1. an asshole
2. Patrick, a character from the show Spongebob Squarepants that lives in Bikini Bottom and wears green and blue swim trunks on a regular basis. (Highly suspect connection to definition number one... maybe a joke being played on parents who let their kids watch this show?)
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.