Environmental understanding capability of $\textit{augmented}$ (AR) and $\textit{mixed reality}$ (MR) devices are continuously improving through advances in sensing, computer vision, and machine learning. Various AR/MR applications demonstrate such capabilities i.e. scanning a space using a handheld or head mounted device and capturing a digital representation of the space that are accurate copies of the real space. However, these capabilities impose privacy risks to users: personally identifiable information can leak from captured 3D maps of the sensitive spaces and/or captured sensitive objects within the mapped space. Thus, in this work, we demonstrate how we can leverage 3D object regeneration for preserving privacy of 3D point clouds. That is, we employ an intermediary layer of protection to transform the 3D point cloud before providing it to the third-party applications. Specifically, we use an existing adversarial autoencoder to generate copies of 3D objects where the likeness of the copies from the original can be varied. To test the viability and performance of this method as a privacy preserving mechanism, we use a 3D classifier to classify and identify these transformed point clouds i.e. perform $\textit{super}$-class and $\textit{intra}$-class classification. To measure the performance of the proposed privacy framework, we define privacy, $Π\in[0,1]$, and utility metrics, $Q\in[0,1]$, which are desired to be maximized. Experimental evaluation shows that the privacy framework can indeed variably effect the privacy of a 3D object by varying the privilege level $l\in[0,1]$ i.e. if a low $l<0.17$ is maintained, $Π_1,Π_2>0.4$ is ensured where $Π_1,Π_2$ are super- and intra-class privacy. Lastly, the privacy framework can ensure relatively high intra-class privacy and utility i.e. $Π_2>0.63$ and $Q>0.70$, if the privilege level is kept within the range of $0.17<l<0.25$.