Item 8.01 Other Events.

On June 15, 2012 the Board of Directors of Bluegreen Corporation (the "Company") received a letter from Diamond Resorts Corporation ("Diamond") which contained a proposal subject to stated terms and conditions to acquire 100% of the outstanding equity of the Company at a price of $6.25 per share in cash. The proposal was expressly contingent on satisfactory due diligence and obtaining sufficient financing. The Special Committee of the Board of Directors of the Company made a determination and informed Diamond on June 18, 2012 of its determination that the proposal did not constitute, and was not likely to result in, a Superior Proposal as defined in the Merger Agreement between the Company and BFC Financial Corporation, which owns 54% of the Company's outstanding equity. It was noted that the Company had previously entered into a non-binding letter of intent relating to the acquisition of the Company by Diamond on July 21, 2008. Pursuant to that letter of intent the Company granted Diamond an exclusive right of negotiation initially for approximately two months but later extended to November 15, 2008, during which time Diamond had the opportunity to conduct extensive due diligence. On October 17, 2008 the Company was advised that Diamond had not secured financing and abandoned its proposal.

Item 9.01 Financial Statements and Exhibits.

99.1 Diamond Resorts Corporation letter dated June 15, 2012

99.2 Special Committee of the Board of Directors of Bluegreen Corporation letter dated June 18, 2012