Organizers of the Australian Grand Prix are auctioning a two seater F1 ride in an attempt to raise money for victims of the Queensland flood.

The auction, which begins today and ends on Friday January 28, will see the winning bidder enjoy a hot lap around the Albert Park Circuit over the course of the Australian Grand Prix weekend (25 - 27 March).

"To experience the power of a two-seater F1 hitting speeds of 300 kilometres per hour is normally a money-can't-buy opportunity, so by auctioning this amazing experience we hope to raise a significant amount to support Queenslanders", said Andrew Westacott, the Acting Chief Executive Officer of the Australian Grand Prix Corporation.

"This is a fantastic initiative and hopefully motorsport fans show their support in contributing to such a crucial cause," said Queensland resident and 1980 Formula One World Champion, Alan Jones.

According to the organizers, the car is powered by a 700+ bhp V10 racing engine and features a similar chassis construction, suspension, brakes and tyres as the cars competing in this year's championship.

Please Note: For reasons best known only to themselves, the organizers stipulate that you must be an Australian or New Zealand resident to participate in the auction.

To view the auction and make a bid visit Ebay.