Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL 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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1. Name and Address of Reporting Person *
Siegel David A
 2. Issuer Name and Ticker or Trading Symbol
BLUEGREEN CORP [BXG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

5601 WINDHOVER DRIVE		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2006
(Street)


ORLANDO, FL 32819		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock             9,300,396 I See Footnote (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Call Option (Obligation to Sell) $ 12.5           10/26/2006 02/16/2007 Common Stock
50,000
  500 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           10/24/2006 02/16/2007 Common Stock
16,700
  167 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/26/2006 08/17/2007 Common Stock
32,000
  320 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/19/2006 01/19/2007 Common Stock
13,000
  130 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/20/2006 01/19/2007 Common Stock
6,000
  60 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/21/2006 01/19/2007 Common Stock
5,000
  50 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/22/2006 02/16/2007 Common Stock
50,000
  500 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/22/2006 05/18/2007 Common Stock
60,000
  600 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/26/2006 05/18/2007 Common Stock
30,000
  300 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/27/2006 02/16/2007 Common Stock
12,000
  120 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           12/28/2006 08/17/2007 Common Stock
40,000
  400 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           12/15/2006 05/18/2007 Common Stock
84,000
  840 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/15/2006 02/16/2007 Common Stock
42,000
  420 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           12/15/2006 05/18/2007 Common Stock
20,900
  209 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           12/14/2006 05/18/2007 Common Stock
55,000
  550 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           11/22/2006 02/16/2007 Common Stock
19,700
  197 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           11/22/2006 05/18/2007 Common Stock
10,000
  100 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           11/17/2006 05/18/2007 Common Stock
54,800
  548 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           11/08/2006 05/18/2007 Common Stock
9,000
  90 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           11/08/2006 05/18/2007 Common Stock
16,200
  162 (1)
I
See Footnote
Call Option (Obligation to Sell) $ 12.5           11/08/2006 02/16/2007 Common Stock
2,000
  20 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           11/07/2006 02/16/2007 Common Stock
2,800
  28 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           11/06/2006 05/18/2007 Common Stock
5,000
  50 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           11/06/2006 02/16/2007 Common Stock
2,000
  20 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           10/26/2006 05/18/2007 Common Stock
30,000
  300 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           10/25/2006 02/16/2007 Common Stock
1,000
  10 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           10/25/2006 05/18/2007 Common Stock
22,000
  220 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 15           10/25/2006 05/18/2007 Common Stock
1,000
  10 (1)
I
See Footnote (2)
Call Option (Obligation to Sell) $ 12.5           10/24/2006 05/18/2007 Common Stock
4,000
  40 (1)
I
See Footnote (2)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Siegel David A
5601 WINDHOVER DRIVE
ORLANDO, FL 32819		     X    

Signatures

David A. Siegel 02/16/2007
**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) The reporting of such derivative securities shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes other than Section 16 of the Securities Exchange Act of 1934, as amended.
(2) David A. Siegel ("Mr. Siegel") beneficially owns the securities held by Central Florida Investments, Inc. ("CFI") because Mr. Siegel controls the David A. Siegel Revocable Trust ("Siegel Trust") and CFI.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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