"We're using Rocky as a fund-raising event and to try and generate publicity for the project," said Harvey Abrams, president of the International Institute for Sport and Olympic History.

Since the organization is incorporated as a nonprofit, Abrams says it will "give away" the statue to the first person to donate $3 million. If the auction on eBay expires Thursday without a bidder, which he acknowledges is likely, Abrams said he will entertain other offers and -- attention bargain hunters -- he may let "Rocky" go for as low as $1 million.

The original bronze statue of the fictional South Philadelphia fighter Rocky Balboa was intended to be installed at the Philadelphia Museum of Art, where Rocky bounded up 72 steps as moviegoers cheered.

Museum officials and art aficionados nixed the idea and the 81/2-foot statue eventually came to rest at the South Philadelphia stadium complex.

Abrams said he has an agreement with Schomberg that if a donor comes up with the money, the institute will pay the sculptor $700,000 to buy his two other "Rocky" statues. The donor would get one and the other would be displayed at the planned museum