White elephant

This means something you own has value, but you have no use for it, and getting rid of it is very difficult. For example: "My late husband was talented enough to be a concert pianist, and he played the piano beautifully, but now that he's gone, his $100,000, nine-foot concert grand has become a white elephant." Or: "When we bought the house, the previous owner said we could have his mint-condi

Thanks a lot for your informative reply

Wikipedia has quite an extensive article: http://en.wikipedia.org/wiki/White_elephant

It may be worth reading, particularly if you are interested in the etymology of the expression.