First-ever 1965 Ford Shelby Mustang GT350 R prototype set for auction

The very first 1965 Shelby GT350 R Prototype will be auctioned off next month.

Set to go under the hammer at the Mecum Auctions event in Kissimmee, Florida, in early January, this prototype – codenamed ‘R5002’ – was built under the supervision of Carroll Shelby and served as the basis for a total of 34 production units.

Created to push a ‘high-performance’ image for the Mustang, the Shelby GT350 R was designed to compete in the 1965 SCCA competition, dominating the production sportscar field during the contest – becoming the first Shelby model to win a race.

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Credit: Mecum Auctions

It was also tested extensively by legendary racing individuals, such as Ken Miles and Chuck Cantwell, in testing and development.

Nicknamed the ‘Flying Mustang’, from an iconic image of Miles getting all four wheels in the air during the race, the GT350 R helped in transforming the Mustang from – as the Hod Rod magazine put it – a “gentle little colt into a roaring, snorting stallion”.

Over the regular Shelby GT350, the race-orientated R received new suspension tuning, a modified 4.7-litre Ford V8, fibreglass body panels, an improved cooling system, and plexiglass windows.

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Credit: Mecum Auctions

According to the vehicle’s documentation, the “test car – as is” was purchased by Bill Clawson, an engineer in the Ford Performance Division in Dearborn, Michigan, on March 31, 1966, for $4000.

Briefly lost, the R5002 was found in Mexico in 1989, before being placed on display at the Shelby American Museum in Boulder, Colorado, for 14 years. Antique collector John Atzbach then obtained the car in 2010, restoring it back to its original 1965 condition over a four-year period.

The Shelby GT350 R Prototype is expected to fetch a record-setting price when it goes up for auction between January 6 and 16, with the current record for a Mustang already achieved by this car when it was previously sold for US$3.85 million (AU$5.3m) in July 2020.