BFC Financial Corporation Sells 10,000,000 Shares in Public Offering

Jul 12, 2007, 01:00 ET from BFC Financial Corporation

    FORT LAUDERDALE, Fla., July 12 /PRNewswire-FirstCall/ -- BFC Financial
 Corporation (NYSE:   BFF) ("BFC" or "the Company"), announced today that it
 sold 10,000,000 shares of its Class A Common Stock at a price of $3.40 per
 share for settlement on July 17, 2007. The shares sold by the Company are
 expected to raise net proceeds of approximately $32 million after
 underwriting discounts and commissions. As part of the public offering, the
 Company granted the underwriters an option to purchase up to an additional
 1,500,000 shares to cover over-allotments. The Company intends to use the
 proceeds of the offering to support Levitt Corporation either as a result
 of the proposed merger with Levitt or, if the merger is not consummated, in
 connection with Levitt's previously-announced intention to pursue a rights
 offering and for general corporate purposes.
     JMP Securities LLC was the sole book running manager of the offering,
 with Oppenheimer & Co., SMH Capital Inc. and Ladenburg Thalmann & Co. Inc.
 acting as co-managers.
     About BFC Financial Corporation:
     BFC Financial Corporation (NYSE Arca: BFF) is a diversified holding
 company that invests in and acquires private and public companies in
 different industries. BFC is typically a long-term, "buy and hold" investor
 whose direct and indirect, diverse ownership interests span a variety of
 business sectors, including consumer and commercial banking; homebuilding;
 development of master-planned communities; the hospitality and leisure
 sector through the development, marketing and sales of vacation resorts on
 a time-share, vacation club model; the restaurant and family dining
 business, and real estate investment banking and investment services. BFC's
 current major holdings include BankAtlantic Bancorp and its subsidiary,
 BankAtlantic; BankAtlantic Bancorp's 16% ownership in Stifel Financial
 Corporation; Levitt Corporation, which includes its subsidiaries Levitt and
 Sons(TM) and Core Communities; Levitt Corporation's 31% ownership in
 Bluegreen Corporation; and a minority interest in the national restaurant
 chain, Benihana, Inc.
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     BFC Contact Information
     Investor and Corporate Communications:
     Sharon Lyn, Vice President
     Investor Relations:
     Leo Hinkley, SVP, Investor Relations Officer
     Mailing Address and Telephone:
     BFC Financial Corporation
     Attn: Investor Relations
     2100 West Cypress Creek Road
     Fort Lauderdale, FL 33309
     Phone: (954) 940-4994
     Fax: (954) 940-5320
     This announcement shall not constitute an offer to sell or the
 solicitation of an offer to buy nor shall there be any sale of the
 securities in any jurisdiction in which such offer, solicitation or sale
 would be unlawful prior to registration or qualification under the
 securities laws of any such jurisdiction. A registration statement relating
 to these securities has been filed with and has been declared effective by
 the Securities and Exchange Commission. A copy of the final prospectus
 relating to the offering may be obtained by contacting Investor Relations,
 BFC Financial Corporation, Tel: 954-940-4994, Fax: 954-940-5320 or
     Safe Harbor Statement under the Private Securities Litigation Reform
 Act of 1995:
     This news release contains statements about future events and
 expectations, which are "forward-looking statements." Any statement in this
 release that is not a statement of historical fact may be deemed to be a
 forward-looking statement. Such forward-looking statements involve known
 and unknown risks and uncertainties, including that the offering may not be
 completed as expected, if at all, or that the over-allotment option granted
 to the underwriters may not be exercised.

SOURCE BFC Financial Corporation