EXHIBIT 4

                           [LETTERHEAD of ADORNO & YOSS]

CONFIDENTIAL

                                August ____, 2002

George R. Richards
424 St. Andrews Road
Beech Mountain, N.C. 28604

                  Re:      Proposed Purchase of Shares

Dear Mr. Richards:

         On behalf of our clients, Richard Levy, Harry Levy, Mark Levy, and the
other reporting persons listed in Amendment No 3 to Schedule 13D filed on June
27, 2002 (collectively, the "Levy Family"), we are pleased to submit to you, as
Chairman of the Special Committee of the Board of Directors of Oriole Homes
Corporation (the "Company") an amended proposal whereby the Levy Family would
acquire all of the outstanding Class A and Class B common stock of the Company
which is not beneficially owned by the Levy Family.

         The terms of the amended proposal are embodied in the form of the
Agreement and Plan of Merger (the "Merger Agreement") enclosed herewith,
including a merger consideration, payable in cash, of $4.90 per share.

         We also enclose herewith an agreement and undertaking of Andrew J.
McLaughlin, Jr., Thomas L. Kempner, Irwin D. Rowe, Andrew J. McLaughlin, Jr. as
Trustees for Loeb Rhodes Hornblower Profit Sharing Trading for Account of Andrew
J. McLaughlin, Jr., Robert Grubin, Gideon J. King, Loeb Arbitrage Management,
Inc., Loeb Arbitrage Fund and Loeb Partners Corporation (collectively, the "Loeb
Group") to support the merger described in the Merger Agreement in the form
enclosed herewith and the form of Support and Exchange Agreement that such
shareholders have agreed to duly and timely execute and deliver upon execution
and delivery of the Merger Agreement by the parties thereto. You will note that
the Loeb Group controls in excess of 40% of the aggregate number of Class A and
Class B common stock not otherwise controlled by our clients.


         This proposal is contingent upon:

         .    the issuance and delivery, on or before August 16, 2002, to the
              Special Committee and the Board of Directors of the Company of a
              favorable fairness opinion of vFinance, Inc., in form and content
              acceptable to the Levy Family (and ultimately accepted by the
              appropriate regulatory authorities);



         .    a vote of the Special Committee and the Board of Directors of the
              Company on or before August 16, 2002 approving the Merger
              Agreement and recommending that the shareholders of the Company
              vote in favor of the transaction at a meeting called for that
              purpose; and

         .    the execution and delivery of the Merger Agreement by the Company
              on or before August 16, 2002.

         The closing of the Merger Agreement is subject to a number of
conditions and contingencies set forth therein, including among others, third
party financing, no undue regulatory delays, and the approval by the Company's
shareholders.

                                                 Sincerely,



                                                 Dennis J. Olle

cc:  Leslie J. Croland, Esq.
     Serge G. Martin, Esq.
     Harry "Hap" Levy
     Richard Levy
     Maurice E. Levenson
     Paul R. Lehrer