Item 8.01 Other Events.

Bluegreen Corporation (the "Company") is filing this Current Report on Form 8-K solely to present its consolidated financial statements for the years ended December 31, 2008, 2007 and 2006, which have been recast from the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 to reflect the Company's previously reported implementation of Statement of Financial Accounting Standards ("SFAS") No. 160, "Noncontrolling Interests in Consolidated Financial Statements-An Amendment of ARB No. 51" ("SFAS No. 160"). SFAS No. 160, which the Company implemented on January 1, 2009, established new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. The Company's implementation of SFAS No. 160 had no impact on the Company's total assets or liabilities, nor did it impact the Company's revenues, earnings (losses) or cash position. Rather, the Company's consolidated balance sheets have been recast solely to include "Non-controlling interest" as a separate item in the equity section, and the Company's consolidated statements of operations have been recast solely to separately present the amount of net income attributable to non-controlling interests and the amount of net income
(loss) attributable to the Company. Such recast financial statements and related notes are attached as Exhibit 99.1 hereto.

The Company's consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 were presented in accordance with SFAS No. 160.

Item 9.01 Financial Statements and Exhibits.

23.1 Consent of Independent Registered Public Accounting Firm
99.1 Item 8. Financial Statements and Supplementary Data