A U.S. flying car built in the 1950s -- and yes, it works! -- is up for sale for $1.25 million, the Smithsonian's Paleofuture blog reports.

Aircraft collector Gregg Herrick of Minneapolis, who is selling his 1954 Taylor Aerocar, said he bought the flying car in the early 1990s in Idaho because he was drawn to the design just as many people in the latter half of the 20th century were.

"I was just at the tail end of that generation that kind of grew up with that dream of ... well, I guess every generation has had that dream since the [invention of the] automobile -- of a flying car," Herrick told Paleofuture.

Designed by Moulton Taylor in 1949, only five Aerocars were ever produced. Newsreels of the period loved to feature the odd hybrid.

Anyone prepared to buy the Aerocar should call their insurance agent, because they'll need both automobile and aviation insurance, Herrick said.