A insult that sometimes is meant to imply that the insult-e is a homosexual. Other times it can be used to refer to someone as a idiot, douche bag, or a flat out dickhead.
Jack: "Dude, the color of those jeans don't go good with that shirt."
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 $2million.