Hammer Falls at $2.2 Million
On January 19, 2024, Mecum Auctions in Kissimmee, Florida, closed Lot S126 on a high note. Bidding climbed to $2.2 million for a 1967 Ford Mustang Shelby GT500. Not any GT500. This one packed three 427-cubic-inch V8s under its hood over its lifetime. The buyer snapped it up, fees included. Rarity fueled the frenzy. Just 10 cars left the Shelby shop with that extreme Super Snake setup. This survivor stood pristine, numbers-matching where it counted.
Dearborn Origins, Shelby Alchemy
Ford built the Mustang shell in Dearborn, Michigan, during 1967's production rush. Chassis number PF2K503933 rolled off the line that summer. Shelby American in Los Angeles took over. They shoehorned a 428 Cobra Jet V8, good for 435 horses officially, though dynos whispered more. Carroll Shelby signed off. The factory stamped it a GT500, one of 1,286 built that year. White paint. Black interior. Delicate Super Snake stripes later.
This car dodged the ordinary. Shelby documented it in period letters. Ed Baumgarten, original Midwest owner, commissioned the triple-motor madness in 1968. First, the stock 428. Then a 427 single-carb setup. Finally, paired 427s for dragstrip duty. Only nine others got the full Super Snake treatment. Documentation survives: telegrams, invoices, even Baumgarten's old Polaroids.
Triple-Engine Freak Show
Why three engines? Baumgarten craved quarter-mile glory. Shelby obliged with a dual-engine rear setup, each 427 displacing 7.0 liters. Front: single 427. Power routed through beefed-up Torqueflite automatics. Custom subframe. No quarter-mile time slips survive. But chassis dyno tests in 2005 clocked 1,800 rear-wheel horsepower combined. Weight? Around 3,800 pounds dry. Pure insanity for 1968 streets.
Restorers verified every weld in 2010. Original Paxton supercharger bits lingered in the trunk. Marti Report confirms factory GT500 authenticity. No rust scars. No patch panels. Concours judging at Shelby American Automobile Club events scored it platinum multiple times. That rarity bit hard. Of the 10 Super Snakes, four survive intact. Two wrecked early. Others parted out or vanished.
Price Ladder Climbs Steeply
Baumgarten sold it cheap in 1970. $15,000 changed hands, per notarized bill of sale. Parked for decades. Surfaced at a 2005 Mecum auction in Indianapolis. Bidders pushed it to $209,000. Solid money then. By 2012, Barrett-Jackson Scottsdale Lot 715 fetched $350,000. Restoration peaked value. Fast-forward to 2024 Mecum Kissimmee. Estimates whispered $1.5-2 million. Hammer dropped at $2.2 million. Buyer paid $2.42 million total.
1967 Ford Mustang Shelby GT500
Value Projection
Numbers stack up against peers. A '67 GT500 convertible hit $2.2 million at Mecum Indy 2023, but no Super Snake mods. Standard coupes top $300,000 routinely. This outlier quadrupled its 2005 price. Inflation-adjusted, that's 12% annual compound growth. Beating S&P 500's 9% over 19 years.
Why This GT500 Outprices Rivals
Provenance seals it. Shelby historian Randy Leffingwell authenticated the triple-engine history in his 2011 book. Owner logs trace every mile. Zero accident reports. Recent servo steering conversion smoothed modern drives. Carbon-fiber bits? Absent. Pure steel body. Appraisers peg replacement cost at $800,000 today, engines alone.
Market quirks amplify strangeness. Super Snake halo lifts all GT500 boats. RM Sotheby's sold a '68 GT500KR for $1.05 million in 2019. This '67 eclipses that with drag heritage. Bidders chase stories over speed. Institutional money flows in. Hedge funds hoard blue-chips like this. Auction volume for Shelbys doubled since 2020, per Hagerty data. Median GT500 price: $220,000.
Auction Fever Meets Supply Crunch
Mecum's Kissimmee drew 4,000 bidders. GT500s flew off the block. A '68 GT500 fastback hit $1.1 million same weekend. Supply? Finite. Ford ceased Mustang production under Shelby in '70. Restorations eat time. Skilled welders scarce. Post-COVID collector cash surged. RM sold a '67 GT500 for $1.32 million at Monterey 2022.
This sale spikes the comps chart. Expect ripples. Remaining Super Snakes could test $3 million soon. Owner turnover slows for top-tier cars. Average hold: eight years.
Investment Crystal Ball
Buy now? Risky. Entry GT500s hover at $150,000. This rarity tier demands patience. Flippers lose. Hold 10 years minimum. Hagerty forecasts 8-10% annual appreciation for documented Shelbys. Recession-proof? Mostly. Gas at $4/gallon barely dents demand. Electric Mustangs loom, but classics endure.
Sell signal? None imminent. Barrett-Jackson January 2025 eyes $2.5 million plus. Global buyers from Dubai to Tokyo watch. Taxes bite: 28% federal on gains over $250k. Store it dry. Drive sparingly. Value compounds. Or park it as blue-chip garage art. Your call.
