It comes from the name of an Elder of Troy (mentioned in famous Ancient Greek poem, Iliad,) whose house was set afire by the Achaeans when they sacked the city.
Yo lmaooo look at that silly little Ucalegon on the other side of the street
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.