Other forms: white elephants
A white elephant is something that's expensive to care for — and almost impossible to get rid of. A beach cottage that began sliding into the sea once it was purchased is an example of a white elephant.
The classic white elephant is a purchase or project that seemed like a good idea but quickly got expensive and burdensome. The alpaca farm sounded fun, but it turned out to be a white elephant! This term comes from a Southeast Asian tradition of a monarch giving the gift of a rare white elephant — an honor, but a costly burden to the receiver. A white elephant gift exchange involves giving impractical presents, then swapping them for something better.