"It must be very embarrassing for her if she is selling it because she needs the money," Yarwood told the city's Adelaide Advertiser newspaper.
The man who presented Cher the key, former mayor Steve Condous, said the award had been in recognition of her performance at the 1990 Formula One Grand Prix and the fact that she "added a lot of charisma" to the event.
"I'm disappointed. I would have thought that getting the key to a city like Adelaide would have had some value to her, but obviously it doesn't because she wouldn't have got rid of it," said Condous.
"If she didn't want to keep it she should have returned it back to the city."
The bidding is is now closed; the key sold for over $95,000. Link -via Arbroath