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Despot is a common Croatian and Serbian last name and a very rare Serbian first name. It comes from Greek: δεσπότης, despótēs, "lord", "master". It was a senior Byzantine court title that was bestowed on the sons or sons-in-law of reigning emperors, and initially denoted the heir-apparent.

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More here:
http://en.wikipedia.org/wiki/Despot_(court_title)
http://en.wikipedia.org/wiki/Despot