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At the 2024 Mecum Auction in Dallas, a rare 1968 Ford Mustang Shelby GT500KR Convertible set a new record, selling for a whopping $330,000. Known as the ‘King of the Road’, the GT500KR is a sought-after muscle car icon, and this particular model stands out for its unique specification and impeccable restoration. Finished in a rare Raven Black with a white convertible top and equipped with factory air conditioning and a black Decor interior. According to the Elite Marti Report, this is one of only five models built with this combination of colors and options.
The GT500KR was introduced mid-year in 1968, powered by the newly developed 428 cubic inch Cobra Jet V8 engine, which was a game-changer for the Carroll Shelby lineup. The “King of the Road” version marked Shelby’s peak production year, with a total of 4,658 vehicles built, including the GT350s. Of these, only 1,452 examples were GT500KR models, and only 518 of those were convertibles, making this black beauty even more attractive to collectors.
This particular GT500KR features a numbers-matching Cobra Jet engine paired with a three-speed automatic transmission. It is fully equipped with period-correct features, including power brakes with front disc brakes, power steering, power top, tilt-away steering column, vision group, AM radio, tinted glass and a tachometer. The history of this classic Mustang is well documented in the Shelby Registry, increasing its appeal to collectors.
These sales not only surpassed previous high figures for GT500KR models, but also surpassed the previous record of $324,500 set by a red coupe in 2022. Of the GT500KRs that have sold for more than $300,000, three are convertibles, and this one is Raven Black version is now ranked second to 1968 Shelbys, next to another GT500 Convertible that 1968 sold for $330,000 in 2020. Only the 1968 GT500 EFI prototype, which fetched $396,000 in 2021, has a higher record.
At this year’s Dallas auction, the GT500KR was the most expensive classic muscle car sold, beaten only by a 1933 Auburn 12-165 Speedster for $990,000 and a 2019 Chevrolet Corvette ZR1 Coupe for $396,000. This was followed by a 1969 Mustang Boss 429 for $280,500 and a 1970 Plymouth Superbird for $220,000. With its rare specifications, impressive restoration and documented history, this GT500KR continues to prove the enduring value and appeal of classic Shelby Mustangs among collectors.
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