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    white elephant

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    white elephant
    ˌwhite ˈelephant noun [countable]
     Date: 1800-1900
     Origin: From the supposed practice of the King of Siam, who gave to people he did not like a white elephant, which cost a very large amount of money to keep
    something that is completely useless, although it may have cost a lot of money:
        When the theatre first opened it was widely regarded as a white elephant.