Elder Feramorz Y. Fox concludes that members kept their property after consecrating it in the 1850s.
Elder Feramorz Y. Fox, "The Consecration Movement of the Middle '50's: Part II," Improvement Era vol. 47 no. 3, March 1944
In the minds of those unfamiliar with the history of land titles in Utah a question may arise as to the steps taken to restore title to the donors named in the deeds of consecration. The answer is, no action was necessary. Until the land laws of the United States were made applicable to the Utah Territory in 1869, lands were held only by squatter's right. Failure of the trustee-intrust to take possession of the real property described in the deeds of consecration left the conveyors in exactly the same legal position as before the deeds were executed. Titles perfected under federal laws in 1869 and subsequently, became primary, obliterating all other claims. In regard to personal property like heifers, beds, and watches, transfers of title to the trustee-in-trust did not interrupt the use of the articles by the original possessors.
Since the first step in the plan of consecration was taken by a relatively small number of the Saints and the second was not taken at all, the third could not be observed. Tithing rather than total surpluses continued to be the chief source of church income. But, the whole movement for the observance of the principle of consecration turned out to be a commendable gesture on the part of those who accepted it, a testimony of their faith and of their willingness literally to lay all they possessed upon the altar.