This is a combination of two expressions.
White elephant indicates something that is unusual, possibly even interesting but of no immediate use or value.
An "Elephant in the room" indicates that there is something "big and obvious" (like an elephant in the room) going on, but everyone is scared or otherwise disinclined to mention it. Everyone knows it is there, but no-one talks about it.
White elephant indicates something that is unusual, possibly even interesting but of no immediate use or value.
An "Elephant in the room" indicates that there is something "big and obvious" (like an elephant in the room) going on, but everyone is scared or otherwise disinclined to mention it. Everyone knows it is there, but no-one talks about it.