A fiefdom is typically owned by a feudal lord or landowner, who has control over a specific piece of land granted by a monarch or higher authority. The lord is responsible for governing the land, managing its resources, and providing protection to the vassals or subjects living within the fief.
In a historical context, during the feudal system, which was prominent in medieval Europe, a noble would receive a fief in exchange for their loyalty and military service to a king or queen. This granted them economic power, as they could collect taxes and rents from the peasants working the land. In return, the lord provided protection and maintained order within the fief.
In essence, ownership of a fiefdom is less about individual ownership in the modern sense and more about the responsibilities and obligations that come with rulership over a land and its people.