Definition
A structurally questionable dwelling in an absurdly desirable location—where the ramshackle building itself is nearly worthless, but the land, views, and prestige make it wildly expensive. You're paying millions for the dirt and mythology, not the actual shelter.
Also: A structurally questionable shelter in an absolutely spectacular location—think Colorado mountains, coastal Maine, or the Swiss Alps—where the dilapidated building itself is practically worthless, but the land, view, and prestige make it absurdly expensive. It's the real estate equivalent of buying a lottery ticket that's also a fire hazard.
Example Usage
We thought it was an abandoned shed until the realtor called it a rare alpine Shackteau and listed it for $2.5 million.
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