Rare Grabber Yellow 1969 Shelby GT500 Fastback Once Owned by Carroll Shelby Hits the Block

There is no shortage of Shelby-related items out there on the open market, and that becomes pretty clear especially if you have a habit of regularly checking auction blocks. Some of these items are more impressive than others, but few can beat the appeal of a rare car that was not only made by the man, but also owned by him.

Shelby's name will forever be tied to that of Ford and, more specifically, to the development of some very interesting Mustang versions. A breed of specially prepped vehicles that was born with the mighty Shelby GT350 in 1965, but it really got to know true notoriety with the release of the Shelby GT500 two years later.

The GT500 is one of those few historically important cars that need little introduction. But a bit of context is always welcome, so bear with me.

The car came into the world as a variant of the Mustang rocking all the usual Shelby updates, but most importantly that that, it had, at first, the imposing Police Interceptor 428ci engine under the hood.

Another variant of this FE big block engine would really leave its mark on the GT500, and that would be the Cobra Jet. A piece of hardware born at the hands of a Blue Oval dealer called Tasca Ford, this version came about in 1968 with a series of upgrades, including low-riser cylinder heads and a Holley carburetor.

The engine was put together with NHRA drag racing in mind, so you can imagine it was not for the weak of heart, especially when installed inside a car that was equally as good at tackling public roads. But Shelby wasn't afraid to experiment, and that's exactly what the world got.

Shelby was not one to shy away from using the cars he himself made, and he owned quite a lot of them over the years. Including this GT500 fastback we found waiting to be sold during an auction that will take place from May 10 at the Indiana State Fairgrounds in Indianapolis.

The car is described as being highly detailed and aside from being a former Shelby possession it also comes with the distinction of being one of just 18 GT500s to have been offered in 1969 in Grabber Yellow.

The 'Stang is styled in the usual fashion of late GT500 models (1969 - 1970), meaning it packs a longer front end made from fiberglass, a special front grille that gives it a unique look and, and a hood featuring five scoops, shaped like the ones on the drag strip.

On the interior the Mustang features some very race-oriented pieces of equipment, including a rollbar and harnesses to back the black Clarion bucket seats.

The engine bay of the GT500 packs the car's original powertrain, the Cobra Jet variant of the 428, which was rated at a very unflattering (and underestimated) 335 horsepower. A close-ratio four-speed manual transmission is there to direct the proper amount of power to the five-spoke wheels (wrapped in Goodyear Polyglas tires) through a 3.50 Traction-Lok rear axle.

The car comes with a lot of documentation, including a Marti report and its history included in the Shelby registry. The car's connection with the great man is documented by several pieces of paper, including the Shelby order form and sales invoice, but also with a copy of the car's California title.

As said, this Grabber Yellow 1969 Shelby GT500 fastback is for sale, with the car scheduled to go under the hammer at the hands of Mecum on May 18. Neither the auction house nor the seller have made public how much the vehicle is expected to fetch, and there does seem to be an undisclosed reserve set for it.

We did some digging and found out this is not the first time this particular vehicle has been up for grabs. Back in 2013, its first documented outing on the auction lot, the GT500 was sold by the same Mecum for $140,000.

Closer to our time, in 2022, rival auction house Barrett-Jackson sent the same car under the hammer and managed to get rid of it for $172,200.

Adjusted for inflation those two sale prices would translate into $190,000 and $191,000, respectively – just to give you an idea of where expectations probaly lie.

We will of course keep an eye out for developments on this story and update you with all the relevant info as soon as we know it.