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

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.

For further information, please visit our website at: http://www.bfcfinancial.com/.  To receive future news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button.

  BFC Contact Information
  Investor and Corporate Communications:
  Sharon Lyn, Vice President
  Email: 
  Investor Relations:
  Leo Hinkley, SVP, Investor Relations Officer
  Email: 

  Mailing Address and Telephone:
  BFC Financial Corporation
  Attn: Investor Relations
  2100 West Cypress Creek Road
  Fort Lauderdale, FL 33309
  Phone: [phone]
  Fax: [phone]



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: [phone], Fax: [phone] 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. 

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DATASOURCE: BFC Financial Corporation



CONTACT: Investor and Corporate Communications, Sharon Lyn, Vice

President, , or Investor Relations, Leo Hinkley, SVP,

Investor Relations Officer, , both of BFC

Financial Corporation, [phone], Fax, [phone]



Web site:  http://www.bfcfinancial.com/ 

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