portmanteau of "disaster" and "masterpiece". It refers to an artistic creation (like a film, book, or play, video game, cartoon, music) that is such a spectacular, complete, and memorable failure that it becomes notable or even gains a cult following (Because it was crap
Used to describe a situation that has gone completely wrong or disastrous to the point that it is a masterpiece of a disaster. Typically this is a laughable or humorous situation where the consequences are not serious.