It is argued in paper that public property phenomenon has constitutional legal nature basing on that the role of the State, being a civil society institution, is truly a mission of a service manager in the consideration of the public assets, whereas this management makes the core of any interpretations of public property as a legal phenomenon and inalienable attribute of the Russian statehood. Author formulates the definition of the term “management” in its connection with the public property phenomenon, as well as consequently proposes the relevant descriptions of the public property itself (in its phenomenological and institutional dimensions), disclosing its elements and legal substance.