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As Internet-of-Things (IoT) devices rapidly gain popularity, they raise significant privacy concerns given the breadth of sensitive data they can capture. These concerns are amplified by the fact that in many situations, IoT devices collect data about people other than their owner or administrator, and these stakeholders have no say in how that data is managed, used, or shared. To address this, we propose a new model of ownership, IoT Ephemeral Ownership (TEO). TEO allows stakeholders to quickly register with an IoT device for a limited period, and thus claim co-ownership over the sensitive data that the device generates. Device admins retain the ability to decide who may become an ephemeral owner, but no longer have access or control to the private data generated by the device. The encrypted data in TEO is accessible only by entities after seeking explicit permission from the different co-owners of that data. We verify the key security properties of our protocol underpinning TEO in the symbolic model using ProVerif. We also implement a cross-platform prototype of TEO for mobile phones and embedded devices, and integrate it into three real-world application case studies. Our evaluation shows that the latency and battery impact of TEO is typically small, adding ≤187 ms onto one-time operations, and introducing limited (<25%) overhead on recurring operations like private data storage.