Combined with previous stock purchases, Levitt owns 40% of Bluegreen with an investment to date of $57 million, according to the company's prepared statement. Levitt bought the stock from affiliates of New York-based Morgan Stanley and Grace Brothers Ltd. Bluegreen develops and markets timeshare properties nationally.
Resigning from Bluegreen's board following the April 10 stock sale were Bradford T. Whitmore of Grace Brothers and John P. Buza, Michael J. Franco and Joseph M. Zuber, all of Morgan Stanley.
Bluegreen president/CEO George F. Donovan filled two of the director vacancies by electing Levitt chairman Alan B. Levan and Levitt president John E. Abdo to the board. Levan is a past chairman of BankAtlantic; Abdo is a past president of the bank.
According to Bluegreen's filings with the Securities and Exchange commission, the company's net profit for April-December 2001 tripled to $10.7 million or 41 cents per share versus $3.7 million or 15 cents per share for the same 2000 period.
Bluegreen's timeshare properties are in Florida, Tennessee, South Carolina, Missouri, Wisconsin, Virginia and Aruba.
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