The Real Deal Miami

Bluegreen mulls sale of development arm

March 24, 2011 02:25PM

Boca Raton-based Bluegreen Corp. is considering a sale of its residential development arm, Bluegreen Communities, as it narrows its long-term focus to the timeshare and hospitality industries. The company has tapped Algon Group to advise on “strategic alternatives” for the 45-year-old subsidiary, which owns $112 million worth of real estate inventory and lost $37.2 million during the first nine months of 2010. Bluegreen’s timeshare and hospitality business was profitable during the same time period. BFC Financial, whose regulators have ordered the company to raise capital, owns a 52 percent stake in Bluegreen and stands to benefit from sale of Bluegreen Communities. [SFBJ]