Reagan Blood is destined to become the name of a hipster electronic act headed for next year's Coachella.

It is not, however, something that is going to be sold this week at auction.

The British auction house that had put a vial of what it said was genuine blood from the 40th president up for bidding (it had been drawn following the assassination attempt on his life in 1981), has pulled the plug on the much publicized sale and has vowed to bring the blood back to California:

PFC Auctions cancelled the auction after complaints from the Ronald Reagan Presidential Foundation, which runs the Reagan presidential library in Simi Valley. PFC states the consignor will now donate the vial to the foundation.

That person apparently bought it at a U.S. auction in February for $3,550, according to PFC. Yesterday it was going for $30,086.

Credit: PFC Auctions

Credit: PFC Auctions

As we told you, documentation that went with the vial seemed to validate it, and so did the presidential foundation's protest. A letter from the son of a woman who said she took the blood from a lab after the assassination attempt states:

These articles have actually been in my family's possession since 03/30/1981, the day that President Reagan was shot in Washington D.C. Back in the 70's and 80's, my mother worked for Bio Science Laboratories in Columbia, Maryland. Her laboratory was the laboratory contracted by Walter Reed Army Medical Center as well as the George Washington University Hospital to handle blood testing as well as other types of testing. Her lab did the blood work and testing for President Reagan. The test tube and the lab slip that I have are for his blood work to be tested for lead on [Monday] 03/30/1981.

In a statement sent to the Weekly and other outlets, foundation executive director John Heubusch said:

We are very pleased with this outcome and wish to thank the consignor and PFC Auctions for their assistance in this matter. While we contend that the removal of the vial from the hospital laboratory and the US auction sale in February 2012 were not legal acts in our opinion, we are grateful to the current custodian of the vial for this generous donation to the Foundation ensuring President Reagan's blood remains out of public hands.

We were hoping someone would buy it just to test it for communism antibodies.

[@dennisjromero / / @LAWeeklyNews]

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