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Nene King in Perth in 1998. Picture: The West Australian

A former editor of some of Australia's most popular magazines had to sell her home after allegedly being fleeced of nearly $200,000 by a housemate.

Colin Hahne, 43, is accused of stealing and deceiving magazine icon Nene King out of more than $175,000 in 2008 and 2009.

He withdrew tens of thousands of dollars from ATMs, put money into his Medibank Private health fund and booked hotels on the internet, it is alleged.

Hahne is also charged with attempting to withdraw a further $43,000 from ATMs using one of Ms King's cards and faced a committal hearing in the Melbourne Magistrates Court on Thursday.

Hahne, a financial adviser, and another man had been living at Ms King's Melbourne home and were supported by her for about 18 months before the offending began, the court heard.

Hahne collected Ms King's mail because she often spent days in bed with depression, according to a prosecution summary of the case.

Ms King gave her credit card to Hahne to pay bills, but never gave him open access to her bank accounts, court documents state.

Hahne is facing 42 charges, including theft and obtaining a financial advantage by deception.

In a statement tendered in court, Ms King said when she confronted Hahne about his offending he became angry.

She eventually got him to leave her house, she said.

Ms King said she had been "a little stupid and naive by trusting" Hahne.

She said she had to sell her house to pay out the ANZ Bank.

During cross examination Hahne's lawyer Sarah Leighfield suggested to Ms King that she had no idea which transactions on her bank records she had actually authorised.

Ms King said that when she highlighted the unauthorised transactions she may have missed some transactions, but they were not big ones.

The committal hearing before Magistrate Peter Reardon continues on Friday.

Ms King, 69, was editor of Woman's Day and Australian Women's Weekly magazines and was a friend of media and casino tycoon Kerry Packer.