In a move to raise money for a low-income housing project in Iran, President Mahmood Ahmadinejad’s 33 year old white Peugeot sedan is being auctioned off. A website was set up on Saturday to accept bids from Iran and abroad, and there has already been a $1 million bid.

The car, which would otherwise be worth about $2,000 on the local market, was Ahmadinejad’s daily driver when he was the mayor of Tehran.

Lack of housing has plagued Iran for quite some time, and Ahmadinjad had made some major campaign promises to get that situation under control.

- By: Stephen Calogera

Source: MSNBC