"Our balance sheet remains strong and as we previously disclosed, we are inthe process of developing a new strategic business plan to pursueopportunistic acquisitions and investments both within and outside the realestate industry," commented Levitt Corporation's Chairman and ChiefExecutive Officer, Alan B. Levan. "While the Levitt and Sons bankruptcyproceedings are moving toward conclusion, we continue to carry certainLevitt and Sons expenses and overhead associated with assisting affectedcreditors and employees. The following is an update on our currentoperations:

Core Communities:

"Core Communities ("Core"), our master-planned community subsidiary,currently develops master-planned communities in Port St. Lucie, Floridacalled 'Tradition, Florida' and near Hardeeville, South Carolina called'Tradition Hilton Head.' For the first quarter of 2008, Core reportedtotal revenue of $641,000 versus $1.7 million during the comparable 2007period. (This excludes the lease revenues of our shopping centers atTradition, Florida which are carried as discontinued operations anddiscussed below.)

"Core Communities' third party backlog at March 31, 2008 consisted ofcontracts for the sale of 260 acres with a sales value of $78.5 million,compared with contracts for the sale of 74 acres with a sales value of$21.1 million at March 31, 2007. Total SG&A expenses at Core Communitiesincreased to $5.0 million during the first quarter of 2008 from $3.8million for the comparable 2007 period. This increase reflects higherother administrative expenses associated with increased marketing andcommercial development activities in South Carolina.

Tradition, Florida

"Tradition, Florida encompasses more than 8,200 total acres, includingapproximately 3,900 net saleable acres, a planned 4.5-mile long employmentcorridor along I-95, educational and health care facilities, commercialproperties, residential developments and other uses in a series ofmixed-use parcels. As part of this corridor, Core has focused on thedevelopment of its 120 acre research park, the Florida Center forInnovation at Tradition ("Florida Center for Innovation" or "FCI"). Whencompleted, FCI will include nearly two million square feet of research anddevelopment space as well as a 300 bed Martin Memorial Health Systemshospital and the new 100,000-square-foot headquarters for the Torrey PinesInstitute for Molecular Studies (TPIMS). Additionally, Mann ResearchCenter plans to build a 400,000 square foot life sciences complex andOregon Health & Science University's Vaccine and Gene Therapy Institute(VGTI) recently announced plans to locate a 130,000-square-foot facilitywithin FCI.

"The recently opened Landing at Tradition, Core's approximate 600,000square foot, 80 acre retail power center, continues to attract shoppertraffic due to its easy access along I-95 and the more than 30 nationallybranded retail stores including Target, Babies "R" Us, Bed Bath & Beyond,LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1 Imports, TheSports Authority and TJ Maxx. Further, Tradition Square, Core's 112,000square foot mixed-use development, which serves as the town center forTradition Florida, is fully leased.

"In addition to the continued marketing of commercial land parcels tousers and third party developers, Core is actively marketing and solicitingbids from several potential buyers to purchase its income producingcommercial assets in Florida, including the Landing at Tradition andTradition Square. Since these shopping centers are held as 'available forsale', the accounting treatment requires that the lease revenues, expenses,associated assets and liabilities be disclosed as discontinued operationsin our financial statements. Income from discontinued operations was $1.4million in the first quarter of 2008 versus a loss of $3,000 in the firstquarter of 2007.

"While the homebuilding sector throughout the U.S. and Florida hasexperienced a significant slowdown, builders at Tradition, Florida haveadvised us that they are becoming cautiously optimistic. They arereporting a steady improvement in sales during the first quarter of 2008with home sales rising to an average of nearly one home per day. Whilethis is considerably below where we were historically, the news isencouraging.

"During the quarter, Tradition, Florida celebrated the 10th anniversary ofits WestFest community festival series with a special open-air concert byThe Beach Boys. Over its history, WestFest has drawn approximately 500,000people and raised more than $100,000 for local charities.

Tradition Hilton Head

"Tradition Hilton Head encompasses approximately 5,400 total acres,including approximately 2,800 remaining net saleable acres. TraditionHilton Head is currently entitled for up to 9,500 residential units and 1.5million square feet of commercial space.

"Tradition Hilton Head was selected as the location of HGTV's first 'green'home and featured prominently in the national HGTV Green Home 2008 specialthat aired Sunday, March 23, 2008. During the HGTV Green Home Giveaway2008(sm), viewers nationwide entered to win the home and prize packagevalued at approximately $850,000. The home features both construction anddesign elements that are known to contribute to an energy efficient,cleaner and even healthier living environment. Over 3,500 visitors fromaround the country have traveled to Tradition Hilton Head to tour HGTV's'green' home. For additional information, please accesswww.hgtv.com/greenhome.

"During the quarter, Tradition Hilton Head celebrated the opening of itsstate-of-the-art Welcome Center. The new Welcome Center, using the latestin digital and computerized video technology, features interactive displaysdescribing the community's planned Village Square and its shops,restaurants and parks.

