05/13/2010 06:08 pm ET | Updated May 25, 2011

Obama's Jeep Auctioned Off, Sells For Almost Eight Times Its Value

Last week, John Reznikoff traveled to Robert Edward Auctions in New Jersey to buy a Jeep Grand Cherokee for more than seven times its $3,500 Kelley Blue Book value.

This unremarkable SUV, with 133,000 miles on the odometer and a few cosmetic flaws had only one thing going for it -- it used to be Barack Obama's.

In 2004, Liz Murphy, an executive assistant in Naperville, Ill., bought the Jeep from a used-car dealer who showed her the name on the title and said "he might be president some day," the Wall Street Journal reports. She paid $15,000 and made sure to make a copy of the paperwork bearing Obama's name.

Last week, she used the New Jersey based auction house to finally sell the vehicle. Obama bought it from a dealership in Aug. 2000.

According to the Wall Street Journal, John Reznikoff, a collector from Westport, Conn. outbid 27 other bidders for the car.

From the Journal:

"I would have been willing to pay over $100,000 for it," [Reznikoff] says. He will add the car to his collection of presidential artifacts, which include two of John F. Kennedy's parade cars, Lyndon Johnson's sports coat and Ronald Reagan's rocking chair.

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