Could Ahmadinejad's Old Car Fetch $1 Million?

Back in November, my colleague Noah Joseph mentioned that a 1977 Peugeot 504 belonging to Iranian President Mahmoud Ahmadinejad was to be auctioned off. Now an AP report says that the 33-year-old car has received a million-dollar bid even though it is only worth several thousand dollars.

The old white Peugeot sedan s being auctioned off to raise money for housing for low-income families in Iran. During his candidacy several years ago he often appeared in the car to show that he was a man of the people. Top bidders on the designated website will be invited to the auction, which will be held in mid-February in Abadan. The website is accepting offers until the end of January. The government has promised to build nearly 1 million housing units by March 2011.