Czibor is confident the car is worth the budget-busting sum. And that’s not just because of the car’s low mileage (only 20,800 miles over the course of seven years) or its maxed-out options, including leather seats, a sunroof and a navigation system. Obama put more than 19,000 miles on the car driving around Chicago. And the listing cites a host of other cars with famous owners that have fetched record sums on the auction block, including Iranian President Mahmoud Ahmadinejad’s 1977 Peugeot, which sold for $2.35 million (£1.5 million) in March 2011. That money was donated to charity, though, while Obama’s ride was put on the market by a private seller.

Obama got rid of the 300C in July 2007 as he launched his presidential campaign. He traded in the Chrysler – which has a 5.7-liter Hemi V8 engine – for a 2008 Ford Escape Hybrid after taking flak for driving the guzzler while pressuring Detroit to build more fuel-efficient cars. The 300C was put up for auction in late 2008 to coincide with Obama’s inauguration. Back then, the minimum bid was $100,000, which seems like a bargain compared to the current price. But O’Boyle, the owner, had to take down the auction because it was overrun by fake bidders who rocketed the price to $100 million, MSNBC reports.