<HTML>


<HEAD>








<TITLE>UNITED STATES</TITLE>


</HEAD>


<BODY>








<B><P ALIGN="CENTER">UNITED STATES</P>


<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


<FONT SIZE=2><P ALIGN="CENTER">Washington, D.C. 20549</P>


</FONT><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>


</B></FONT>


<B><P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of </P>


<P ALIGN="CENTER">The Securities Exchange Act of 1934</P>


</B>


<FONT SIZE=2><P ALIGN="CENTER">Date of Report (Date of earliest event reported)</FONT>: <U> July 20, 2005</P>


</U>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>


<TR><TD VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD VALIGN="TOP">


<U><P ALIGN="CENTER">BLUEGREEN CORPORATION</U></TD>


</TR>


<TR><TD VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</FONT></TD>


</TR>


</TABLE>








<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>


<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="TOP">


<U><P ALIGN="CENTER">MASSACHUSETTS</U></TD>


<TD WIDTH="33%" VALIGN="TOP">


<U><P ALIGN="CENTER">0-19292</U></TD>


<TD WIDTH="33%" VALIGN="TOP">


<U><P ALIGN="CENTER">03-0300793</U></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="TOP"><DIR>





<FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction</DIR>


</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Commission</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(IRS Employer</FONT></TD>


</TR>


<TR><TD WIDTH="33%" VALIGN="TOP"><DIR>





<FONT SIZE=2><P ALIGN="CENTER">of incorporation)</DIR>


</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">File Number)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">Identification No.)</FONT></TD>


</TR>


</TABLE>








<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>


<TR><TD WIDTH="67%" VALIGN="TOP">


<U><P ALIGN="CENTER">4960 Conference Way, North, Suite 100, Boca Raton, Florida</U></TD>


<TD WIDTH="33%" VALIGN="TOP">


<U><P ALIGN="CENTER">33431</U></TD>


</TR>


<TR><TD WIDTH="67%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">(Address of principal executive offices)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP" HEIGHT=19>


<FONT SIZE=2><P ALIGN="CENTER">(Zip Code)</FONT></TD>


</TR>


</TABLE>








<FONT SIZE=2><P ALIGN="CENTER">Registrant's telephone number, including area code: </FONT><U>(561) 912-8000</P>


</U>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>


<TR><TD VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD VALIGN="TOP">


<U><P ALIGN="CENTER">Not applicable</U></TD>


</TR>


<TR><TD VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Former name or former address, if changed since last report.)</FONT></TD>


</TR>


</TABLE>





<FONT SIZE=2><P>&nbsp;</P>


<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>


<P>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


<P>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


<P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>


<P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>





</FONT><B><P>Item 1.01 Entry into a Material Definitive Agreement.</P>


</B><P>On July 20, 2005, the Board of Directors of Bluegreen Corporation (the &quot;Company&quot;), upon recommendation of the Compensation Committee, approved revisions to the non-employee director compensation plan previously approved on June 15, 2005 and the subject of a Report on Form 8-K filed on June 21, 2005.  </P>





<P>   In addition to the previously disclosed compensation received for service on the Board, the chairperson of the Audit Committee will receive a $15,000 annual retainer and members of the Audit Committee will receive a $10,000 annual retainer.   The non-employee members of the Investment Committee will receive a $15,000 annual retainer.  The Company's Chairman, Alan B. Levan, and the Company's Vice Chairman, John E. Abdo, who have not previously received any compensation since joining the Board in 2002, will receive $100 and options to purchase 50,000 shares of the Company's common stock at an exercise price of $18.36 per share (the closing price on the date of grant).  The options vest immediately and are exercisable for 10 years. Mr. Levan and Mr. Abdo will not receive any additional amounts for service on Board committees.</P>





<P>&nbsp;</P>


<B><P>&nbsp;</P><DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>





<P>SIGNATURES</P></DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>





</B><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>





<P>&nbsp;</P>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=720>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP">


<P>BLUEGREEN CORPORATION</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">


<P>Date: July 26, 2005</TD>


<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP">


<P>By:&#9;<U>/S/ ANTHONY M. PULEO______________</U></TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP">


<P>Name:&#9;<U>Anthony M. Puleo&#9;&#9;&#9;_______</U></TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP"><DIR>


<DIR>





<P>Title:&#9;<U>Senior Vice President and Interim Chief Financial Officer__________ &#9;</DIR>


</DIR>


</U></TD>


</TR>


<TR><TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


<TD WIDTH="50%" VALIGN="TOP">&nbsp;</TD>


</TR>


</TABLE>








<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P>&nbsp;</P>


<P><FONT SIZE=1>I:\W-CO\36810\000\2005 REVISED Director Compensation 8-K v1.doc</P></FONT></BODY>


</HTML>
[{"type": "8-K", "sequence": "1", "filename": "rrd86889.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 6705}]
{"company-data": {"conformed-name": "BLUEGREEN CORP", "cik": "0000778946", "assigned-sic": "6531", "irs-number": "030300793", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09292", "film-number": "05973311"}, "business-address": {"street1": "4960 BLUE LAKE DRIVE", "city": "BOCA RATON", "state": "FL", "zip": "33431", "phone": "5619128000"}, "mail-address": {"street1": "4960 BLUE LAKE DRIVE", "city": "BOCA RATON", "state": "FL", "zip": "33431"}, "former-company": {"former-conformed-name": "PATTEN CORP", "date-changed": "19920703"}}
UNITED STATES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
:
July 20, 2005
BLUEGREEN CORPORATION
(Exact name of registrant as specified in its charter)
MASSACHUSETTS
0-19292
03-0300793
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
4960 Conference Way, North, Suite 100, Boca Raton, Florida
33431
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(561) 912-8000
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On July 20, 2005, the Board of Directors of Bluegreen Corporation (the "Company"), upon recommendation of the Compensation Committee, approved revisions to the non-employee director compensation plan previously approved on June 15, 2005 and the subject of a Report on Form 8-K filed on June 21, 2005.
In addition to the previously disclosed compensation received for service on the Board, the chairperson of the Audit Committee will receive a $15,000 annual retainer and members of the Audit Committee will receive a $10,000 annual retainer.   The non-employee members of the Investment Committee will receive a $15,000 annual retainer.  The Company's Chairman, Alan B. Levan, and the Company's Vice Chairman, John E. Abdo, who have not previously received any compensation since joining the Board in 2002, will receive $100 and options to purchase 50,000 shares of the Company's common stock at an exercise price of $18.36 per share (the closing price on the date of grant).  The options vest immediately and are exercisable for 10 years. Mr. Levan and Mr. Abdo will not receive any additional amounts for service on Board committees.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BLUEGREEN CORPORATION
Date: July 26, 2005
By:
/S/ ANTHONY M. PULEO______________
Name:
Anthony M. Puleo			_______
Title:
Senior Vice President and Interim Chief Financial Officer__________
I:\W-CO\36810\000\2005 REVISED Director Compensation 8-K v1.doc