James Condliffe, 34, of Llanerfyl, near Llanfair Caereinion, who was described as a 'glib tongue' by a judge, placed an advert in famed women's publication The Lady of a Welsh cottage home and care package.
He first swindled money by pretending to have excellent horses, then carried out the advertising scam in The Lady while on bail for that offence.
Margaret Badger, 78, from Southsea, Hampshire, responded to The Lady ad, believing she was ensuring she would be cared for as her health deteriorated.
Portsmouth Crown Court heard the charity worker paid huge sums from her life savings into Condliffe's account over four months.
He even took her to see the land at Pen Y Rhos, where he lived.
But Condliffe never owned the land and was jailed for four years and nine months last year for fraud.
The court heard Condliffe also conned another woman out of £18,000 through another advert in The Lady, which was mentioned in TV series Downton Abbey.
Judge Ian Pearson ruled Condliffe benefited from his lies by £102,000 and has now ordered him to pay £97,500 compensation.
In the confiscation hearing, Judge Pearson ordered the sale of six horses at auction and the emptying of Condliffe's bank account to recoup the cash.
Mrs Badger is set to receive £84,000 and the other woman £13,500.
Condliffe refused to leave his cell to come to court for fear he would be transferred to HMP Winchester. The court heard he had previously been attacked at the jail.
At the hearing it was revealed Condliffe received a consecutive four-year and three-month sentence for further frauds.
Condliffe cheated other pensioner victims out of £280,000 by claiming to be an international showjumper and horse trader.
He took cash from people which he then used to buy horses, train them and take them to 'eventing' - equestrian competitions in the three disciplines of dressage, cross-country and show jumping - to increase their rating.
But the investors were unaware Condliffe had purchased horses at well below the price quoted and he would keep the difference.
Other victims were sold ill nags, a made-up horse, or told that Condliffe had a horse set for the 2016 Olympics.
He also posed as the owner of a large property in Charing, Kent, and invited prospective clients there.
The court heard those victims may not get their cash back because the victims in the Portsmouth case were to get compensation first following his conviction.
Condliffe admitted 21 offences of fraud by false representation and one charge of using a false instrument between July 2012 and July 2014.
During his sentencing last year, Judge Pearson said: "Despite your protestations to the contrary you are arrogant, you are crass and you're a cruel exploiter of elderly ladies using what is obviously a glib tongue to bamboozle them to hand over their money. Their hopes and their dreams really have been shattered."