-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Qty/CQ9toVVJdZhELSAT77muSs//A66Msr+zcIC6EYToLuGWo9WWK1d4YWTiczwC
 B5Ylc3gHFDaPcPwp2ELW+w==

<SEC-DOCUMENT>0001181431-06-067592.txt : 20061205
<SEC-HEADER>0001181431-06-067592.hdr.sgml : 20061205
<ACCEPTANCE-DATETIME>20061205155305
ACCESSION NUMBER:		0001181431-06-067592
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061204
FILED AS OF DATE:		20061205
DATE AS OF CHANGE:		20061205

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DONOVAN GEORGE F
		CENTRAL INDEX KEY:			0001217920

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09292
		FILM NUMBER:		061257423

	BUSINESS ADDRESS:	
		STREET 1:		C/O BLUEGREEN
		STREET 2:		4960 CONFERENCE WAY NORTH STE 100
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431
		BUSINESS PHONE:		5619128270

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLUEGREEN CORP
		CENTRAL INDEX KEY:			0000778946
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				030300793
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4960 BLUE LAKE DRIVE
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431
		BUSINESS PHONE:		5619128000

	MAIL ADDRESS:	
		STREET 1:		4960 BLUE LAKE DRIVE
		CITY:			BOCA RATON
		STATE:			FL
		ZIP:			33431

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATTEN CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd138229.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-12-04</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000778946</issuerCik>
        <issuerName>BLUEGREEN CORP</issuerName>
        <issuerTradingSymbol>BXG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001217920</rptOwnerCik>
            <rptOwnerName>DONOVAN GEORGE F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4960 CONFERENCE WAY NORTH</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>BOCA RATON</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33431</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Bluegreen Corporation Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-01</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-12-01</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.125</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>131426</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Bluegreen Corporation Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-01</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-12-01</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>60700</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>192126</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Bluegreen Corporation Common Stock, $0.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-04</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-12-04</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>196093</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>388219</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Bluegreen Corporation Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.125</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-12-01</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-12-01</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.125</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2007-07-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Bluegreen Corporation Common Stock, $0.01 par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>555464</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Bluegreen Corporation Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>9.500</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-12-01</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-12-01</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>60700</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.500</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2008-07-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Bluegreen Corporation Common Stock, $0.01 par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>60700</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>494764</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Bluegreen Corporation Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>9.500</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-12-04</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-12-04</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>196093</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.500</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2008-07-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Bluegreen Corporation Common Stock, $0.01 par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>196093</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>298671</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 8,905 shares held in Bluegreen Corporation 401(k) Plan.</footnote>
        <footnote id="F2">Options vested in 20% increments and were fully vested as of 7/31/2002.</footnote>
        <footnote id="F3">Options vested in 20% increments and were fully vested as of 7/28/2003.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Anthony M. Puleo as Attorney-in-Fact for George F. Donovan</signatureName>
        <signatureDate>2006-12-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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