Definition
Ownership of the right to use and occupy property for a specific time period under a lease, but not ownership of the land itself. You own the building but rent the ground—common in Hawaii and making zero sense everywhere else.
Example Usage
The beachfront condo was affordable until I realized it was a leasehold estate with ground rent increasing 10% annually.
Origin
Feudal English land tenure system, surviving in modified form in modern property law
Fun Fact
Hawaii has more leasehold properties than anywhere in the U.S. because of historic land ownership patterns, making financing difficult and resales complicated.
Source: Real property law treatises and state-specific statutes
Related Terms
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See “leasehold estate” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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