Ken Miles’ Ford Mustang could be the most expensive ever

Yes, it could beat Bullitt

When this 1965 Ford Mustang crosses the block at Dana Mecum’s 33rd Original Spring Classic Indy sale next month, it could achieve the highest price a Mustang has ever achieved at auction.

Yes, even more than the world record breaking $3.4m (£2.6m) that the Bullitt Mustang sold for at another Mecum sale in Kissimmee, Florida, back on 10 January.

That’s because this is no ordinary Mustang. It was driven to victory – the first Shelby Mustang winner – by none other than Ken Miles.

In fact, the auction house describes it as ‘the most historically significant Shelby Mustang in the world’ – the 2019 release of Ford v Ferrari can’t have hurt, either.

Here’s its story.

The Flying Mustang

You can see why it got that moniker! This ’65 Shelby GT350R Prototype, 5R002, was the first Shelby R-Model competition car built – and the first to race.

And it only went and won on its debut. Well, its driver was the hugely talented Ken Miles, who claimed the spoils in 5R002 on Valentine’s Day 1965 at the Green Valley Raceway near Dallas, Texas, getting air in the Wimbledon White fastback and in this now-famous image.

Testing, testing…

But this inaugural race winner wasn’t just a track star.

In addition, the 5R002 Shelby Mustang served as a prototype, a rolling test bed for ideas and component development.

The stamp of approval

It was also the car that was shown to the motorsport’s governing body the FIA (Fédération Internationale de l'Automobile) for homologation for SCCA B Production class racing in 1965.

It’s illustrated in the official homologation paperwork.

Famous faces

And it’s not only the late, great Ken Miles who’s driven this Mustang.

Bob Bondurant, Chuck Cantwell, Peter Brock and Jerry Titus are among the other big names who have sat behind this steering wheel.

Mile after mile after mile

In fact, Miles and Cantwell are said to have completed maybe in excess of 50,000 miles behind the wheel of this test-mule Mustang with its four-speed manual ’box.

But that’s not all.

Lights, camera, action!

This car, 5R002, was also used as a promotional vehicle.

Even before Miles took it to that famous first win, on 27 January at the Riverside International Raceway in California, this was the car used to formally introduce the GT350 to the media.

Beating heart

We’re sure that American race ace Ronnie Bucknum, who was the lucky chap who got to give demonstration rides in 5R002 at that event, enjoyed opening up its 289cu in V8.

Maybe the fact that Miles took three straight class wins just a few weeks later at the car’s competition debut was of little surprise to Bucknum.

What’s in a name?

Of course, the ‘GT350’ name has nothing to do with the engine’s cubic capacity.

Legend has it that when choosing a name proved tough, Shelby asked colleague Phil Remington what the distance was between the firm’s race and production shops. The answer? About 350ft.

The Champagne keeps flowing…

Miles’ wins were followed by more for Jerry Titus.

First he took 5R002 to four consecutive SCCA B Production class wins on 3-4 March at Pomona in California, followed by more at Tucson, Arizona on 20-21 March, a runners-up spot at Riverside on 18 April, and more class victories at Phoenix on 24-25 April and on 30 May at Santa Barbara.

There’s nothing like it

So this car’s history is steeped in competition success, but the car itself is also unique.

This specific specification exists on no other Shelby Mustang.

Cover star

5R002 then featured on the cover of the May ’65 edition of Road & Track, before it returned to competition, campaigned by GT350 Project Engineer Cantwell at Willow Springs in July where it scored a class win.

By then, Shelby's second R-Model team car, 5R001, was ready – and on track. Titus took it to class victory at San Francisco’s Candlestick Park ahead of Ed Leslie in 5R002.

Over and out?

With 5R001 out there, this car, 5R002, returned to its duties as a test vehicle, which included an epic 2000-mile Goodyear tyre test at Daytona.

But it wasn’t done with racing, Titus taking the wheel at Green Valley in February 1966, claiming a class win and a second-in-class finish.

