Just like communism in practice. We can look at Venezuela, North Korea, Cuba, USSR, etc, where the top elite certainly own things, just not the general public.
It's almost as if using a term meaning "a classless, stateless, and moneyless society" to describe societies which are precisely none of those things (in theory, let alone in practice) ain't a sign of intelligence or rationality - be it among those calling themselves "communist" or the ones taking their claim at face value.
A society wherein "the top elite certainly own things, just not the general public" is the capitalist endgame; the goal is to maximize profit/wealth, and being one of the lucky few who owns everything and rents it all back out to the masses is a damn good way of going about that.