I’d be willing to wager that every Barn Finds reader dreams of the day when they open the creaking door of some shed or barn to strike automotive gold. That didn’t specifically happen with this 1968 Shelby Cobra GT500KR Convertible, but its owner’s passing means his siblings decided to drag it out into the light of day. It sat neglected and forgotten since the 1990s, but it has the chance for a new life with a buyer willing to return it to its former glory and its rightful place on our roads. The Shelby is listed here on Car Buffs in Concord, California. You could become its proud (and lucky) new owner for $125,000.
The Shelby has a known ownership history. It came to the current family via one brother in 1985 as a display vehicle for their business that sold Shelby, Mustang, and Cougar parts. He took the car out of service in the 1990s and partially dismantled the engine bay. Sadly, he never finished his work before passing away. His brothers inherited the car and have decided it needs to go to someone willing and able to complete what their late sibling started. They hold a Marti Report confirming that it rolled out of the factory wearing its current shade of Highland Green, and there’s nothing to suggest it has received any form of restoration or repaint work. The seller says that the paint looks quite good below the heavy coating of dust. They state that washing the vehicle carefully and performing a buff and polish might see it present nicely as a survivor-grade classic. Some might be tempted to undertake a cosmetic refresh. Still, many enthusiasts argue that retaining as much originality as possible will help its long-term cause when considering potential value. The White power top also needs a clean, but with no rips or tears, it should prove serviceable once this beauty returns to the road. The buyer may choose to replace a few smaller damaged parts, but they won’t be spending mega-bucks on major components. The seller doesn’t mention rust problems, and the car’s history in California suggests it may be rust-free. At first glance, this project shows promise for its next owner.
This GT500KR rolled out of the factory equipped with Ford’s legendary 428 Cobra Jet V8 that churned out a massive 360hp and 420 ft/lbs of torque. The car began life as the Shelby South-East Manager’s company car, and they chose to add a four-speed manual transmission, a 3.00 Traction-Lok rear end, power steering, and power front disc brakes. The drivetrain combination would have allowed it to blitz the ¼ mile in 14.2 seconds before winding its way to 130mph. The seller indicates the Shelby is numbers-matching, and this photo provides an insight into the work performed by the previous owner before his passing. It is unclear what his goal was, but the evidence of rattle-can work suggests that he either undertook a rebuild or intended to complete a cosmetic refresh of the engine bay. There are plenty of absent components, but it might not be all bad news.
Opening the trunk reveals what may be most of the removed parts. I can spot the carburetor, air cleaner assembly, front shock, plus numerous brackets and other pieces. I can’t see a few parts, like the alternator and radiator, but they may be elsewhere within the vehicle. The seller admits in the listing that some parts are missing, and they could comprise part of the list. Only an in-person inspection will confirm that. Another approach might be to seek permission to rummage (respectfully) around in the barn. It might reveal the parts squirreled away in some dark corner. I work on the theory that if you don’t ask, you don’t get. Provided you are polite, many owners can be pretty accommodating in a situation like this.
The interior is another aspect of this GT500KR requiring a deep clean as a starting point for any potential revival. It appears complete, although some faults demand the new owner’s attention. Among these are a damaged turn signal switch and a seam separation on the console armrest. I would employ a professional to repair the armrest to maintain originality, but the switch may require replacement. Beyond that, I wouldn’t make a shopping list until I’d cleaned and inspected everything. The Marti Report reveals the car rolled out of the factory with an AM radio and a tilt-away wheel.
This 1968 Shelby Cobra GT500KR Convertible proves that there are still stunning and desirable classics lurking in sheds and barns, waiting for discovery. For Blue-Oval enthusiasts, they don’t come much better than this. Any project car with a six-figure asking price can never be classed as cheap, but considering the potential value locked away in this Shelby, the price is justified. If the listing is accurate, the panels and paint would need little beyond a deep clean and some detailing to present well as a survivor-grade car. Reviving the drivetrain will take extra effort, but with a potential value beyond $180,000 awaiting the new owner, spending the cash to perform the revival to a high standard would be worth it. The price will mean that it will have a limited market appeal, but it makes me wonder whether we have any Barn Finders who might pursue it further.
King of the Road wow, that’s amazing and a drop top. Can’t fathom why there wasn’t some order to the disassembly. Rattle can the block but the front shocks are removed? Some of the parts look new so I can only guess had some NOS stuff and was going to spruce it up but I see a new power steering hose installed and looks like two new ones in parts pile. Probably a fair price but will have to pay for the knowledge to get it back right to optimize the value. But yeah they are still out there
Agree that it would be worthwhile to finish the freshening up but if you don’t have the money to do it what’s the option. This car can be brought back but the open engine and hoses are going to need thorough going through to insure they are clear. Until that’s done the asking price isn’t going to fly… is it?
