Something that you are very proud of, but no other person is impressed by, often an accomplishment, story, or item. The definition stems from the movie, "The Christmas Story" where Ralphie's father is extremly proud of his major award ( a lamp in the shape of a woman's leg), but no one is impressed as he is.
Person 1: My dad tells everyone that he was in the audience for Letterman, he doesn't realize that people don't care.
Person 2: Yeah I noticed, it's his leg lamp in the window.
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.