1965 Shelby GT350R Prototype Could Become The Most Expensive Mustang Ever Surpassing The $3.5M Bullitt

Mustangs don’t come much more special than this, the prototype Shelby Mustang GT350R and the first Shelby Mustang to win a race, driven by none other than Ken Miles.

This specific car was immortalized on February 14, 1965 at Green Valley Raceway near Dallas, when a photographer snapped it mid-air with Ken Miles behind the wheel before achieving its first win on its first sanctioned competitive event.

The historic Shelby GT350R is now heading to Mecum Auctions’ 33^rd Original Spring Classic event as part of the John Atzbach collection. Organizers believe that the prototype Shelby is going to break a Mustang auction record, suggesting that it may go for more than the $3.74 million of the Bullitt Mustang.

Chassis 5R002 is without a doubt one of the most historically significant American classics, serving as Shelby’s factory engineering mule, a rolling test bed for parts and ideas, helping in the creation of the second team car -5R001- and all of the 34 customer R models.

The iconic Shelby also served as a demonstrator to potential customers and is illustrated in the official homologation papers.

Shelby sold the prototype GT350R in 1966 to Bill Clawson, who kept extensive documentation of the car during his tenure. After a couple of engine failures, Clawson used his contacts within Ford and secured a full racing-spec GT40 engine, that also happened to be a Ford ‘XE’ experimental unit that was never meant to leave the company’s ownership. That engine is still found under the bonnet.

In 2010, under dedicated Shelby collector John Atzbach’s ownership, the prototype GT350R was sent for a complete restoration to its original racing configuration as seen at the hands of Ken Miles at Green Valley in 1965.

The restoration process took four years and countless contributions by devoted enthusiasts that included former Shelby employees who were involved in the model’s development. The restored Shelby Mustang GT350R won an Amelia Island Best in Class award in 2014 and many more.

So, what do you think? Is this prototype Shelby Mustang GT350R going to become the most expensive Mustang ever sold in an auction?