Though the Ford Mustang’s GT500 trim has only been available intermittently for less than two decades combined over the course of the American muscle car’s lifespan, it’s a certified legend that, along with the even rarer Ford GT, represents the pinnacle of the American automaker’s performance vehicles. While everyone’s waiting for the expected debut of a GT500 trim for the current S650-gen Mustang that launched in 2023, the time is ripe to cop the car that started it all.
As Hagerty points out, the original Shelby GT500 was born of the success of Ford and Carroll Shelby’s track-oriented GT350. But in 1967, production of hi-po Mustangs moved from Shelby American’s California facility to Ionia, Michigan, largely cutting Shelby out of the development and production of the GT500. The first version got a 428 cubic-inch Police Interceptor” V8 with twin Holley four-barrel carburetors that produced 360 horsepower.
For 1968, Ford replaced the previous 428 with the Cobra Jet 428, which featured larger valve heads, an intake manifold from the race-crafted 427, and ram air induction, all of which pushed (unofficial) output to around 400 hp. In 1969, the entire Mustang range got a stylistic refresh, including three NACA hood ducts and two rear-racing scoops. This was effectively the end of the first-gen GT500, thought several 1969 models went unsold and were carried over and sold as 1970 models, with updated VINs for the model year.
The black-striped yellow beauty seen here is one of the those carried over 1970 models. Hagerty values the 1970 Shelby GT500 at around $170,000 in Concours condition, but this one has a few more things going for it: It’s one of just 23 made in Grabber Yellow, it’s one of two with these exact options, including automatic transmission, power steering, power disc brakes, factory-tinted glass, and air conditioning. Shelby might have scoffed at Ford’s insistence on offering such creature comforts in a performance trim bearing his name, but that didn’t stop the man from signing this example’s license plate and owner’s manual.
According to Robb Report, its also been under single-family ownership for almost three decades. “My dad was a big Ford Guy,” said Stephen Kunkel, whose dad acquired the car in 1997. “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.” Kunkel, who named his daughter Shelby in the car’s honor, also told the outlet that it’s “very easy to break loose,” and admitted, “I have chirped the tires quite a few times. 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. We just want somebody to enjoy an all-original car.”
With that backstory and rare spec, don’t be surprised if this 1970 Shelby GT500 cracks $200,000 at Mecum’s Florida Summer Special 2025, running July 9-12 at Osceola Heritage Park in Kissimmee.
