Sounds about right considering the Wiki page states something similar: The term white elephant refers to a gift whose maintenance costs exceed its usefulness.

Sounds about right considering the Wiki page states something similar: The term white elephant refers to a gift whose maintenance costs exceed its usefulness. While the first use of this term remains a matter of contention among historians https://en.wikipedia.org/wiki/White_elephant_gift_exchange https://en.wikipedia.org/wiki/White_elephant_gift_exchange