This phrase is commonly used in response to some one who suspiciously claims claims they have done it all and seen before you. When in reality they probably haven't.
You-"Today I saw the most amazing thing in my life! it was this cage fight between a rabbit against this massive raptor!"
Group-"OOOOOOOOHHH AAAAAHHH"
Some person-"Oh I have seen that a thousand times before!"
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.