An old 1977 Peugeot 504, similar to the one pictured above and belonging to Iranian President Mahmoud Ahmadinejad, has sold at auction for a staggering $2.5 million. As we reported late last year, the car was being sold at auction in an effort to help raise funds for the Mehr housing project, a charitable organization that provides housing for low-income families.

After receiving nearly half a million bids from all over the world, including from the U.S., Europe and Asia, the car was eventually sold to a company, which wishes to remain anonymous. A lawyer representing the company said the car was bought because of a personal interest in President Ahmadinejad’s ideals.

The sale is fitting as Ahmadinejad is widely recognized in Iran as the "people's president" and friend of the common man. Additionally, one of his election goals from his 2009 campaign was to put housing, employment and economic reform at the top of his agenda after house prices increased dramatically during his previous term.