(hwyt, wyt EL-uh-fent)
noun 1. An expensive, rare possession costing a lot to maintain.
2. A possession no longer of value to its owner.
3. An albino elephant.
Etymology
From the King of Siam's reputed practice of awarding a white elephant to a courtier who had fallen out of favor. A white elephant was considered sacred and couldn't be put to work, so the upkeep of the animal would ruin its owner.
Usage
"Having spent N85 billion, you said NEPA will still need more money to get to its maximum efficiency. ... How can you convince Nigerians that NEPA is not a white elephant project?" — Olalekan Bilesanmi; Nigerians Don't Want to Pay; Vanguard (Apapa, Nigeria); Sep 7, 2003.
"Mirabel (airport) is open for business - it is staffed by a team of bored security guards immaculately clad in Canadian Mountie-style hats. The only things missing are the flights and passengers. The airport, 45 miles north of Montreal, is Canada's most notorious white elephant." — Andrew Clark; Lesson of Canadian Airport in Terminal Decline; The Guardian (London, UK); Sep 23, 2003.