Why Did This Mustang Sell For $1 Million?
The limited-edition Heritage Edition Mustang is a tribute to the 1967 Shelby GT500. Brittany Blue paint and Wimbleton White or Absolute Black stripes distinguish Heritage Edition Mustangs. This particular Heritage Edition Mustang sold for $1,000,938 at the Barrett-Jackson auction this weekend. It actually sold a number of times this last weekend.
Who bought this Mustang and why?
Why did this Mustang sell for so much? And why was it sold again? Philanthropist George Shinn initially donated it. Then attendees at the auction added to the donations. The proceeds are going to relief efforts from the ravages of Hurricane Ian in Southwest Florida. The nonprofits Samaritan’s Purse Christian organization and the Florida Disaster Fund.
The Disaster Fund distributes donations to service organizations serving individuals within their communities with disaster response and recovery. The two groups will determine how the funds are used. Barrett-Jackson provided the charitable platform and promotions.
“We’re proud to once again team up with George Shinn to support those currently suffering from unspeakable tragedies,” said Craig Jackson, chairman, and CEO of Barrett-Jackson. “Earlier this year during our Palm Beach Auction, we auctioned one of George’s vehicles to support humanitarian relief efforts in Ukraine, helping raise over $1.7 million for the cause, and we look forward to answering the call once again alongside George next week as we support those in need here at home.”
Before it sold for $1 million, it sold for $400,000
Initially, the Mustang was auctioned for $400,000. But then, audience members kicked in an additional $250,000. The next day, the new owner decided to auction it off once again. This new round netted another $300,000, for a grand total of $1,000,938.
Not a bad haul for a 2022 Mustang, even if it is a Heritage Edition. Shawn Shelby, Carroll Shelby’s grandson, drove the Mustang onto the stage. He, like his grandfather, is involved in American racing and associated businesses. So Carroll Shelby’s spirit was definitely present during the auction.
What is a Heritage Edition GT500?
What makes the Heritage model so special? First, a supercharged Predator 5.2-liter V8 engine churning out 760 hp and 625 lb-ft of torque powers it. A Tremec seven-speed dual-clutch automatic transmission with enhanced drive modes drives the carbon fiber driveshaft. It transfers the power to a limited-slip independent rear end.
Its original MSRP was $72,900 for a standard 2022 Shelby GT500, and then $2,140 more for the Heritage Edition upgrades. This year will be the last year you can purchase a new Heritage Edition Mustang as Ford gets ready to begin production of the all-new 2024 Mustang in 2023. If you’ve thought about buying one, there’s not much time left.