$1 Million Bid for Ahmadinejad's 1977 Peugeot 504

It appears it pays off to be a dictator of some sorts... Remember how, back in November 2010, amidst angry words for the West and the presentation of some new weapons platforms, Iranian president Mahmuoud Ahmadinejad announced he would be auctioning his old, very old (and completely worthless) 1977 Peugeot 504?

Well, unlike the angry words for the western world, that was no small talk. The dictator is actually selling it and, what's even more interesting, is that somebody wants it. And wants it bad, because, according to AFP, a $1 million bid was placed for the car.

Now, the name of the bidder was not disclosed, but here's a quick sum-up of how it all went down. On Saturday, the Iranian government launched a website dedicated to the auction. On that website, bids can be placed for the next month or so, with the car to go to the highest bidder.

Apparently, the car has so much importance for an unnamed Arab country, that the $1 million bid was made in the very first hours since the launch of the website.

Of course, this might just be a gimmick meant to raise the value of an otherwise worthless piece of old Peugeot. But, even if it is, at least the stated intentions are pure in nature. According to Iranian media, all the proceeds will go into funding the build of 60,000 homes for the disabled and to women who are providing for their families.

For more details, photos and even videos, you can visit the official website of the auction.