The Palais Royale, within The Exhibition Building site was a popular venue for weekly dances in the 1940s 50s. In the 1940s the Exhibition Building became known derogatively by locals as ‘The White Elephant’ due to its dilapidated sate. Little consideration was given to the historical significance of the building and it narrowly escaped demolition. However, a gradual appreciation of its heritage value meant that restoration work finally commenced on the building in the 1980s. Today the building is under the care of Museums Victoria and has secured World Heritage status.
Interestingly, the Eastern Market, opened on the corner of Bourke and Exhibition Streets in 1879 was also known locally as a white elephant from the day it was opened until it’s demolition in 1960.