The 39-year-old had his mansion burgled with expensive jewellery stolen.
Several individuals in balaclavas and camouflage clothes entered by breaking in via the rear of the building.
A source said: “It was a terrifying experience. The robbers sounded very professional and knew exactly what they were doing.
“They must have deliberately targeted Ashley and cased the place in advance.”
Some sources also claim that Cole was threatened and tied to chair during the raid but this is currently unproven, reports the Sun.
The former England left-back was unharmed after the incident although he was “extremely shaken”.
The incident took place at 9.45 pm on January 21 in Fetcham, Surrey with police still hunting the gang who pulled off the hit.
Several neighbours confirmed that they had been quizzed by the police regarding the robbery.
One said: “Police seemed to be taking it extremely seriously and we’ve been on edge ever since.
“Ashley Cole is one of the most high-profile people around here and his property looks very modern and secure, so whoever did this must have been clued up.
“People who know him are quite protective and it’s an area where everyone values their privacy so this has shaken us up quite a bit.
“The police didn’t name Ashley Cole when they questioned us but everyone around here knows it was his home that was targeted. It must have been terrifying.”
While another said: “It happened a while back and the police seemed to want to keep it under wraps. They asked us not to talk about it.
“But it’s not clear whether that’s because Cole was high-profile or because they were worried the robber might strike again.
“It’s scary to think something like this could happen to someone so close to home in such a nice, quiet area.
“It must have been a serious incident because everyone we know seems to have been asked about it by police going door-to-door.
“They seemed to be very anxious to find whoever was responsible.”
Surrey Police have said: “Our investigation remains ongoing following an aggravated burglary in Fetcham on 21 January.
“Burglars broke into the property through the rear doors around 9.45 pm.
“The suspects searched the property, before escaping with a quantity of jewellery. They were described as wearing camouflage clothing, gloves and balaclavas.
“An investigation is underway and enquiries remain ongoing.”