What does the phrase "White elephant" mean?

• The phrase "White elephant" means - Very costly possession.

• White elephant (noun)

English Meaning: something that is expensive, or that costs a lot of money to keep in good condition, but that has no useful purpose and is no longer wanted.
Bangla Meaning: অনেক দামী অথচ কাজে আসে না এমন জিনিসকে বুঝায়।

Example Sentence:
1. The massive sculpture in the park was initially admired but soon became a white elephant as it obstructed the view and required constant repairs.
2. The abandoned factory became a white elephant, serving as a reminder of the town's industrial decline.

Source: Cambridge Dictionary.