Outer space is that demarcation where the atmosphere of the earth terminates - the final frontier of the universe. Intellectual or private property ownership right and patents exists in outer space just as obtained in normal life. Outer space activities have gone beyond tourism and medicine to property ownership. Territorial sovereignty of states in outer space is an issue of concern requiring scrutiny. This is owing to the fact that clear delineation and demarcation of boundaries have given rise to competitive tendencies among human beings. The logical conclusion has been that the aerial sovereignty of a state ends with the atmosphere from where the space area begins. The national intellectual property regimes for instance, are generally based on territoriality although the application of national law to situation in space could pose some challenges. This article seeks to examine the emerging legal right of property ownership in outer space and related developments or concerns.