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What is a white elephant?

What is a white elephant? Here are some definitions.

Noun
  1. An albino elephant.
  2. (idiomatic) A possession that is unwanted or is a financial burden; an unprofitable investment.
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Examples
In 1855 the white chakra was dropped and thus the vexillum was a red field with a white elephant in the centre.
Last month, Bradford Chamber of Commerce and Industry branded the idea of a Yorkshire assembly as an expensive white elephant.
We are slowly salvaging the white elephant that Mirabel was to the federal government.
Could a new school become a white elephant if parents refuse to send their children there?
Suddenly, with the burgeoning stadium looming not as the salvation but as a dangerous white elephant, they sank to bottom of the table.
Accused of being an expensive white elephant, the pressure's been on to re-energise the site.

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