 1.23:1.

Bluegreen Corporation Page 2 October 24, 2002

George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, “We are very pleased with our results for the second quarter and first half of fiscal 2003. The second quarter of fiscal 2003 was Bluegreen’s sixth consecutive quarter of profitability and the seventh consecutive quarter in which overall results improved over those reported in the same quarter of the prior fiscal year.”

He continued, “We saw solid growth in sales at several of our Bluegreen Resorts, including Laurel Crest, Shore Crest, Falls Village, Lodge Alley Inn and Harbour Lights. Sales at Big Cedar Wilderness Club were also strong, due in large part to an increase in prospective buyer-tours originating from our marketing agreement with Bass Pro Shops. It is also important to note that overall sales tours at Bluegreen Resorts properties by existing owners and prospects referred to the Company by owners and others increased to 19% of total sales tours taken during the second quarter of fiscal 2003 versus 16% for the same period last year. We believe that this speaks to the high quality leisure experience that Bluegreen provides its owners. Referral tours also have lower associated marketing costs than other tours and provide current owners with the potential to realize referral-based rewards.

“We are also pleased with the sales performance at Bluegreen Communities, which, prior to adjustments related to percentage-of-completion accounting, rose by 12% over the prior year quarterly period. We reported continued strong sales at the Preserve at Jordan Lake™, which is located near Raleigh-Durham, NC, our Brickshire golf community in New Kent County, and at Mystic Shores in Texas.”

Mr. Donovan concluded, “The recent agreements with USA will expand our sales and resort presence in the upper Midwest and extend our resort presence to the western . We expect that Bluegreen’s recent acquisition of certain assets of TakeMeOnVacation™ LLC (“TMOV”) and affiliates will allow us to integrate TMOV’s proprietary operating system to generate a significant number of timeshare sales leads annually. We also anticipate that this will assist us in improving our operating efficiencies. We also strengthened our balance sheet through the repayment of all $6.0 million of Bluegreen’s 8% convertible subordinated notes. In addition, we recently signed a $50 million acquisition & development revolving credit facility with Residential Funding Corporation (dba GMAC Residential Construction), which we expect will be utilized by the Bluegreen Communities division.

Bluegreen Corporation Page 3 October 24, 2002

“We believe that growing consumer awareness and acceptance of our high-quality, amenity-rich, drive-to (excluding Aruba) Bluegreen Resorts and Bluegreen Communities, coupled with our commitment to effectively manage our operations, allow us to look to our future with confidence. We expect to continue to work towards providing our owners with the most enjoyable leisure experience in our industry while expanding our brand and market presence.”

On October 14, 2002, Bluegreen’s Board of Directors approved a change in the Company’s fiscal year from a 52- or 53- week period ending on the Sunday nearest the last day of March in each year to the calendar year ending on December 31, effective for the period ending December 31, 2002. Bluegreen will file a Transition Report on Form 10-K for the nine months ending December 31, 2002 in accordance with applicable requirements.

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of drive-to timeshare resorts (“Bluegreen Resorts”) and planned residential and golf communities (“Bluegreen Communities”). Bluegreen Resorts are located in a variety of popular vacation destinations including Orlando, ; the Smoky Mountains of ; Myrtle Beach, ; Charleston, South Carolina; Branson, ; Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; Big Sky, ; 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 made by George Donovan and any other statements contained herein that 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, industry trends and actual results 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 include, but are not limited to, actual results for future periods may differ from those estimated, consumer demand and acceptance of the Company’s products may be less than anticipated, regulatory changes, changes in national or regional economic conditions, including interest rates, that can affect the real estate market, difficulties in integrating the business acquired from TMOV or that business being less successful than contemplated or unprofitable, the relationships with Boyne Resorts USA and Bass Pro Shops not proceeding as expected or being as successful as contemplated, the relationships with GMAC Residential Construction not proceeding as expected or being as successful as contemplated (including being capable to borrow funds under that facility), risks associated with a large investment in real estate, shortages of available inventory, the risk that the Company will not be able to continue to increase its customer base and/or achieve efficiencies, have sufficient outstanding sources of financing to satisfy its needs or be able to consummate future sales of receivables, the economic and other impact of September 11th and other national and world events may have an adverse impact on the Company, past seasonality trends will continue and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q to be filed on or about November 13, 2002. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. . ### #### ### Bluegreen Corporation Page 4 October 24, 2002

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

Three Months Ended Six Months Ended September 29, September 30, September 29, September 30, 2002 2001 2002 2001

REVENUES:

Timeshare sales $ 56,306 $ 41,312 $ 98,532 $ 78,574 Homesite sales 27,080 27,923 55,967 50,844 Total sales 83,386 69,235 154,499 129,418

Other resort and golf operations revenue 7,564 6,987 14,275 13,577 Interest income 4,018 4,017 7,781 8,079 Gain on sale of notes receivable 2,037 1,051 3,268 2,029 Other income, net - 210 - - Total operating revenues 97,005 81,500 179,823 153,103

EXPENSES: Cost of sales: Timeshare cost of sales 14,307 9,741 25,047 18,088 Homesite cost of sales 14,702 14,337 28,929 26,061 Total cost of sales 29,009 24,078 53,976 44,149 Cost of other resort and golf operations 6,831 6,202 12,550 11,895 Selling, general and administrative expense 46,055 38,496 84,887 72,406 Interest expense 3,321 3,362 6,544 7,097 Provision for loan losses 1,561 1,605 2,642 2,895 Other expense, net 676 - 1,134 194 Total operating expenses 87,453 73,743 161,733 138,636 Income before taxes 9,552 7,757 18,090 14,467 Provision for income taxes 3,678 2,986 6,965 5,570 Minority interest in income of consolidated subsidiary 151 194 244 186 Net income $ 5,723 $ 4,577 $ 10,881 $ 8,711

Net income per share: Basic: $ 0.23 $ 0.19 $ 0.45 $ 0.36 Diluted: $ 0.21 $ 0.17 $ 0.41 $ 0.32

Weighted average number of common and common equivalent shares: Basic 24,497 24,235 24,436 24,212 Diluted 28,749 29,978 28,763 29,947

Bluegreen Corporation Page 5 October 24, 2002

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

September 29, March 31, 2002 2002 ASSETS (unaudited)

Cash and cash equivalents (1) $ 59,463 $ 48,715 Contracts receivable, net 24,912 21,818 Notes receivable, net 66,984 55,648 Inventory, net 168,839 187,688 Retained interests in notes receivable sold 46,639 38,560 Property and equipment, net 49,090 49,338 Other assets 40,812 33,394 Total assets $ 456,739 $ 435,161

LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Accounts payable, accrued liabilities and other $ 51,558 $ 43,812 Deferred income 3,760 5,043 Deferred income taxes 35,860 28,299 Lines-of-credit and notes payable 55,075 54,890 10.50% senior secured notes payable 110,000 110,000 8.00% convertible subordinated notes payable -- 6,000 8.25% convertible subordinated debentures 34,371 34,371 Total liabilities 290,624 282,415

Minority interest 3,334 3,090

Total shareholders’ equity 162,781 149,656 Total liabilities and shareholders’ equity $ 456,739 $ 435,161

(1) Includes restricted cash totaling $24.6 million and $27.7 million at September 29, 2002 and March 31, 2002, respectively.