Last of the children to possess fame (6)

I believe the answer is:

renown

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'fame' is the definition.
(I know that fame can be written as renown)

'last of the children to possess' is the wordplay.
'last of the children' becomes 'ren' (I am not sure about this - if you are sure you should believe this answer much more).
'to possess' becomes 'own' ('own' can be a synonym of 'possess').
'ren'+'own'='RENOWN'

Can you help me to learn more?

(Other definitions for renown that I've seen before include "Fame, respect" , "High reputation, fame" , "Celebrity, fame" , "Fame and distinction" , "Good reputation" .)

I've seen this clue in the Evening Standard.

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