Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RUTHERFORD J LARRY
   2. Issuer Name and Ticker or Trading Symbol
BLUEGREEN CORP [BXG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
255 ALHAMBRA CIRCLE, SUITE 312		 3. Date of Earliest Transaction (Month/Day/Year)
12/08/2004
(Street)

CORAL GABLES, FL 33134		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Bluegreen Corporation Common Stock, $0.01 par value 12/08/2004 12/08/2004 M   15,000 A $ 3.125 15,000 D  
Bluegreen Corporation Common Stock, $0.01 par value 12/08/2004 12/08/2004 M   15,000 A $ 2.875 30,000 D  
Bluegreen Corporation Common Stock, $0.01 par value 12/08/2004 12/08/2004 M   15,000 A $ 2.11 45,000 D  
Bluegreen Corporation Common Stock, $0.01 par value 12/08/2004 12/08/2004 M   15,000 A $ 3.48 60,000 D  
Bluegreen Corporation Common Stock, $0.01 par value 12/10/2004 12/10/2004 S   25,000 D $ 17.653 35,000 D  
Bluegreen Corporation Common Stock, $0.01 par value 12/10/2004 12/10/2004 S   16,300 D $ 17.4598 18,700 D  
Bluegreen Corporation Common Stock, $0.01 par value 12/13/2004 12/13/2004 S   18,700 D $ 17.5422 0 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Bluegreen Corporation Stock Option $ 3.125 12/08/2004 12/08/2004 M     15,000   (1) 07/31/2007 Bluegreen Corporation Common Stock, $0.01 par value 15,000 $ 3.125 85,000 D  
Bluegreen Corporation Stock Option $ 2.875 12/08/2004 12/08/2004 M     15,000   (2) 08/03/2010 Bluegreen Corporation Common Stock, $0.01 par value 15,000 $ 2.875 70,000 D  
Bluegreen Corporation Stock Options $ 2.11 12/08/2004 12/08/2004 M     15,000   (3) 08/02/2011 Bluegreen Corporation Common Stock, $0.01 par value 15,000 $ 2.11 55,000 D  
Bluegreen Corporation Stock Options $ 3.48 12/08/2004 12/08/2004 M     15,000 02/19/2003 02/19/2013 Bluegreen Corporation Common Stock, $0.01 par value 15,000 $ 3.48 40,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RUTHERFORD J LARRY
255 ALHAMBRA CIRCLE
SUITE 312
CORAL GABLES, FL 33134		   X      

Signatures

 Anthony M. Puleo as Attorney-In-Fact for J. Larry Rutherford   12/14/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Options vested in 33% increments annually and were fully vested as of 7/31/2000.
(2) Options were to vest in 33% increments annually (to be fully vested on 8/3/2003), but became fully vested upon a deemed changed in control in April 2002.
(3) Options were to vest in 33% increments annually (to be fully vested on 8/2/2004), but became fully vested upon a deemed changed in control in April 2002.

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