Answer:
It could have multiple meanings, but it mostly functions as a noun despite the varying definitions.
1. valuables
— it could refer to things/items that belong to a particular individual or organization, as suggested by the word "possess*
2. demonic/paranormal event
— a possession is most often referred to as "something involving ghosts and demons" in horror movies.
3. act of possessing/having something
— it could also refer to the condition or act of owning a particular valuable
