The first time I heard that, it took me less than a minute to think of two ways it could be abused to the detriment of the Republic; one way leads to a landed elite making all the decisions (AKA feudalism), and the other to a dilution of the vote as bad as, possibly worse than, the way it is today.
No, thanks. BTW, I am a "holder of real property".
It worked from 1790 to 1850. But yes, in 1790 only 10% of the population of the US could vote (white males mostly).