I’m skeptical that anything good would come of investing all managing power (or governing power) in property holders, who already by definition have some advantage over other people—namely, the advantage of property or, at a more conceptual level, accumulated capital. Worse outcomes would arise from investing all power in the state. But by keeping powers divided among different principles of authority, one preserves several possible ways of life and several avenues of protest and redress should injustice be perpetrated by either the public or private sector. Property limits the power of the state, and the state limits the power of property. Mixture and balance is what preserves liberty as we know it.
Food for thought: don't we already have a system that invests all managing power in property holders? The government is just the ultimate property holder. Think about it: they can tell you what to do on or with your property, and they make the rules regarding who can do or say what within their borders. And those people who "own" property have to pay a tax to the government or else their property is seized. Isn't this just rent?
Don't we really have a property-sovereign system in which the property sovereign (the government) has agreed to grant individuals (and corporations, notably) their own property rights within the larger architecture of the sovereign's property?