Help writing thank-you note for a returned gift

[FIRE 20/20]

I love my father and have a great relationship with him, but we have radically different values on a lot of things.  He values high-end luxury goods, and I just don't.  At all.  He gave me a gift of a leather toiletries bag because he knows I travel, but the thing costs $200!  I will never use it, and since we're in the process of leaving the US we're getting rid of everything that won't fit in 2 suitcases.  Needless to say the gift doesn't come close to making the cut. 
I decided to tell him that I was going to return it, because he and I are going on a trip together and he would see that I was not using the gift.  My question to you is - how do I write a thank-you card for this situation?  I genuinely do appreciate the thought (he really did think it would be nice to take on my travels, but it doesn't work at all with my extreme light-packing approach).  At his request I sent it back to him so he could deal with the return directly. 
I'm struggling with what to write.  If anyone has any thoughts, I would appreciate them.  I've sat down to write the note a bunch of times but each time I just come up blank or erase what I started. 

[cpa cat]

Just wanted to write and say thank you for the gift you gave me, and to thank you about being understanding about the return. I am looking forward to my next adventure and appreciate your love and support.

Love always, Fire 2020

[SunnyDays]

"I appreciate your thoughtfulness in gifting me this bag.  It is certainly beautiful; you have great taste.  However, at this point in my life, I cannot make the use of it that it deserves and don't want to see it go unused.  Thank you so much for thinking of me.  Love FIRE 20/20,"

[PMG]

You could add a bit about how you appreciated that while his gift didn't work for you it was a symbol of his support for your unusual travel lifestyle choices that that support is meaningful and something you'll carry with you.

[FIRE 20/20]

Thanks the the help.  For some reason when I try to write this note, too much comes up and I just freeze.  That's unusual for me, but as simple as this was for you, I suspect, it wasn't when I tried to do it.