What is White Elephant?

Legal Definition
A white elephant is a possession which its owner cannot dispose of and whose cost, particularly that of maintenance, is out of proportion to its usefulness. The term derives from the story that the kings of Siam, now Thailand, were accustomed to make a present of one of these animals to courtiers who had rendered themselves obnoxious, in order to ruin the recipient by the cost of its maintenance. In modern usage, it is an object, building project, scheme, business venture, facility, etc., considered expensive but without use or value.
-- Wikipedia
Legal Definition
Unprofitable business or investment.