It was the highest price ever paid for a Mustang and $ 220,000 more than what the same car auctioned for in 2020.
The car, serial number 5R002, was built as a prototype for the GT350R competition model, of which 34 were later built. It was tested by Ken Miles of “Ford v Ferrari” fame, who also raced it along with famed drivers Bob Bondurant, Peter Brock, Jerry Titus and Chuck Cantwell.
The GT350R was designed with a modified version of the Mustang’s 289 cubic-inch V8 that puts out over 350 hp, an oversized 34-gallon racing fuel tank, and various suspension and drivetrain updates.
The now fully restored car went on to win 10 races in the SCCA Production-B class before being sold in 1966 to a Ford engineer for $ 4,000, who later installed an experimental Ford GT40 racing V8 that was included in the sale.
The Shelby has now been twice sold for more than the second-most valuable Mustang, which is the 1968 GT 390 from the Steve McQueen film “Bullitt” that was sold at the 2020 edition of Mecum’s Kissimmee event for $ 3.74 million.