Answer:
In wealth I abound; in water I stand; as a fencer I'm valued all over the land; at Venice I'm famous; by farmers I'm prized; respected by law yet huntsmen despised; consternation and ruin ensue when I break; And the beasts of the forest advantage won't take.
I am three simple words everyone wants to hear. Three simple words such simple words and yet...life changing...
I have a gown but I'm not a priest; I have a crown but I'm not a king.
I am like thunder in your cranium
I let water fall on you while everyone else stays dry.
I am owned by Old McDonald.