Kudos to Adam Clarke , great write up and outstanding Barn Finds. However , reading about the car’s history and by today’s standard this car would be called a Lemon and the asking price is on the high side . PS, I wonder if Jeff Yergovich from R&A Motor Sports still around and appraises this Thoroughbred ? interested to know.
Lemon? – Maybe overpriced,but definitely
not a Lemon.
Wondering why the front end is so high. Thought the engine was missing at first.
That caught my eye too. I couldn’t decide if the front was high or the back was low.
I think both, actually.
I was thinking maybe air shocks in the back that bled down over time? Every cool guy in the 70s had Hijackers.
Fair amount of of parts in the trunk including the carb and I don’t see any headers or radiator either. That will off balance it pretty good.
The exhaust manifolds are bolted to the heads. No headers needed.
The leaves on these tend to sag quite a bit with age.
no front shocks poking out of those shock towers either, maybe nothing against the coil springs ?
Gas Monkey Garage.
The one trunk shot showing the inside of the lower right quarter looks like it has bondo with it oozing throught the holes.It could just be the image though.
I don’t think it is bondo. The underlayment sheets they put into the trunk melts and becomes oozing dried out tar. I just had to replace the gas tank on my 1968 Torino and had to deal with cleaning that out.
In the last trunk pic by right marker light shows light colored bondo in several extra holes made with dent puller.
Joe Bru,
I agree, it looks like there was a slight horizontal crease from the outside, & rather than work it out with dolly & hammer, they simply drilled a couple of holes to give the bondo something to adhere to, and finished it off prior to paint.
What I see is not a rust thru problem.
It looks like bondo to me too.
I just can’t help but to think why wouldn’t you rinse the dust off so buyers, from far away, can get a more accurate idea of it’s condition?
Have wondered that about many vehicles in BF.
Uhmmm, cause its a ‘barn find’
sigh
As for price, too high, thats done and running price, the seller probably got it from a death / estate for cheap and is a typical capitalist pig.
The reality is, there are some crucial parts that complete this car, and not the S.Drake made in china ones will serve justice.
I have first hand experiance with a KR, and the prices for the correct parts are often. As rediculously inflated as the price of this car.
Is it worth big money ?, absolutely..
Its not red, its a convertable, awesome.
Id say 70k would be a sensible starting price considering the abundance of mystery.
Either way, the person who deserves the money is likely passed or already got ripped of by the current seller.
If only Marti himself would chime in here.
As for the dust, yes my fellows of Barn Finds, that is precisely what we are all to happily expect from EVERY car posted here, that is what a ‘barn find’ is .
John,
There are quite a few restrictions on water use in California right now. It may be in an area where washing a vehicle isn’t allowed.
This car and its asking price reminds me that “it takes money to make money”.
Because of the weight of the parts in the trunk it would cause it to sag some. You can see the shock towers and the Koni shocks in the red basket in the trunk also. A lot of money for this car, but someone will buy it!! Not refinancing my house to do it though!! It’d be a fun project!!
If it is as nice as it looks, it’s a deal at that price.
It’s a GT500KR Convertible and everyone wants one.
Looks like a bargain to me…..very nice highly desired piece of history.
Bargain.
Yes great car, but a little high on price, if it is outside why not wash it?
The Grand Grimwah of Mustangs. Yup with all the junk in the trunk and no front shocks it’s going to sit like that. That is probably the simplest fix in regard to the work to be done.
I’m wondering what one that has been redone sells for? I’m not sure but $125k for that seems quite high to me.
The car’s completed value would depend upon the level of restoration. A full concurs restoration, the price would probably be at least $300k, IMHO.
BUT the thing is, it’s worth more in original condition and that’s probably why this Shelby hasn’t been washed.
To be honest, if these people serious wanted the car to “go to the right buyer”, they’d contact someone like Dennis Collins or possibly Beau Boeckmann @ Galpin Ford.
But since they’ve decided to sell it online themselves at that price, makes me feel the car has some, possibly serious, issues.
This is 1 of my dream cars & considering today’s crazy market,
I guess the price could be thought of as “reasonable”.