Then, on 31 March ’66, Shelby American sold 5R002 for $4000 as a ‘test car – as is’, according to a factory invoice included in the car’s documentation, to Bill Clawson of Dearborn, Michigan, an engineer in Ford’s Performance Division.

Extensive paperwork

Clawson raced 5R002 and in fact had clandestine sponsorship from Ford when he did so, as the packed paperwork file that accompanies this car demonstrates.

He and son Scott campaigned this car throughout ’66 and ’67, before it was sold again in 1968.

Championship winner

5R002’s newest custodians were Dale Wood and Russell Fish of Texas, who also raced the car – with serious success, dominating the SCCA Southwest Division.

Fish and 5R002 entered 21 races, and secured 18 class wins, including 10 overall victories, and scooped 1969’s SCCA Southwest Division B Production Championship.

Over the border

The car’s racing life continued in 1970, but this time in Mexico, after Monterrey-based Luis Blanq-Cacaux took ownership for $3500.

He competed with some success in the Mexican Trans Am series and raced this storied Mustang for two years.

Tucked away

It is at this point that the story takes on a rather different complexion.

Because after those two years, Blanq-Cacaux parked 5R002, painted it in grey primer while sat on its trailer, and left it in a yard near Monterrey, which is where Dallas-based Mark Gillette discovered it in 1989.

Back on show

Gillette bought the car and brought it back to the US, before selling it to his business partner, Rick Nagel, who sold it to Steve Volk.

5R002 spent the next 14 years on display at the Shelby American Museum in Boulder, Colorado, in its tired, ‘as found’ condition.

Current collector

Shelby aficionado, John Atzbach, bought this car in 2010 – and he’s the chap who’s selling it at Mecum’s July auction.

A keen and well-known Shelby enthusiast, Atzbach was invited to show 5R002, still in its forlorn state, at The Quail, A Motorsports Gathering, for the 45th anniversary of the Shelby Mustang, and at the Kirkland Concours in Kirkland, Washington – it must have looked quite a sight among the other well-polished classics.

Turning a corner

Then the hard work began.

Atzbach commissioned a restoration of this historic Mustang to the specification in which it raced with Miles at Green Valley in February ’65, John Brown of Thoroughbred Restorations in Oklahoma City the man given this colossal job.

A team effort

Being a prototype, this was no easy task.

The restoration took four years of diligent work, with input from fans and enthusiasts, as well as those who worked at Shelby when it was new.

Going the extra mile

The research was meticulous, thousands of hours spent digging out photos and watching race footage, as well as travelling across the US to speak to those who’d worked with it.

And all this is now with the car.

The big reveal

5R002’s post-restoration debut was at the 2014 Amelia Island Concours d’Elegance for the Mustang’s 50th anniversary, where it was reunited with Cantwell who drove it to the podium to receive a Best in Class Award.

It was also displayed at that year’s National Shelby Convention at Road America, and at a display of Ford prototypes at Ford’s Dearborn headquarters.

Awards aplenty

There were more displays and awards in 2015 and 2016, including at Pebble Beach in 2015 where it won its class and Road & Track’s Car We Would Most Like to Drive award.

An incredible car, then, and one that will be sure to attract a lot of attention when it goes to auction as part of owner Atzbach’s collection.

Collection goals

Shelby authority Atzbach’s astounding hoard features 12 cars that will go under the hammer at July’s Mecum Indy 2020 auction.

There are nine Mustangs, including the only production factory supercharged 1965 GT350 and the last 1970 Shelby GT350.

Indiana is calling

Also consigned to this sale is a 289 Cobra, a pair of Lamborghinis and around 15,000 items of Shelby automobilia.

There’s sure to be much interest, but we’re eager to see what price lot R266 achieves at the sale at Indiana State Fairgrounds, Indianapolis, on 10-18 July during Mecum’s Indy 2020 auction.