The automotive equivalent of Clark Kent and Superman, the original Ford Mustang and Shelby GT500 are both fundamentally the same and dramatically different. The Mustang debuted in 1964 as a highly competent model, but it wasn’t until Carroll Shelby was invited to give it more brawn and bravado that the now-iconic muscle car became a real marvel. On July 12, an unrestored yet impressively maintained example of Shelby’s GT500—from its last model year—will be offered through Mecum Auctions.
This unrestored 1970 Shelby GT500 Fastback has been owned by the same family for 28 years.
Mecum Auctions, Inc.
The Blue Oval’s brass knew they had an ultra-popular pony car from the moment it premiered. After all, according to the automaker’s own corporate website, the model was developed to attract a new and burgeoning consumer class in the early 1960s. As the original press kit for the car cited: “Low initial cost, coupled with high-style, easy and precise handling, excellent ride, a host of options, and a choice between high-performance and compact-car economy enable the Mustang to span several major segments of the new car market.” This jack-of-all-trades approach, at a starting price of only $2,368, resulted in 420,000 examples being sold the first year.
Carroll Shelby sat in this vehicle and signed the dashboard at a car show in Los Angeles, where it won Best in Class.
Mecum Auctions, Inc.
Yet Ford executive Lee Iacocca soon turned to Shelby, who had initially been dismissive of the car in terms of power and performance. Iacocca’s solution was to have Carroll and company give the Mustang their transformative touch. First up was the Shelby GT350, which had its output increased to 306 hp compared to the factory Mustang’s max of 271 hp. In 1967, Shelby released the GT500, which boasted a 428 ci big-block V-8 delivering 335 hp. By 1968, production had left Shelby’s facilities in Venice, Calif., and was under Ford’s auspices.
The car is fit with a matching-numbers 428 ci Cobra Jet V-8 that delivers 335 hp.
Mecum Auctions, Inc.
The completely original GT500 on offer is one of only 23 that left the factory in Grabber Yellow, and one of only two that came equipped as presented. The matching-numbers power train comprises the 335 hp Cobra Jet V-8 mated with an automatic transmission. Handling dynamics benefit from power steering and power disc brakes, while amenities include air conditioning and factory-tinted glass.
What makes this fastback a real find is that it has been under the same caring ownership, that of the Kunkel family, for nearly three decades. For Stephen Kunkel, the car is a testament to his father’s passion for automobiles from one marque in particular. “My dad was a big Ford Guy,” says Kunkel. “He had a Ford Maverick, he had a Torino, he had a Mach 1 . . . but the Shelby Ford Mustang was always his dream car, something he’d always strived to own.”
Only 23 examples of the 1970 Shelby GT500 Fastback left the factory wearing Grabber Yellow.
Mecum Auctions, Inc.
For the most part, the family drove it only to local car gatherings and back, which explains why, of the 45,673 total miles on the odometer, just 1,624 miles have been put on since they acquired the car in 1997. One specific exhibition stands out to Stephen. “We went to a show in Woodley Park, so closer to downtown LA, and it was a Shelby and Ford specialty show,” Kunkel tells Robb Report. “That’s where we actually met Carroll Shelby himself. He sat in the vehicle, signed the dash of the vehicle, and had a solid 30- to 35-minute conversation with me and my dad about the car.” To top it off, the car won Best in Class.
As for the drive experience, Kunkel says that this GT500 is “very easy to break loose,” and admits, “I have chirped the tires quite a few times.” Asked why it’s being sold, Kunkel and his mother Mary explain that his father passed away two-and-a-half years ago, and now seems to be the right time to part with the vehicle from a practical perspective. “I love the car and I’m very sad to see it go, but, unfortunately, it does need to go to somebody who’s going to be able to appreciate it a little bit more than we currently are able to do,” says Kunkel, who named his daughter Shelby in its honor. “We just want somebody to enjoy an all-original car.”
The car, with 45,673 total miles on the odometer, has been driven only 1,624 miles since 1997.
Mecum Auctions, Inc.
Although Mecum does not give an estimated value for this GT500, prices found with Hagerty.com’s valuation tool cite the general range for the model as approximately $83,300 for one in fair condition to nearly $170,000 for a concours car, though that doesn’t factor in the authenticity of this Carroll Shelby–signed machine. Ultimately, that value will be decided when it crosses the auction block at Mecum’s Florida Summer Special 20025, running July 9 through 12 at Osceola Heritage Park in Kissimmee.
Click here for more photos of this 1970 Shelby GT500 Fastback.
This Carroll Shelby–signed 1970 Shelby GT500 Fastback will be offered through Mecum Auctions on July 12.
Mecum Auctions, Inc.
Authors
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Viju Mathew