When a person from the BAY AREA finds a situation, person, or something outrageously funny, it CAN be described by this term.
At a party, a bunch of people are chattering about until they mention a really funny person they all know. One of them then says, "You know Steven? That guy's hellarious!!"
"Man when that girl didn't know what OJ meant, that was hellarious!!"
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.