diff --git a/include/pybind11/detail/class.h b/include/pybind11/detail/class.h
index 65dad5a57e..7fd74d42a9 100644
--- a/include/pybind11/detail/class.h
+++ b/include/pybind11/detail/class.h
@@ -340,8 +340,6 @@ inline PyObject *make_new_instance(PyTypeObject *type) {
     // Allocate the value/holder internals:
     inst->allocate_layout();
 
-    inst->owned = true;
-
     return self;
 }