Mick Gatto feared for his life: Vic court

Gangland identity Mick Gatto kept a loaded sawn-off shotgun in his home because he feared Colombian drug lords and others in Melbourne's underworld.

Gatto hid the gun and ammunition behind a cabinet in an ensuite of his Lower Plenty home for more than 10 years, the Heidelberg Magistrates Court heard.

Murdered underworld lawyer Mario Condello had given it to him in 2005, after Gatto was found not guilty of murdering suspected hitman Andrew "Benji" Veniamin and released from prison.

Gatto was handed a $2500 fine on Monday after pleading guilty to two weapons charges.

His barrister, Sean Cash, said Gatto kept the gun because he feared for his life.

The 60-year-old believed he was in danger as the city's bloody gangland war raged.

And there was regular publicity about suspected hits on Gatto's head, the court heard.

Police told him of credible threats to his life following the 2003 murder of Graham "The Munster" Kinniburgh, Mr Cash said.

In 2004, Veniamin confronted Gatto with a revolver in a Carlton restaurant and Gatto shot him in self-defence after a struggle.

He was acquitted of murder and released from prison in 2005 as the underworld war reached a "crescendo", Mr Cash said.

Condello was shot dead in the driveway of his Brighton home in 2006, after giving Gatto the sawn-off firearm.

"So many people known to him were being brutally murdered," Mr Cash said.

"You can imagine Mr Gatto thinking, I might be next."

A newspaper report last year suggested a Colombian drug cartel was plotting Gatto's murder, the court heard.

"Mr Gatto had the Colombians and half the Melbourne underworld after him," Mr Cash said.

Police found the gun and ammunition in February when they raided Gatto's home over an unrelated matter.

He pleaded guilty to possessing an unregistered longarm and possessing ammunition.

Magistrate Carolene Gwynn accepted Gatto had a genuine fear for his safety, but said it wasn't an excuse.

The court heard Gatto, a mediator in the building industry, had given millions to various charities and fundraisers over the years.

Outside, Gatto said he was happy the matter was behind him and thanked his legal team.

"It's sad that it came to this, but I'm pleased the way it went," he told reporters.