Colourful Perth identity Craig Christian is facing allegations he tried to extort $700,000 from a man in a terrifying home invasion at the weekend.

Mr Christian was released on bail this morning after he allegedly went to the Leederville home of a 45-year-old man and demanded the money about 4pm on Saturday.

During a bail application in Perth Magistrate’s Court, police prosecutors said Mr Christian was the “principal offender”, saying his co-accused, Leonard Robert Langdon, was the “muscle for hire”.

The court was told an 83-year-old woman and two girls, aged nine and 12, were in the home at the time. Police prosecutors said Mr Christian had a hand gun during the alleged ordeal, saying police later found a “large amount of ammunition” at his Stirling home when it was raised on Tuesday.

Bail was opposed, with police prosecutors saying the alleged offences were serious and there was a potential for Mr Christian to interfere with witnesses.

However, Mr Christian’s lawyer Seamus Rafferty said his client had not been in trouble with the law for six years – saying his last crime was an importation offence in 2013 for which he received a fine in 2014. “That suggests he has turned things around,” he said.

Mr Rafferty said the allegation Mr Christian had a gun was “entirely denied”, telling the court the statement of material facts said he had what was “perceived” to be a gun and there was “no actual sighting” of a firearm.

Mr Christian, a one-time boxing trainer and promoter, was once an associate of Northbridge identity John Kizon.

Magistrate Deen Potter said while he agreed Mr Christian’s alleged crimes were serious, he granted bail on several strict conditions, including a $10,000 personal undertaking and $10,000 surety.

Mr Potter took into account that Mr Christian had not offended in several years and that he was not a risk of flight. Mr Christian, who is charged with demanding property by oral threats and aggravated burglary, must report to a police station once a week and cannot contact the alleged victim or his co-accused.

He will appear in court again on August 29. His co-accused was also granted bail yesterday and will appear in court again on July 10.