Originated on the radio show "Loveline", hosted by Dr. Drew Pinsky and Adam Carolla. Refers specifically to Drew's high school, but can be used to denote any fancy-pants school that caters to spoiled rich kids.
Right, but where Drew went, the Little Lord Fauntleroy School for Albino Hemophiliacs, the mascot was Lord Jeff. Lord Jeff?! You have a dead white guy as your mascot?