Bluegreen sells residential division

Southstar Development Partners CEO Larry RutherfordBoca Raton-based Bluegreen has sold its residential division for $31.5
million to Southstar Development Partners, according to the South
Florida Business Journal. The carrying value of its Bluegreen
Communities division was $31.8 million as of the end of June. The deal
is set to close between December and February, and Southstar, which is
based in Coral Gables, would not require financing to complete the
transaction. Bluegreen’s main business involves timeshare sales. [SFBJ]