Obama's Old Car Fails To Sell On eBay: $1 Million Asking Price Too High?

An Illinois man who listed President Obama's old Chrysler 300C on eBay for $1 million came up short this week -- as his auction ended without a single bidder.

As The Huffington Post reported earlier this week, Tim O'Boyle, listed the 2005 sedan on eBay hoping to hit the jackpot when the auction ended Wednesday night.

Lisa Czibor, who was conducting the auction for O'Boyle, told the Chicago Tribune that the owner wants to relist the car in a few months -- when the presidential election nears.

"We're trying to talk him into rerunning it now and making some changes to (the listing)," Czibor told the paper. "Lowering the price, and contacting Obama to find out if there's a charity he'd like us to donate some of the profits to."

The current Kelley Blue Book value of the car is around $14,346. According to the listing, Obama put 19,000 miles on the car. He later traded it in for a more fuel efficient Ford Escape Hybrid.

Brian Chanes, an expert on historical artifacts with Profiles In History, told HuffPost's David Moye that the seller could get more money for the car if some of the cash went to charity.

"I'd say $100,000 is a fairer bet if the person selling it hopes to profit," Chanes said. "If all the proceeds were going to charity, people are more liberal about throwing money at something."