A clever reforming of the words crafty bastard. Brian Brushwood, host of Revision3's internet show - Scam School, commonly uses the phrase. He could have been the creator, or one of the people to make it mainstream.
"Today's show is brought to you by the basty craftards at...
A Shackteau is a humble, weather-beaten, structurally questionable shelter located in a spectacular or highly coveted place—Wales, Jackson Hole, Sun Valley, Crested Butte, coastal Maine, the Alps—where the building itself may be worth almost nothing, but the dirt, view, access, and mythology make it absurdly valuable.
In use:
Shackteâu - We thought it was an abandoned shed until the realtor called it a rare alpine Shackteâu with unobstructed views and listed it for $2 million.