A white elephant is a possession which its owner cannot dispose of and whose cost, particularly that of maintenance, is out of proportion to its usefulness. The term derives from the story that the kings of Siam, now Thailand, were accustomed to make a present of one of these animals to courtiers who had rendered themselves obnoxious in order to ruin the recipient by the cost of its maintenance. In modern usage, it is an object, scheme, business venture, facility, etc., considered without use or value.
The term derives from the sacred white elephants kept by Southeast Asian monarchs in Burma, Thailand, Laos and Cambodia. To possess a white elephant was regarded (and is still regarded in Thailand and Burma) as a sign that the monarch reigned with justice and power, and that the kingdom was blessed with peace and prosperity. The opulence expected of anyone that owned a beast of such stature was great. Monarchs often exemplified their possession of white elephants in their formal titles (e.g., Hsinbyushin, lit. "Lord of the White Elephant" and the third monarch of the Konbaung dynasty).
White elephants are linked to Hindu cosmology as the mount of Indra, king of the Vedic deities, is Airavata, a white elephant. White elephants are also intricately linked to Buddhist cosmology: the mount of Sakka's (a Buddhist deity and ruler of the Tavatimsa heaven) is a three-headed white elephant named Airavata. Albino elephants exist in nature, usually being reddish-brown or pink.
The tradition derives from tales that associate a white elephant with the birth of the Buddha, as his mother was reputed to have dreamed of a white elephant presenting her with a lotus flower, a common symbol of wisdom and purity, on the eve of giving birth. Because the animals were considered sacred and laws protected them from labor, receiving a gift of a white elephant from a monarch was simultaneously a blessing and a curse. It was a blessing because the animal was sacred and a sign of the monarch's favour, and a curse because the recipient now had an expensive-to-maintain animal he could not give away and could not put to much practical use.
In the West, the term "white elephant" relating to an expensive burden that fails to meet expectations, was popularized following P. T. Barnum's experience with an elephant named Toung Taloung that he billed as the "Sacred White Elephant of Burma". After much effort and great expense, Barnum finally acquired the animal from the King of Siam only to discover that his "white elephant" was actually dirty grey in color with a few pink spots.
The expressions "white elephant" and "gift of a white elephant" came into common use in the middle of the nineteenth century. The phrase was attached to "white elephant swaps" and "white elephant sales" in the early twentieth century. Many church bazaars held “white elephant sales” where donors could unload unwanted bric-a-brac, generating profit from the phenomenon that one man’s trash is another man’s treasure. Many organizational and church fairs still use the term today. In general use a “white elephant” usually refers to an item that’s not useful (decorative) but may be expensive and odd.
Examples of alleged white elephant projects
- Numerous airport projects including
- Ciudad Real Airport, just south of Madrid
- Castellón-Costa Azahar Airport north of Valencia and the Huesca-Pirineos Airport, both currently have no scheduled commercial flights.
- Montréal-Mirabel International Airport, North America's largest airport
- Lambert-St. Louis International Airport runway 11/29  
- The New South China Mall was the largest mall in the world, conceived to accommodate 100,000 visitors a day. because of poor planning it has been 99% empty since opening. 
- The U.S. Navy's Alaska-class cruisers were described as "white elephants" because by the time they were commissioned the Japanese heavy cruisers that they were designed to hunt down had already been destroyed.
- Hughes H-4 Hercules (or "Spruce Goose"), often called Howard Hughes' white elephant before and during the Senate War Investigating Committee. Hughes' associate Noah Dietrich called it a "plywood white elephant".
- The F-35 Joint Strike Fighter is being increasingly viewed as a "white elephant" by the U.S. military, due to its price of $380 billion for nearly 2,500 aircraft in three differing versions, to equip nine nations' air forces, along with lower performance than originally anticipated.  The lifetime cost of the F-35 program has since been estimated by the Pentagon at $1.45 trillion.
- The Tupolev Tu-144 was the first supersonic transport aircraft in the world, two months ahead of the Anglo-French Concorde. The craft did not live up to expectations, as it had a limited range and a loud air conditioning system, and in 1974 a Tu-144 crashed at the Paris Air Show. Air & Space magazine called the plane a "Mach 2 white elephant".
- Several stadium projects, including
- Christ's Hospital railway station was constructed at great expense in 1902 to accommodate Christ's Hospital school, a large independent school that had relocated from London to the West Sussex countryside. It was envisaged that the station would be busy due to the 850 pupils regularly using it, and also the foreseen westward expansion of the nearby town of Horsham. However, the railway company did not realise that the school is a boarding school,, and the development of Horsham did not materialise.
- The Sagrada Família church in Barcelona has been viewed for many years as a monumental white elephant. Construction started in 1882 and the church still remains under construction. The lack of funds, the death of the architect Antoni Gaudí, the Spanish Civil War and the complexity of the project led to delays and interruptions over the years. Completion is not expected until at least 2026, although it functions as a church and tourist attraction in the meantime.
- The City of Culture of Galicia in Spain is a complex of buildings designed by a group of architects led by the American architect Peter Eisenman, exceed its original planned budget by four times, and in 2013 fourteen years after the project set up, construction was halted.The final two planned buildings out of six remain unfinished.
- Several incomplete or badly functioning dams, such as the Bujagali dam (Uganda) and Epupa dam (Angola). Most were constructed by foreign companies in the interest of foreign aid. Although the buildings do not meet expectations, if construction is completed or restarted, they could still provide a contribution to the local population.
- Brisbane, Australia's Clem Jones Tunnel. The operating company Rivercity motorways posted a A$1.67 billion loss in 2010, largely due to overly optimistic traffic projections. Despite cutting tolls by up to 50% traffic volumes are less than half of the projected 60,000 vehicles a day. However it is expected that motorists will become accustomed to this project much like other infrastructure projects, such as the Gateway Bridge, that were once considered white elephants.
- The Russky Bridge was built across the Eastern Bosphorus strait, to serve the Asia-Pacific Economic Cooperation meeting that took place in 2012. The bridge connects the mainland part of Vladivostok with the meeting venue on Russky Island. The world's then-longest cable-stayed bridge terminates in a dead end on the island – whose population of 5,000 lack access to telephones, public lighting and mains water – and was completed at a cost believed to have exceeded $1 billion USD: the total bill has not been published.
- The Cambridgeshire Guided Busway (CGB), a public transit project in East Anglia, whose high construction costs far exceed even the most optimistic projections of revenue. Because the 50,000 tons of concrete used to build the busway is itself white, the project is often referred to as a white elephant.
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1. Soul of the Tiger: Searching for Nature’s Answers in Southeast Asia. Jeffrey A. McNeely and Paul Spencer Sochaczewski. Contains a chapter on the white elephant in Southeast Asia.
2. The Sultan and the Mermaid Queen. Paul Spencer Sochaczewski. Contains a long chapter on how Burmese generals tried to use the white elephant to consolidate power, also looks at the cosmological origins of the animal.