Jeetendra:who was once one of Bollywood’s most bankable and highest paid stars, has also built a successful reputation as a real estate developer over the years. His foray into the property business, however, began with a rare deal involving a legendary actor. Bharat Bhushanwhose financial collapse forced him to sell his expensive Pali Hill bungalow for a fraction of its present-day value.Bhushan, celebrated for classics like Baiju Bawra, was battling severe financial difficulties when he sold the sprawling property to Jeetendra for Rs 4.25 lakh. Having lost most of his fortune, the veteran actor was forced to part with his bungalow and cars before dying in poverty.The land on which the bungalow once stood is estimated to be worth around Rs 450 crore. Ironically, despite acquiring the property at a fantastic price, Jeetendra moved out soon after as he attributed it to a series of box office failures that followed the purchase.Jeetendra remembers how the unexpected opportunity came to him. He said in an interview with The Reality Drive, “There was a big star in those days who had done films like Baiju Bawra. He came to me with an offer to buy his bungalow in Pali Hill. When I spoke to my father, he said, ‘Let’s buy a bungalow too.’ Until then, we lived a very lower middle class life. I used to live in a 20×10 room; eight people shared a chawl in Girgaum. So buying a bungalow is a big deal for me.The veteran actor said he finally bought the bungalow, which stands on a 3,450-square-foot plot, for Rs 4.25 lakh. “Finally I bought the bungalow for Rs 4.25 lakh. What was more shocking was that it had 3,450 sq ft of space at the same price. We moved there, but suddenly four of my films fell through. I told my father, ‘Bharat Bhushan ran away from here, now I think it’s my turn.’ If this continues, my career will be over before it properly begins.“My father agreed, and we moved.”Around the same time, Jeetendra also invested in another property in Cuffe Castle, where he bought a floor for Rs 55 per square foot. Although he left the Pali Hill bungalow because he believed it was bringing him ill, the investment eventually turned out to be one of the most rewarding financial decisions of his life. When a developer later approached him with a redevelopment proposal, Jeetendra agreed without hesitation.“Then someone approached me to renovate the bungalow. I agreed. You won’t believe it, but when it was demolished, I got Rs 11.5 lakh just for the Burma teak used to build it. I bought the whole bungalow for Rs 4.25 lakh and got Rs 11.5 lakh from the wood alone.” The income from the sale of Burma teak alone was almost three times what he had originally paid for the entire property, even before the land itself was returned.In retrospect, Jeetendra feels that Bharat Bhushan was forced into a bad decision due to his financial circumstances. “Just think how naive Bharat Bhushan is to sell such a premium property for Rs 4.25 lakh. He is in a very difficult situation and missed a huge opportunity. He might have made a profit separately from the land and the building, but he wrapped up the entire transaction in just two days.”The experience, he said, laid the foundation for his longtime interest in real estate development. “Later, I redeveloped the property into Gautam Apartments. I sold the flats at Rs 85 per square foot because I was in a hurry. I was worried that no one would buy them later.” His son, actor Tusshar Kapoor, highlights how much property can appreciate over time. “Today, apartments there are sold for around Rs 85,000 per square feet.“Jeetendra added, “The land alone on which the building is located is worth nearly Rs 450 crore.” According to property portal NoBroker, Gautam Apartments, located on Nargis Dutt Road in Mumbai’s upscale Pali Hill neighborhood, comprises 82 two-bedroom apartments measuring approximately 1,175 square feet each. Based on Jeetendra’s account, the flats were sold at around Rs 1 lakh a piece, generating an estimated Rs 82 lakh in sales. Coupled with the Rs 11.5 lakh earned from the sale of Burma teak, the renovation turned out to be an incredibly profitable venture.Over the decades, the value of the property has increased many times. Today, individual apartments in Gautam Apartments are valued at several crores, while the land itself is estimated to be worth around Rs 450 crore, taking the total property value to over Rs 500 crore.