Bluegreen Corporation:

"For the first quarter of 2008, Bluegreen Corporation (NYSE: BXG) reportednet income of $1.4 million, or $0.04 per diluted share, versus $5.3 millionor $0.17 per diluted share in the comparable period of 2007. For thequarter ended March 31, 2008, total sales were $111.3 million versus totalsales of $121.8 million in 2007, and Bluegreen Resorts sales increased to$90.3 million, from $86.9 million in the comparable 2007 period. BluegreenCommunities sales during the first quarter 2008 declined to $20.9 millionversus sales of $34.9 million during first quarter 2007. The reduction insales reflects reduced inventory levels due to the substantial sellout oftwo communities prior to December 31, 2007, and the continued slowdown inthe residential real estate market. As of March 31, 2008, BluegreenCorporation's book value was $12.37 per share.

"Levitt Corporation's equity in the earnings of Bluegreen Corporation was$526,000 for the first quarter of 2008, versus $1.7 million in thecorresponding 2007 period.

Woodbridge Equity Fund LLLP:

"During the quarter, the Company formed Woodbridge Equity Fund LLLP andpurchased 3,000,200 shares of Office Depot, Inc. ("Office Depot") commonstock, representing approximately one percent of Office Depot's outstandingstock, at a cost of approximately $34.0 million.

Other Operations:

"SG&A expense for the first quarter of 2008 decreased to $7.1 million ascompared to $8.2 million for the same 2007 period. The decrease wasattributable to decreased compensation, benefits, incentives and sellingcosts, offset in part by increases in severance related charges, increasedprofessional services and increased insurance costs due to the absorptionof certain of Levitt and Sons' insurance costs.

"Levitt Corporation deconsolidated Levitt and Sons as of November 9, 2007,eliminating all future operations of Levitt and Sons from the financialresults of Levitt Corporation. The Company records any remaininginvestment in Levitt and Sons, net of any outstanding advances due fromLevitt and Sons, as a cost method investment. Under cost methodaccounting, income will only be recognized to the extent of cash receivedin the future or when the Levitt and Sons' bankruptcy is concluded, atwhich time, any loss in excess of the investment in Levitt and Sons can berecognized into income," Levan concluded.

       Levitt Corporation Selected Financial Data (Consolidated)          First Quarter, 2008 Compared to First Quarter, 2007
-- Total cash and cash equivalents of $131.2 million vs. $60.6 million-- Net loss of ($10.4) million vs. net income of $976,000-- Diluted (loss) per share of ($0.11) vs. earnings of $0.05 per share-- Core Communities third party backlog (value) of $78.5 million vs.   $21.1 million
-- Total Assets:                                  $688.7 million-- Debt (excluding discontinued operations):      $262.1 million-- Shareholders' Equity:                          $249.3 million-- Shares Outstanding:                              96.3 million-- Book Value per share:                           $2.59

Book value per share is calculated as shareholders' equity divided by thetotal number of shares outstanding as of March 31, 2008.

Levitt Corporation's first quarter 2008 financial results press release andfinancial tables will be available on its website:www.LevittCorporation.com. To view the press release and financial tables,access the "Investor Relations" section and click on the "News Releases"navigation link.

About Levitt Corporation:

Levitt Corporation (NYSE: LEV), directly and through its wholly ownedsubsidiaries, historically has been a real estate development company.Going forward, Levitt Corporation intends to pursue acquisitions andinvestments opportunistically within and outside the real estate industry.

Core Communities develops master-planned total-living communityenvironments throughout the Southeastern United States, including itsoriginal and best known, St. Lucie West. The company's 8,200-acreTradition™ Florida community is home to more than 1,700 families, vibrantcommercial areas and a 4.5-mile-long employment corridor. The community isalso home to the Florida Center for Innovation at Tradition (FCI) ResearchPark, in which The Torrey Pines Institute for Molecular Studies, MannResearch Center, Martin Memorial Health Systems and Oregon Health & ScienceUniversity's Vaccine and Gene Therapy Institute have all announced plans tolocate. Core is also expanding its Tradition™ brand with Tradition™ HiltonHead, an approximate 5,400-acre community planned to include 9,500residences and 1.5 million square feet of commercial space, which featuresa variety of neighborhoods and housing styles, shopping and dining inVillage Square, a Fitness Center & Spa and the Tommy Fazio-designedTradition National Golf Course.

Woodbridge Capital Corporation, a wholly-owned subsidiary of LevittCorporation, is the general partner of, and Levitt Corporation is thelimited partner of, Woodbridge Equity Fund LLLP.

For further information, please visit:

www.LevittCorporation.comwww.CoreCommunities.comwww.BluegreenCorporation.com

Reference in this release is made to the Bluegreen Corporation website,which should not be deemed to be part of Levitt Corporation.

* To receive future Levitt Corporation news releases or announcementsdirectly via Email, please click on the Email Broadcast Sign Up button onour website: www.LevittCorporation.com.

Some of the statements contained or incorporated by reference hereininclude forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933, as amended (the "Securities Act"), and Section 21Eof the Securities Exchange Act of 1934, as amended (the "Exchange Act" ),that involve substantial risks and uncertainties. Some of theforward-looking statements can be identified by the use of words such as"anticipate," "believe," "estimate," "may," "intend," "expect," "will,""should," "seek" or other similar expressions.