Eighty-two-year-old Anthony Leslie Beecroft is also charged with two counts of perjury.
He will be committed to the Court of General Gaol Delivery on January 21, where he will face a trial on a later date.
Prosecuting advocate Peter Connick told the court that it is alleged that Mr Beecroft sold land and property in Madeira.
It is alleged that he and his former wife were both directors of the company which owned the property, but that she had not known about the sale, and had only become aware of it during divorce proceedings.
Mr Connick submitted that the case was too serious for summary court, saying that it was alleged by the crown that the property had been sold under false pretences, and should be committed to the Court of General Gaol Delivery.
Mr Beecroft, who lives at King Edward Road, was represented in court by advocate David Reynolds, who agreed that the case should be heard in the higher court.
Deputy High Bailiff Rachael Braidwood declined summary court jurisdiction and set committal proceedings for January.
Bail continues.