*Update
   
   I am the one currently working on private places, and how it is at this point will be:

   When you get your private place, some of the descriptions will be permantly part of the place. These would include what area it is a part of and such. You will then be able to add additional information to describe your place, though it will have to match the lifestyle. These options will be done via some simple commands, which will also include adding or deleting access to your private place. Lastly, you will be able to assign a sub-0wner (if you wish, will not be mandatory) Where they can also add or remove people from the access list, but will not be able to change descriptions.

Do you mean to say that there will be an object not unlike the Dantes VIP room control object. The object that the player manager of Dantes has/had locked to him?

  Not sure what the Dantes object was refering to. I am new to SR and the MUSHing in general. However, from your choice of wording I would assume you are refering to an object which the PC would have that would allow them to have the control. If this is the case, then no.
   The game will be able to track who the owner of each private place will be, and the commands to change the descriptions will be global in scope. So anyone can use them, however, when you try to change a room, if you are not the owner then obviously it will not change and will inform you that you don't have the permissions to change it. Basically, it will be like a simple builder command that everyone will have, but restricts the changes to just your private place.
   Same principle will be applied to the access list. The only difference will be that the owner can set a sub-owner, and when using the command to add or drop a player to the access list either one can implement the change. Obviously the owner can replace the sub-owner at anytime, or set it to no one again.

Short Example (Though syntax will be most likely different)

The owner would only have to type
   +ppadd (a character name)

Then this would allow the user access to the owners private place