Defunct American luxury automobile manufacturer Packard may be the next legendary auto brand to be revitalized, with latest reports indicating the rights to the company as well as a V12 prototype is now up for sale. Former Arizona residents Roy and Barbara Gullickson are looking for a buyer for the storied company and are seeking just $1.5 million.

Packard was famous during the celebrated jazz era of the 1920s, mostly due to its elegant cars and innovative features. Packard was also one of the first carmakers to offer a V12 engine in a production car – the aptly named ‘Twin-Six’ engine.

For the $1.5 million asking price, buyers would receive the rights to the 106-year old company as well as engineering designs, tools, spare parts and supplier information. The last production Packard was made in 1958, reports Automotive News. Also part of the deal is a 1998 Packard prototype saloon, complete with an all-aluminum V12 engine and traditional chrome grille.

The Gullicksons planned to revive the Packard name during the 1990s, even going so far as to build the prototype. However, despite showcasing it at a number of major car shows they were never able to attract enough investment dollars.

One of the many hazards in resurrecting old brands is that the long-lost heritage may alienate the younger market. Nevertheless, several companies have taken serious interest in the Packard name and discussions are underway to investigate the purchase.

While automakers may take heat for trying to breathe new life into old designs like the Challenger and Camaro, recently the automotive world has seen renewed interest long-forgotten brands, including Bugatti, the Daimler Motor Company and possibly even key Packard rival Duesenberg.