Carroll Shelby's 1969 GT-500 Convertible

From Shelby’s Garage to Barrett-Jackson's Auctioning Block

It’s not often that a piece of Mustang history ends up on the auctioning block. On such occasions, you can be sure that collectors from around the world will show up to claim their stake. One such piece of Mustang history is Carroll Shelby's 1969 GT-500 convertible. The Mustang (See Photos), which was recently restored under the direction of Stephen Becker, was sold at the 2008 Barrett-Jackson Auction in Scottsdale, Ariz. The new owner, car collector Ron Pratte, won the car with a winning bid of $675,000 on January 19th, 2008. In all, the car is one of only 246 Ford Shelby GT-500 convertibles built in 1969. Better yet it has low mileage, with about 69,725 miles on the speedometer prior to the auction. Not bad for a car that’s been around longer than some of the folks reading this.

Shelby's Search Begins

This particular Shelby GT-500 Convertible entered Carroll Shelby’s life when he realized he would be leaving Ford in 1969. The car had been floating around the Shelby corporate offices for some time when Shelby found it. The car was originally white in color. It was equipped with an automatic transmission, white interior and convertible top, GT equipment group, intermittent wipers, power brakes & steering, tilt steering, a factory A/C, and AM-FM stereo radio. One of the first things Shelby did to the car was send if off to be painted red. In addition to painting the Mustang and adding white stripes, Shelby got rid of the factory five-spoke wheels and put on a set of 10-spoked Shelby Wheel Company wheels. As such, the car was truly personalized. Additional modifications included Cobra LeMans valve covers, a Cobra big block aluminum oil pan, and a Police interceptor intake. According to sources close to the car, Shelby painted the engine block red around 1978. It was around this time that he rebuilt the 428 Cobra Jet big-block engine as well.

As for the history of the car, Shelby had been the only owner of the vehicle until it was sold in January of 2008. According to the January 2008 issue of Mustang Monthly magazine, Shelby’s sons are said to have driven the car to college at UCLA during the ‘70s. During the‘80s he drove the car on his ranch in Texas. Later, in the '90s, the car moved to Shelby Automobiles in Las Vegas, Nev. "The only other Shelby that Carroll has owned longer than this GT-500 is the first Cobra, CSX2000," noted Steve Davis, President of the Barrett-Jackson Auction Company. "With its recent restoration by one of the premier shops in the country, this historical GT-500 would be a monumental acquisition for any serious collector."

A Restored Classic

Prior to the auction, the red convertible was restored under the direction of Stephen Becker, a world-renowned collector and broker of vintage Shelby Cobras, GT-350s and GT-500s. Becker engaged well known and respected Shelby restorer Jim Cowles at Shelby Parts & Restoration in Green Bay, Wisc., to complete a Concours rotisserie freshening of the car.

Ron Pratte, the new owner of the car, purchased Carroll Shelby’s Super Snake Cobra at the 2007 Barrett-Jackson Scottsdale Auction for a cool $5 million. After purchasing Shelby’s GT-500 Convertible at the 2008 show, he proceeded to purchase a one-of-a-kind 2008 Shelby GT500KR Mustang with a winning bid of $550,000. Needless to say, Carroll Shelby can sleep easier knowing the Shelby convertible is in the hands of a true collector. What are Pratte’s plans for the car? Only he knows for sure. For $675,000, I would imagine he can do whatever he wants.