Ruined

Just in case you were wondering, like I was last night while we were having a picnic on the floor of my friend Carin's new home:

White elephants were regarded as holy in ancient times in Thailand and other Asian countries. Keeping a white elephant was a very expensive undertaking, since the owner had to provide the elephant with special food and provide access for people who wanted to worship it. If a Thai King became dissatisfied with a subordinate, he would give him a white elephant. The gift would, in most cases, ruin the recipient (courtesy of Phrase Finder).