Any investment, property or business that requires huge expenses to operate and maintain, without any prospects to generate sufficient profits. A “white elephant” investment creates more trouble than it is worth, and therefore it is usually shunned away by experienced investors.
The “white elephant” term is originally derived from Thai and other Asian cultures. In Thailand, white (or albino) elephants were regarded as sacred and therefore the owner had to provide them with special care and food. If a Thai king wanted to punish or discredit a subject, a white elephant would be given to him in order to look after and keep up. The gift would exhaust the recipient’s wealth and in most cases it did ruin the owner.
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