'Little Red' 1967 Ford Mustang Shelby GT500 found after 50 years, could be worth millions

Fox News ^ | 18 Aug 18 | By Gary Gastelu

[SkyPilot]

Seek and ye shall find. Eventually.

A legendary Ford Mustang that many thought was destroyed 50 years ago has been discovered rotting away in a Texas field. And it could be worth millions.

Affectionately called Little Red, the 1967 model was an experimental car that Ford loaned to Carrol Shelby to use as a test bed for the development of performance parts. Little Red and a later car, unofficially known as the Green Hornet, were the only two Shelby GT 500 notchback coupes of their era, each sporting a snazzy vinyl roof.

Shelby’s crew tinkered with the cars, trying out different body parts, engines and transmissions. Little Red was primarily configured with a supercharged 428 V8 and 3-speed automatic transmission, while the Green Hornet was fitted with a prototype independent rear suspension that never made it into production, but remains on the car today.

Little Red made an appearance at a Ford preview event in Los Angeles, where it inspired the creation of the first California Special Mustang, which aped its styling, if not performance. Shelby eventually sent the cars back to Ford for a date with the crusher, as was standard practice for prototype cars, but they both stood it up.

The Green Hornet showed up at a Ford employee auction in 1971 and was resold several times until it ended up in the garage of Barrett-Jackson Auction House CEO, Craig Jackson, about 15 years ago. Little Red just disappeared.

A half-century of failed attempts to find it seemed to back up the prevailing view that it had been crushed. But like any good mystery, all that was missing was the right key to unlock it. Then Jackson got his hands on it.

[from occupied ga]

I wouldn’t give two cents for it. It’s basically an old junker.

[hattend]

Fix Or Repair Daily.

[SteveH]

I would inagine there could be some rust issues under the vinyl top.
Also it has probably been picked over for parts...

[Blue Highway]

I read all three links and only one I saw that may be what you were inferring about as non favorable as people making fakes or clones of the real thing, but what does that have to do with Cosby having owned it for a minute before sending it back to Caroll Shelby? I’m guessing the part of the guy buying the wreck and selling it as “original” after most parts will be aftermarket, would be seen as shady, maybe what you are referring to?

[Blue Highway]

I've always known it as:

Fix
Or
Repair
Daily

[fso301]

80s and even some early 90s cars are getting into classic status.

If worse comes to worst, a restorer can cast, or otherwise fabricate an unobtainable part for a '38 Cadillac.

Fast forward to 2030 and the problems I see with restoring 90's and more recent vintages are the electronics. How does a restorer come up with an ECU, display, etc for a limited production vehicle that has been long out of production?

[US_MilitaryRules]

Wrong. It turns the pulley on the compressor until the A/C is turned on. Otherwise it is just the pulley freewheeling.

[t4texas]

The Mustang from Bullitt is still my favorite.

[WildHighlander57]

Or

Fix
Or
Repair
Daily

[Robert A Cook PE]

The A/C itself, the compressor, the belts, the heat exchanger ... All add weight too, even when turned off. Weight kills your highest speed, acceleration, cornering, add stuff under the hood you need for other gadgets and for ducts and coolers and extra carburetors/fuel injection manifolds/turbos and superchargers .. Even an in-car heater is a waste on a race car, and on a wanna-be race car at the highest levels. Now, true “supercar” 200,000.00 and 300,000.00 dollar models will add creature comforts, but those too are rare.

But anybody complaining about “no A/c” in a Shelby is missing the point of owning a Shelby, Porshe, Lambo, or other “really cool” car. They’re for looking at, for driving fast, for driving faster, for comparing to other fast cars, for talking about with fast car enthusiasts, and for envy and for purchase and for re-building and maintaining.

Ain’t for comfortable driving.

[Big Red Badger]

I moving into the latter group...
.22’s anyone?

[taildragger]

Yes, the guy from the EU that did it over. Cosby was the 1st owner, I believe the 2nd owner had accident...

[mabarker1]

Are those bias ply tires!

What did You say!? Plywood Tyres ?😳

[Gay State Conservative]

In summer I sometimes see real old cars on the road...1920s for example.They're very cool indeed but paying millions for any car,regardless of how old,or new,is foolish.

If I had the money I could see myself paying $100K (or maybe a bit more) for a new Mercedes S Class,but I'd never pay more than that for any car.

[FreeReign]

One thing many people don’t seem to realize though, is that desirability and collectability comes and goes with age cohorts. The “hot” collectable cars of today are not those of yesterday, or tomorrow. There was a time when the ‘57 Chevy or T-Bird were stratospheric.

They haven't made any desirable Bel Airs or T-Birds in a long time. So the collectibility of the classic Bel Airs and T-Birds wane as their fans die off.

However, I think that the classic Mustangs and Corvettes will maintain their value because they continue to make interesting new ones. New generations of Mustang and Corvette drivers will still have an interest in those original classics.

[SaveFerris]

Friend in high school had a California Special. White coupe. Don’t remember the engine. Only one I’ve seen in person that I recall (maybe at a car show seen others?).

And another guy (car club) had the nicest ‘67 (IIRC) GT500KR Shelby Mustang I’ve ever seen. Drove it to a meeting. Looked brand new (late 1970’s). Even rarer, it had the 427 while most were 428’s if they were big blocks. Beautiful metallic blue.

[SkyPilot]

Oh, it may very well be, once it’s media blasted, missing body panels replaced, mechanicals refurbished and restored inside and out. One thing many people don’t seem to realize though, is that desirability and collectability comes and goes with age cohorts. The “hot” collectable cars of today are not those of yesterday, or tomorrow. There was a time when the ‘57 Chevy or T-Bird were stratospheric. Not so anymore, a perfect example still isn’t cheap but they’re not where they were. Same will be true for this. Baby Boomers won’t always be the dominant force, they’re fading already. Cars from the 70’s are starting to take off, for instance the boat tail Riviera, C body Trans Ams, even first generation Cadillac Sevilles.

Agreed. I have a British classic car, and I like the British cars. The club I am in has a great variety of both owners and autos. Great people. We have lots of events, and I enjoy the scene. It's all about what you enjoy.

[SkyPilot]

I guy I went to pilot training had a candy apple red 1967 fastback, somewhat like this one. It was his daily driver (this was back in the late 80s).

He went on to fly F-15s. He had great taste in machines. His wife was a southern belle. He had great taste in women too.

[SkyPilot]

My first car was a ‘67 Mustang Fastback, 289, fold-down rear seat in burgundy red - a great car for a high screwel senior. The girls loved it...but eventually it turned into a total piece of unreliable junk and the last US car I ever bought. Eventually, I drove it to LA and traded it for a VW Bug at Bob Smith’s Hollywood VW/Porsche that had a brand new 911 with a $5000 sticker price on the showroom floor

I have VW New Beetle convertible that I use as a kick around car during the summer. I'll trade you it for 1967 Mustang Fastback, 289, fold-down rear seat in burgundy red.