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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
Last month, Bradford Chamber of Commerce and Industry branded the idea of a Yorkshire assembly as an expensive white elephant.
A blinkered approach could lead to the stadium being rarely used with the result that it becomes an expensive white elephant for the taxpayer.
As such, the film stands as a beautiful white elephant, a flagrant waste of time and resources.
Accused of being an expensive white elephant, the pressure's been on to re-energise the site.
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?

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