A Melbourne man who bid $92,065 on eBay for singer Cher's, key to Adelaide, has revealed he never had any intention to pay for it - he pledged the money in protest.

25-year-old Rob McDougall says he placed a bid on the key, given to Cher at the 1990 Grand Prix in Adelaide, because he found it insulting she chose to sell it on eBay.

"This illustrious national honour has been bestowed upon her and she doesn’t really care anymore, she’s flogging it on ebay," Mr McDougall told 7News.

He said a recent post on Twitter from Cher's account, saying she was upset by the sale, has encouraged him not to pay for it.

"I can’t really buy something that the seller has stated that she doesn’t want to sell," he said,

"So I’ve put that position to the seller, her office, that I’d need to speak to her personally, or have her come out and say that she definitely wants to sell it, before I would think about paying for it."

"If she wants to sell it, well then, I’ll probably have to buy it, but if she comes out and retracts the offer under the auspice that she didn’t know anything about it, then I’d be perfectly happy retracting the sale."

But, Mr McDougall said, he would not have a use for the key, and would probably hand it back.

"I don’t think I’d have any use for it, because it hasn’t been bestowed upon me," he told 7News.

"I’ve never actually been there (to Adelaide) so I don’t really know, I’ve heard they’ve got great churches, and a great Fringe festival."

"Because she warmed the hearts of many at the 1990 Grand Prix performance, she probably deserves the key more than I do."

"I think Cher’s great, and you know, Believe has got me through many a dark hour."

As a consequence of not honouring his end of the transaction, eBay has now suspended the young artist's account.

"My eBay account’s been suspended," he said, "I’ve been good on eBay for about ten years, until this time."

The brass key and accompanying plaque, received 146 bids on the online auction site.

It was originally listed for $US125.