What is the definition of "private property"?

The definition of "private property" is accurately represented by the notion that it refers to land owned by an individual or entity that is not open to the public. This definition highlights the distinction between private and public spaces, emphasizing ownership and control. Private property is typically associated with rights of use and access, which are reserved for the owner and those to whom they grant permission.

In contrast, the other choices lack the necessary components of this definition. Fencing around a property does not inherently make it private, as some public properties can also be fenced. Similarly, a property used for business purposes does not automatically categorize it as private since businesses can operate from locations that may be open to the public. Lastly, the status of being developed does not determine whether a property is private, as undeveloped land can also be privately owned. Thus, understanding private property fundamentally revolves around ownership and exclusivity of access, aligning perfectly with the provided answer.