No pleas entered yet
A court's heard a company director told police £60,000 in cash found in his home was unrelated to £36,000 of drugs also found in the raid.
Forty-seven-year-old Mark Glassey appeared before magistrates at Douglas courthouse.
He faces one count each of possessing cocaine and possessing criminal property as well as possessing cocaine, amphetamine, cannabis and diazepam with intent to supply.
No pleas have yet been entered to any of the charges.
Prosecution advocate Rebecca Cubbon told the court police raided Glassey's home, on Drury Terrace in Douglas, as well as his business Discount Carpets – on 24 June.
Officers allegedly found £200,000 worth of watches, almost two kilos of class A, B and C drugs and £59,000 which he told police he'd earned on the side.
Magistrates bailed him in the sum of £10,000 but he can't leave the Island and has to report to police daily.
He'll appear in court again on 15 July.
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