Item of property as result of gossip changing hands (7)
I believe the answer is:
chattel
'item of property' is the definition.
(I've seen this before)
'gossip changing hands' is the wordplay.
'gossip' becomes 'chat' ('chat' can be a synonym of 'gossip').
'changing hands' becomes 'tel' (I can't explain this - if you can you should believe this answer much more).
'chat'+'tel'='CHATTEL'
'as result of' is the link.
(Other definitions for chattel that I've seen before include "Latchet (anag) - possession" , "Movable possession" , "Personal effect" , "Item of personal property" , "Personal possession" .)