Legally the ultimate owner of land in a territorial monarchy is a King or Queen, in a territorial republic the State is the ultimate owner and the disposition of land is determined by whatever functionary, in a despotic republic or functionaries, in a collegiate republic, is/are possessed of eminent domain, however that position is achieved. The interest groups within any society determine the actual form of land ownership permitted and those forms are many and varied and reflect the mores of the dominant political establishment who command the legislative processes and can effectively lobby for the passage or repeal of laws, effectively making the rule of law conform to their ideology.
Sovereignty suggests ultimate authority over the land but this is invariably not the case, even dictator’s and absolute monarch’s writ was always circumscribed by internal or external political considerations that required diplomatic engagement which circumscribed the rulers exercise of eminent domain.
Legitimate ‘ownership’ allows the person holding (the legal owner is the monarch or the State) the land to exercise certain property rights in connection with the land; use or abuse, gift or sell, rent or lease, exclude or include, change or maintain and retain all recognised rights of property not specifically granted to others and retain all of these rights without time limit or review. These are not absolute sovereign rights, a Monarch or State in extremis can demand that ‘ownership’ be forfeited (usually with compensation), that they abide by the ‘law of the land’, that they pay tax to support the monarch’s or State’s government. As a result of these considerations and others regarding easements in favour of other individuals and groups land ‘ownership’ is not in any way sovereignty, the landholder may be master of all they survey but the ultimate owner is either the monarch or the State. The landholder is the owner of property rights to land not the land itself.
The debate about land ownership has been framed in the context of the individual (usually an exceptional individual or commercial entity) verses the overbearing State and not as the rightful inheritance of those whose ancestors occupied the present territorial boundaries of a monarchical or republican State - the debate should be conducted as one between the concept of State ownership and national ownership adopting the equitable notion that the ultimate owners of the land are people with an inalienable right to life that can only be secured by a life-long legal interest in the land of their birth. They, after all, form the nation, without which the State would and could not exist.