A white whale is that toy you really, really want. However, you may NEVER be able to obtain it either because it's way, way too expensive or it's just too impossible to find. We are way past the "Grail" status here.
So, what's yours?

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So, I'll go first with Transformers G1 Masterforce Minelba. That fembot was a japanese exclusive and I think it was produced in very limited run. Not only does it rarely pop on Ebay, the only one I found was a loose one with FAKE weapons... for almost 900$! Sigh...