Previously owned by another and usually of high quality

ETYM Old Fren. estat, French état, Latin status, from stare to stand. Related to Stand, State.
(medieval history) In European history, an order of society that enjoyed a specified share in government. In medieval theory, there were usually three estates—the nobility, the clergy, and the commons—with the functions of, respectively, defending society from foreign aggression and internal disorder, attending to its spiritual needs, and working to produce the base with which to support the other two orders.
When parliaments and representative assemblies developed from the 13th century, their organization reflected this theory, with separate houses for the nobility, the commons (usually burghers and gentry), and the clergy. The fourth estate is the press; the term was coined in the 18th century by the British politician Edmund Burke.
1. A major social class or order of persons regarded collectively as part of the body politic of the country and formerly possessing distinct political rights; SYN. estate of the realm.
2. All of one's assets (whether real or personal property) and liabilities.
3. Extensive landed property (especially in the country) retained by the owner for his own use; SYN. land, landed estate, acres, demesne.

In law, the rights that a person has in relation to any property. Real estate is an interest in any land; personal estate is an interest in any other kind of property.
Estate property refers to the assets of a deceased person.