But it depends largely upon how many original parts are missing. Original Shelby parts have insane values. I.E. $3000 for a trunk mat. :-(
If I were the buyer, I’d take it directly to Boss Cars in Gahanna, Ohio & probably 6 to 12 months & $50 to $75 grand later, it’d be as close to perfect as possible.
These used to be my dream car, until this summer. Met some Mustang old guys with new Mustang’s, that make this deal look way over priced, slow, a lot of work, with many unknown’s that are under warranty with a new Mustang, for a lot less Money.
Considering a persons age, ability, and finances, many of us went for the, new “Retro,” styled cars to avoid the headache’s of an older car. I bought a new Challenger Scat Pack, shaker, etc. The first thing to go out past the warranty was the touch screen. Still, it is a fun experience to drive these cars without the maintenance issues of older seldom used car. Fingers crossed on the touch screen.
I would question that this car has its original paint. The history page shown in the ad says that the hood and trunk lid were replaced, so at least those would have been painted. It also says that both bumpers were replaced and that some paint work was required. I would bet that the paint work was on the right rear quarter and that is why it looks like there is bondo coming through some holes just below the rear side reflector.
The photos showing the door jambs look to me like the door latches, striker pins and door jamb light switches have been painted over. Also there is paint on the gas filler tube and the both parts of the trunk latch.
There is a cowl cover on this car. Those usually only get put on if there is rust in the cowl panel and water is leaking into the passenger compartment. That is something that would require a closer inspection.
CATHOUSE,
As to the cowl cover, you could be right. Easy thing to check, pulling back any carpets first, a bucket of water poured into both ends of the air intake grill will tell you if the cowl leaks. However looking at the overall condition of this car, and knowing the former owner sold Mustang & Cougar parts, I suspect this is on the car to keep the cowl duct clean & dry, and prevent rust-out.
But there are also other reasons to use the cowl cover. Unlike other manufacturers who have cowl grills that can be removed and cleaned, or who have screens under the grill slats, there is nothing between the grill slats to keep detritus out. Small sections of leaves that get trapped down at the bottom of the ducting can clog the water drains. Plus, leaf stems can work their way thru the system and get caught in the squirrel fan, causing a buzzing noise when the fan is running.
Over the years my restoration shop encouraged Mustang, Cougar, and Falcon owners to use these covers, even if the car is stored inside. I do caution that anyone owning one of these cars with recent paint, should not over-tighten the knobs, because the constant pressure can cause the seal to leave a mark in the fresh paint.
Bill,
Well that is certainly another possible reason for having a cowl cover. It would also help keep out some insects and small critters. An in person inspection is really the only way to know why this car has the cowl cover.
Cathouse,
I agree, and would highly suggest to anyone spending this amount on a vehicle, to arrange to spend some cash on an inspection by one or more experts on Mustangs, who will know what to look for. And that includes checking the “hidden” VIN locations to confirm this is the correct VIN for a Shelby GT500 KR. I’m fairly sure this is a real deal, but with the kind of $ involved, it’s a good idea to have the claims confirmed, that way it should be fairly easy to get insurance at maximum coverage.
My shop ended up replacing the upper cowl sections on a few convertible and GT fastback Gen 1 mustangs due to severe rust in the cowl air boxes. In each case. On opening the upper cowl in each car we found what can be described as “organic concrete”, multiple inches thick! This hardened mass had kept the lower areas from drying out, and eventually the sheet metal rotted away. It was a mix of dirt, leaves, and insect carcasses. All of that caused by Ford saving a few cents by omitting a screen welded in under the cowl grill slats.
Living here in the rust belt area of southern PA I have seen my fair share of the mess that can accumulate down inside the cowl. I have parted out quite a few Cougars over the past 40 years with rusty cowls.
I went to school with a guy named Rusty Cowell.
I think once a in person inspection is done you will find it needs a complete restoration. I think you will find rust repair will be needed, at least, in the quarters. Just because a car is in California doesn’t mean it wasn’t in Ohio for ten years. It will be a nice car but 60-80k would be a more realistic price range on it unless it is much better than I think it is
to the author.. Why is it necessary to include multiple times
that the owner did work or started work “before his passing”? I think we all know that.. Asking for an anal retentive friend..
Wow! From all the cowl comments on here, obviously when a Ford has rust in the cowl area, they are no longer repairable and they are only a parts car or a crusher car at best!?!? I guess I will stick to Chevelles, where they are ALL fixable and ALL worth saving.
I think there are a lot of negative Nancy’s on here that have never repaired a car. Just cut out the cowl and repair the damage.. then install a new cowl cover. Its a bit of work.. but worth it if you like the car.