American brought to second class property (5)
I believe the answer is:
asset
'property' is the definition.
(asset can mean an item of property)
'american brought to second class' is the wordplay.
'american' becomes 'a' (common abbreviation - e.g. in organisation names).
'brought to' means one lot of letters go next to another.
'second' becomes 's' (common abbreviation).
'class' becomes 'set' (I've seen this before).
'a'+'s'+'set'='ASSET'
(Other definitions for asset that I've seen before include "Valuable possession, worth having" , "good point" , "Anything considered valuable" , "One bringing benefit" , "Useful item" .)