1-of-1,570: 1968 Shelby Cobra GT500KR

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Ford Motor Co. and Carroll Shelby parted ways in 1968, but that didn’t prevent Ford from bringing the Shelby program in-house. Mid-year they introduced the GT500KR (Mustang-based) which included Ford’s new 428 cubic-inch “Cobra Jet” V8 which may have had an output of up to 400 hp. This nice example wears an older restoration but had the misfortune of being stolen at least once. At 68,000 miles, this machine is ready for a new home and is available here on eBay and in Waxhaw, North Carolina where the current bid is $85,100. But that’s not enough to trigger the reserve which may be somewhere close to the $140,000 Buy It Now price.

When new 45 years ago, the GT500KR would be the most powerful Mustang to date. It took advantage of the larger engine compartment that was afforded the Mustang in its 1967 rework. There was enough room now to fit Ford’s 428 Police Interceptor big block. Front disc brakes were included along with functional Ram-Air induction in the fiberglass hood. One of the distinguishing features of the car was its use of wide taillights borrowed from the ’67 Mercury Cougar. In the abbreviated model year, Ford sold nearly 1,600 of the KRs, with two-thirds being fastbacks and the rest drop-tops.

This KR was the 250th built in 1968. The seller believes the core engine to be original, but other pieces may be reproductions thanks to a checkered past.  An extensive and detailed history of the car is provided, starting with its initial delivery when new to a dealer in Virginia. It changed hands several times and was stolen in 1981 where years later a lawsuit took place after the car was found with a fraudulent Texas title.

From what we can tell, the body, paint, and interior all look fine. All these Fords were built at their New Jersey assembly plant and were shipped to A.O. Smith in Michigan for conversion to Shelby’s. This probably would have been work done by Carroll’s group had their relationship not ended. After that, Carroll offered his services to other major auto manufacturers.

Auctions Ending Soon


  1. Nevada1/2rack NevadahalfrackMember

    2nd edition Eleanor’s sister?
    Or the 2nd sequel to the original “Gone In 60 Seconds” with an true-life experienced actor-this car..

    Like 5
  2. HoA Howard AMember

    The only Shelby I ever got a ride in. After graduation, 1972, a guy I knew, his dad worked for Ford in some capacity, somehow he got dads Shelby GT500 to run around in. It was an incredibly powerful car, and while 1st gear set me back in the seat, the 1-2 shift, I swear the front wheels came off the ground. More like topped out the shocks, but almost. To be more accurate, it was a beast. What’s even more amazing, this car sold for around $4400 new in 1968. With only 1100 fastbacks, and 400 convertibles, I’m sure a lot of folks had the scratch, but never got their ’68 Shelby. This motor was “rated” at 335 hp. but way over 400 was much more like it. I doubt anyone will disagree, it shows what one man can do. Will we ever see the likes of a guy like Shelby again?

    Like 38
    • Pasqual Lemaire

      Raisin Bran

      Like 8
      • Robert West

        This Mustang here is the zenith of collectible cars. The seller knows he can bide his time waiting on the right offer. Never did I ever think I’d see old cars going for 6 figures.

        Like 3
  3. shelbyGT500Member

    Howard A , well said.

    Like 12
  4. Howie

    At a big name auction this should do well.

    Like 5
  5. Jack Burton

    I would seriously think about leaving the US if that happened…

    In the meantime, God Bless America 🇺🇸 🗽

    Like 23
    • John EderMember

      Bye, bye- enjoy your new home.

      Like 5
  6. Matt

    To me the bigger aftermarket wheels throw off the proportions od the car terribly

    Like 13
    • Maggy

      I hear ya but at least they are tasteful and not gaudy.Probably handles better too.I’d leave em.

      Like 4
      • JoeNYWF64

        But rides rougher & there’s more unsprung weight too!
        & would there be tires rubbing the body here, or have very stiff shocks &/or springs fitted?

        Like 2
  7. John EderMember

    Read the posting rules. I know that you can do it.

    Like 0
  8. Victor

    I suppose anything is possible these days

    Like 7
    • John EderMember

      Let’s hope so.

      Like 0
  9. Tim J

    I would put in some hydraulics and an eco boost engine.

    Like 10
  10. Maggy

    A.O.Smith? The folks who are famous for water heaters. Interesting.About 25 years ago there was a black and gold one of these with 4 flats sitting for a long time in a apartment complex nearby.My buddy knew a cop who owed him a favor and the cop ran the plate and got the contact info.My buddy called and asked if he wanted to sell it and the guy just hung up.Car disappeared about 2 days later.

    Like 3
  11. Will Fox

    It would be a modern Edsel. Sales would tank instantly.

    Like 3
  12. Big C

    They already have. It’s called the Mach-E.

    Like 3
  13. Big C

    Years ago, I answered an add for parts for my ’69 Torino. When the guy opened the barn doors, I spotted a ’68 GT500 under a car cover. When I mentioned the car, the guy got really nervous, asked me to step out of the barn, and quickly closed the door. Don’t know if he didn’t trust me, or the Shelby was hotter than a stolen .38. Good times.

    Like 6
  14. Johnmloghry johnmloghry

    A friend of mine has a 67 Shelby Gt500 with a 427. He says is very rare. I don’t know, but I would love to have it.

    God Bless America

    Like 6
  15. TomP

    There’s one of these Shelby’s hidden in the woods near my house. I took some pictures of it last fall. Too bad I loathe mustangs or else may have bought it.

    Like 2
    • Eric B

      Please go save it or let someone more interested know. Even if it’s become one with the Earth, it’s still worth saving and worth quite a bit.

      Like 2
  16. Beauwayne5000

    NICE and it is Rare – At 140k tho I’ll build my own with a Dynacorn repop chassis & Coyote engine & modern suspension- not only will it LOOK & DRIVE far better but I can do it for 50k easy.
    Sure it’ll never be a “collector” so what?
    Car like that needs driven not garaged.

    Like 9
    • Tim

      I admire your reach.
      I seriously question your grasp.

      Like 5
      • TomP

        He must be calculating in FREE labor if he’s building it himself.

        Like 3
  17. CCFisher

    I don’t mind oversized wheels on a vintage car in general, but somehow, oversized wheels styled to look like stock wheels never seem to look right. Pontiac Rally IIs, Magnum 500s, early Mustang styled wheels, Shelby 10-spokes – none of them look right to my eyes.

    Like 3
  18. Howie

    Now at $110,100.00, reserve met, and BIN gone.

    Like 3
  19. Sam

    The seller believes the core engine to be original, but other pieces may be reproductions thanks to a checkered past. The shifter is showing a 5 speed knob. The rims are just that, Aftermarket Rims. Like the seller says CHECKERED PAST. The only thing a MARTI REPORT Does is tell you WHAT IT WAS, Not what it is now, And this is not what it started as.

    Like 2
  20. Keith

    The person that wrote this ad is wrong about how old it is unless this is a old add from 10 years ago because 68 to 23 is 55 years not 45 years i know because I was born in 68 a very nice car though if I had the money I would bump it up to $120,500

    Like 0
  21. Howie

    Sold $110,100.00.

    Like 1
  22. JoeNYWF64

    Was this the only steering wheel available in the Shelby for ’68?!
    Looks like it came from dad’s luxury LTD.

    Like 0

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