Iranian president's 34-yr-old Peugeot set to fetch 1m dlrs at auction

Wellington, Jan 11 (ANI): Iranian president Mahmood Ahmadinejad's 34-year-old Peugeot 504 is up for grabs and expected to fetch 1 million dollars at auction.

The 1970s Peugeot may not be everyone's choice, but funds raised from the sale will go to a project to build 60,000 houses per year for disabled people and low income-earning women who are supporting families.

According to reports, the auction has attracted a 1 million-dollar bid, with an Iranian welfare official saying the bid was from someone in an Arab country, Stuff.co.nz reported.

Ahmadinejad, 54, reportedly drove the Peugeot when he was mayor of the Iranian capital Tehran, prior to becoming president in 2005.

The online auction, which aims to boost interest in the car, will seek bids until the end of January, after which the top bidders will be invited to a live auction held at a later date. (ANI)