Patronizing trickster was on the way down (13)

I believe the answer is:
'patronizing trickster' is the definition.
'condescending' can be an answer for 'patronizing' (thesaurus). I am not certain of the 'trickster' bit.
'on the way down' is the wordplay.
'on the way' becomes 'con' (I can't justify this - if you can you should believe this answer much more).
'down' becomes 'descending' (similar in meaning).
'con'+'descending'='CONDESCENDING'
'was' is the link.
Can you help me to learn more?
(Other definitions for condescending that I've seen before include "Showing (to others) that one feels superior", "Toffee-nosed", "Disdainful", "Snooty", "Offensively patronising".)
I've seen this clue in Sydney Morning Herald.