Solution 1:

This is an offensive and outdated usage of the word jew:

jew (down) (verb)

offensive: to induce (a seller) by haggling to lower his price : get (a price or a sum) reduced by haggling

-Merriam Webster

The verb jew (down) is also perceived as offensive, because it perpetuates the stereotype of the shrewd Jewish moneylender or haggler.

-Dictionary.com

jew SB (out) of STH (verb)

seeems to go even further, meaning to cheat someone completely.

The only reference I can find with this version of the verb is in the same one you quoted, Urban Dictionary.com

I do not recommend that you use this verb, as it is offensive.