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Report: Iran president's car sold for $2.5 million

A semiofficial Iranian news agency says President Mahmoud Ahmadinejad's 34-year-old car has been sold for nearly $2.5 million at an auction to raise money for a low-income housing project.

ISNA's report Tuesday doesn't identify the buyer, but quotes the individual's lawyer, Mamoud Isari, as saying the buyer plans to build a museum and exhibit the car.

The 1977 white Peugeot sedan was put up for auction in January in a move by the president to appear to fulfill a campaign promise to put a roof over the head of every Iranian.

Ahmadinejad made a point of being seen in the sedan when he was Tehran mayor. He has rarely used the car since becoming president in 2005.

The car would probably sell for $2,000 on the local market.

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