The former Wimbledon and England striker was desperate to get his hands on a £1.25m flat in London's Knightsbridge, but found he was up against a host of other buyers.
Upon discovering that he would have to queue outside the sales office for two days to be sure of success, Fash relied on the quick-thinking that used to terrorise top-flight defenders.
Fashanu, 38, told The Times newspaper: "He looked pretty stunned, but when he saw the money he immediately agreed.
Millionaires
"I knew I had to get someone to sit in the queue otherwise I would never have a chance of getting my flat."
The ex-Gladiators presenter, now a successful businessman, ran into a line of millionaires waiting patiently outside the sales office.
"It was absolutely unbelievable," he said.
After locating his tramp and sticking him on the polythene, Fashanu dropped him off amongst the aristocrats and prayed he would not wander off.
Despite sums of more than £2,000 being offered for better places in the queue, the tramp was as good as his word and Fashanu got his flat - but only just.
"I think he was quite a big fan of me," he explained.
"Thanks to him I squeezed in two before the cut-off point. It was fantastic."
Despite his gratitude, however, it is not thought Fash is going to take in his new friend as a lodger.