The story
Possibly a variant of neither fish, flesh, nor fowl, itself a variant of neither fish, flesh, nor good red herring which is attested from the 16th century. According to Brewer’s Dictionary of Phrase and Fable (1895), the latter term referred to three types of food generally consumed by the different classes in society: fish by the clergy, flesh by the common people, and red herring by the poor. Thus if something was neither fish, flesh, nor red herring, it was good for no one.
Etymology from Wiktionary, CC BY-SA 4.0.