Jeetendra, once among Bollywood’s highest-paid actors, has successfully reinvented himself as a real estate developer with several projects to his name. Interestingly, his journey into property investment began decades ago with a distressed sale by one of Hindi cinema’s biggest stars of the 1950s, Bharat Bhushan. Bhushan, best remembered for films like Baiju Bawra, sold his sprawling Pali Hill bungalow to Jeetendra for just Rs 4.25 lakh. The actor had fallen on bad days and had to sell his home and cars; he died in penury. Film star Bharat Bhushan in film BAIJU BAWRA. (Photo: Express Archive)Today, the land on which the bungalow once stood is estimated to be worth nearly Rs 450 crore. Ironically, Jeetendra moved out of the house soon after buying it because he believed it had brought him bad luck as well, following a string of box office failures.When Jeetendra believed his first bungalow brought him bad luckSpeaking to The Reality Drive, Jeetendra recalled how the opportunity came his way. “There was this huge star in those days who had done films like Baiju Bawra. He came to me with the offer to buy his Pali Hill bungalow. When I spoke to my father, he said, ‘Let’s also buy a bungalow.’ Until then, we had lived a very lower-middle-class life. I used to live in a 20×10 room; eight people stayed together in a chawl in Girgaum. So buying a bungalow was a huge thing for me.” Film star Mumtaz and Jeetendra in film ROOP TERA MASTANA. Express archive photoThe actor said he purchased the bungalow for Rs 4.25 lakh, which was on a 3,450-square-foot plot. “I finally bought the bungalow for Rs 4.25 lakh. What was even more shocking was that it came with a 3,450 sq ft plot at the same price. We shifted there, but suddenly four of my films flopped. I told my father, ‘Bharat Bhushan ran away from here, now I think it’s my turn. If this continues, my career will end before it has properly begun.’ My father agreed, and we moved out.”Around the same time, Jeetendra had also invested in a floor at Cuffe Castle, where he had bought property at just Rs 55 per square foot.ALSO READ | ‘Will never go to Jantar Mantar’: Manoj Muntashir says CJP protest hijacked by ‘desh drohis’The investment that changed everythingAlthough he left the bungalow believing it was unlucky, the property turned out to be one of the most profitable investments of his life. “Someone later approached me to redevelop the bungalow. I agreed. You won’t believe it, but when it was demolished, I received Rs 11.5 lakh just for the Burma teak used in its construction. I had bought the entire bungalow for Rs 4.25 lakh and earned Rs 11.5 lakh from the wood alone.”Story continues below this adIn other words, Jeetendra had already made nearly three times his investment before even monetising the land.Reflecting on the deal, he said Bharat Bhushan had sold the property under severe financial distress. “Just imagine how naïve Bharat Bhushan was to sell such a premium property for Rs 4.25 lakh. He was in a very difficult situation and missed a huge opportunity. He could have earned separately from the land and the building, but he wrapped up the entire transaction in just two days.”The Pali Hill property is worth Rs 500 cr todayJeetendra believes this was the turning point that sparked his interest in real estate. “Later, I redeveloped the property into Gautam Apartments. I sold the flats for Rs 85 per square foot because I was in a hurry. I was worried nobody would buy them later.” His son and actor Tusshar Kapoor added: “Today, flats there sell for around Rs 85,000 per square foot.” Jeetendra said: “The land alone on which the building stands is worth nearly Rs 450 crore.” Gautam Apartment (Photo: quikr.com)According to property portal NoBroker, Gautam Apartments on Nargis Dutt Road in Pali Hill comprises 82 two-bedroom apartments, each measuring approximately 1,175 square feet. Based on Jeetendra’s figures, each apartment would have been sold for roughly Rs 1 lakh, generating around Rs 82 lakh in sales. Combined with the Rs 11.5 lakh he earned from selling the Burma teak, the redevelopment proved to be an exceptionally profitable venture.Story continues below this adWhile the deal delivered handsome returns even then, the property’s value has appreciated dramatically over the decades. Today, apartments in Gautam Apartments are worth several crores each, while the land itself is estimated to be valued at around Rs 450 crore, making the overall property worth well over Rs 500 crore.