Bear, who won the most recent series of CBB in the summer, was said to have been attacked near his home in Walthamstow, east London, before his watch and wallet were stolen.
However, his bling timepiece was apparently a fake copy of a Swiss Hublot, which can fetch up to £30,000.
A friend told The Sun: "To start with, the conversation was friendly but suddenly, while they were chatting, the man punched Bear in the face and knocked him onto his back.
"Bear was stunned for a few seconds by the blow, but it was long enough for the guy to take his watch and some bracelets from him.
"After kicking him in the head, the man was also able to take his debit cards and his wallet."
Bear has not mentioned the attack on social media, however he has since tweeted: "Always wear a fake watch." According to the pal, he will rely on "karma" to bring the attacker to justice, rather reporting the incident to the police.
Reveal has contacted Bear's rep for comment.
In August, Bear returned to our screens for the fifth series of MTV's Ex On The Beach.
The show was filmed prior to his controversial CBB win and his resulting relationship with Lillie Lexie Gregg ended in disaster when she dumped him for getting close to fellow housemate Chloe Khan.
More recently, Bear has been romantically linked to his EOTB co-star Jem Lucy, however the pair insist they are just close friends.
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