Mahmoud Ahmadinejad's car auction gets '$1m bid'

President Ahmadinejad's Peugeot 504, undated photo. The white 1977 Peugeot 504 has sky-blue seats and less than 37,000km on the clock

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A 33-year-old car owned by Iranian President Mahmoud Ahmadinejad that has been put up for auction has reportedly attracted an offer of $1m (£640,000).

Ahmad Esfandiari, head of Iran's welfare agency, was quoted by Iran's Irna news agency as saying that the bid had come from an Arab country.

Proceeds from the sale of the Peugeot 504 will go to a fund for homes for disabled people and to needy women.

Bidders have one month to submit offers for the car.

Earlier, officials had said they hoped the car would fetch more than the $2,000 (1,500 euros; £1,300) such cars usually sell for in Iran.

The sale comes at a time when Mr Ahmadinejad's government has cut food and energy subsidies, raising the cost of living substantially.

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