Reportedly that place is belonging to that person (5)

I believe the answer is:
their
'belonging to that person' is the definition.
I know nothing about this answer so I can't tell whether this works.
'reportedly that place' is the wordplay.
'reportedly' indicates a 'sounds like' (homophone) clue.
'that place' becomes 'there' (as opposed to 'here' meaning this place).
'there' sounds like 'THEIR'.
'is' is the link.
Can you help me to learn more?
(Other definitions for their that I've seen before include "Belonging to him (perhaps wrongly)" , "Relating to them" , "Those people's" , "belonging to an individual" , "Belonging to those people" .)
