Few classic Mustangs have the presence of a Shelby GT500KR, and removing the roof certainly doesn’t hurt. Add Acapulco Blue paint, a four-speed manual, and a 428 Cobra Jet V8, and you’ve got the ingredients for a seriously desirable Shelby.
This particular example is Shelby No. 03717, a beautifully restored 1968 GT500KR Convertible. It also comes loaded with equipment that makes its specification especially appealing, including air conditioning, power steering, and power brakes.
The GT500KR was a short-lived addition to the Shelby lineup, arriving after Ford introduced its formidable Cobra Jet V8 during the 1968 model year. “KR,” appropriately enough, stood for “King of the Road.”
One bidder apparently thought this King deserved a royal price. The Shelby sold for $385,000 at Mecum’s Nashville auction on September 25, reportedly establishing a new auction record for a GT500KR Convertible.
One Of Just 517 Convertibles
Shelby produced 1,570 GT500KRs for 1968, according to Autoevolution, with 1,053 built as fastbacks and only 517 convertibles. That makes the open-top version substantially harder to find.
Under the hood sits Ford’s 428-cubic-inch Cobra Jet V8, factory-rated at 335 horsepower and 440 lb-ft of torque. This example sends that power through a Toploader four-speed manual and a 3.00-ratio Traction-Lok differential.
Mecum also lists power steering, power brakes, tinted glass, a tilt-away steering column, and the Interior Decor Group among its equipment. There’s even air conditioning, along with a power-operated convertible top featuring a glass backlite.
Restored In Acapulco Blue
The Shelby was restored by Hunter Willard and presents in striking Acapulco Blue over a black interior. Its odometer displayed 23,938 miles at the time of the sale, although Mecum notes that figure simply represents what was showing and does not verify actual mileage.
Documentation accompanying the car includes its build sheet and a Marti Report. Those details, combined with the desirable drivetrain and convertible body, gave bidders plenty of reasons to keep their paddles raised.
The final $385,000 result eclipsed the $330,000 paid for a black GT500KR Convertible in September 2024. Autoevolution says that makes the Acapulco Blue car the most expensive GT500KR convertible sold at auction.
Still Not The Most Expensive GT500KR
As impressive as $385,000 sounds, another GT500KR still holds bragging rights when both body styles are considered. A highly optioned Raven Black fastback reportedly sold for $495,000 in January 2025.
This convertible, nevertheless, found itself in rare company at Nashville. Its $385,000 result also exceeded the $357,500 paid for a 1969 Dodge Charger Daytona at the same Mecum event.
Apparently, being King of the Road isn’t enough these days. If you’re a gorgeous Acapulco Blue convertible with a Cobra Jet and a four-speed, you can be king of the auction block, too.