Definitions
There are 2 meanings of the phrase
White Elephant.
White Elephant - as a noun
A valuable possession whose upkeep is excessively expensive
Albinic indian elephant; rare and sometimes venerated in east asia
Example Sentences
"I won a white elephant at the company's holiday party."
"My grandfather collects white elephants from all around the world."
"The antique shop had a rare white elephant on display."
"The white elephant was the centerpiece of the museum's exhibit."
"John's white elephant gift turned out to be a valuable antique."