One man’s $10m Shelby Cobra collection is up for auction

Steven Juliano’s quartet of Cobras goes under the hammer this month

Owning an original Shelby Cobra would be the dream for many a motoring enthusiast. A thrilling combination of British style and American muscle, Carroll Shelby’s ’60s creation remains a legend among classics.

To own four? That’s beyond a fantasy – but it’s exactly what the late Steven Juliano did.

A passionate collector of classic cars and automotive memorabilia, he spent some 30 years assembling a stunning assortment of motors, art, advertising and signage. And the crowning glory of the collection was his quartet of authentic and impeccable Cobras.

Now, alongside a host of cars and collectibles, those Shelby machines are being sold off by his family at Mecum’s Indy 2019 auction this May. Want to continue the story? Here’s all you need to know.

1964 Shelby Cobra 289 Roadster

First up is a car that, in any other auction, would easily be the star lot: the only 289 Cobra built by Shelby in Stage III trim and released for the street.

Not au fait with tuning talk? Stage III essentially means the machine was tuned to competition spec. Which, in turn, means serious performance – and a whole lot of options. 

Take one look at the spec sheet for chassis CSX2416 and you’ll know exactly why the one-off Cobra cost a hefty $8684 when new – or £55k in modern money. Fitted by the factory were, among other things: Weber carburettors atop the meaty Ford V8, a hood scoop, polished magnesium wheels, a custom exhaust system, quad chrome tailpipes and, most important of all, seatbelts.

1964 Shelby Cobra 289 Roadster (cont.)

It was shipped new to Kansas, where the Cobra’s first owner took one look at the Princess Blue paint job and promptly sent it back to Shelby for a repaint. 

Freshly recoated in Ford Rangoon Red, the motor was then shot by famed photographer Dave Friedman in front of the marque’s California office, the picture later appearing in Friedman’s book, Shelby Cobra: The Shelby American Original Archives, 1962-1965.

Did the track-tuned roadster ever race? It’s not clear: the tale runs cold until the early ’70s, when CSX2416 was purchased by Les Lindley, a renowned California collector of Cobras and Ford GT40s. 

1964 Shelby Cobra 289 Roadster (cont.)

Continuing the theme of tweaks and tailoring, Lindley had it repainted in Bronze by Junior’s House of Color, switched the wheels, added chrome side pipes and a roll bar, and had the whole interior reupholstered in tan leather.

Thus adjusted, it promptly hit the track at the first ever Monterey Historic Automobile Races in 1974 and claimed a second-place finish overall. Not bad for a first try.

Lindley was clearly fond of CSX2416, keeping the Anglo-American machine until 2011, when it passed through two owners, before receiving a full mechanical restoration and appearing at the Monterey Motorsports Reunion the following year.

1964 Shelby Cobra 289 Roadster (cont.)

Then, in 2014, came Steven Juliano. Made aware of the Cobra’s provenance and specification, he quickly added the storied classic to his collection and set about restoring it the only way he knew how: comprehensively.

After four years of thorough research and refurbishment, CSX2416 was finally returned to its authentic factory specification – with the help of Dave Riley – and, just weeks before he passed away, the incredible Cobra joined Juliano’s other three machines in his remarkable garage.

Now, it joins those same three machines at the Mecum Indy auction, where it’s expected to fetch between $1.75m and $2.25m (£1.3-1.7m). Told you those options were costly.

1965 Shelby Cobra 289 Stage III Dragonsnake

Next of the Juliano Cobras is a year younger but just as special. No run-of-the-mill roadster, chassis CSX2427 is one of a mere five 289 Cobras built to Dragonsnake spec – which, for those without a Cobra dictionary, means it was kitted out as a quarter-mile drag car.

More than that, CSX2427 was the only Dragonsnake machine ever finished by the factory as a Stage III example. Translation? It had a whopping four Weber carburettors strapped to its 289cu in V8 engine which, on the asphalt, meant it didn’t so much smoke rubber as devour it.

And its price tag would have the same effect on a bank account, hitting the ticket at $9000, or £55,500 today. Which, thankfully, included delivery.

1965 Shelby Cobra 289 Stage III Dragonsnake (cont.)

Also included in that cost was a special yellow finish, the shade chosen to match the Thunderbird tow truck of its first owner – Don Reimer of Gettysburg, Pennsylvania.

Bespoke paint or otherwise, though, the Cobra was to be no show-car: Don soon had CSX2427 showing up at drag races, his brother, Mike, at the wheel and a team of yellow-clad mechanics in tow as they took on the quarter mile at the famous York U.S. 30 Drag-O-Way and its ilk.

Until, that was, education called. Mike went back to school and, on dad’s orders, the Cobra was sold through Car and Driver, offered with “many extras.”

1965 Shelby Cobra 289 Stage III Dragonsnake (cont.)

Through its second owner to a third, CSX2427 was modified in the mid ’60s for road racing, going on to contest several sports-car events – and it was following a crunch in one of those races that the Cobra entered its late-’60s chameleon phase.

First painted Candy Apple Red, its fifth owner then had the snake refinished in yellow, before moving to Canada and having it coated again in silver. 

After that? Records are patchy but, in ’88, the Cobra was bought by Peter Klutt of the Shelby Shop in Toronto, who went about restoring the Shelby machine. Shown in ’93 as a bare body, it appeared in finished form two years later – yellow once again, complete with hood scoop, roll bar and a raft of other authentic Dragonsnake touches.

1965 Shelby Cobra 289 Stage III Dragonsnake (cont.)

Duly revealed, Klutt’s outfit then offered the Shelby for sale in 1996, and its keys would subsequently pass through the hands of countless renowned collectors before, in 2007, it arrived – in road-racing spec – in the garage of Steven Juliano.

As with CSX2416, Juliano enlisted the help of Dave Riley and the duo went about a similarly exacting restoration, even meeting with Mike Reimer to achieve ultimate accuracy in the Dragonsnake’s refurbishment – and the result was little short of spectacular.

Shown at the Shelby American Automobile Club’s 34th Convention in 2009, it was awarded the highest points score in the show’s history, marking CSX2427 out as truly unique in its attention to detail. Its worth today? The same as CSX2416: $1.75-2.25m (£1.3-1.7m).

1966 Shelby Cobra 427 Roadster

Two not enough? Try this third Cobra, vaunted not for its options or special specification, but for its pure originality.

A stunning 1966 example of the British-American machine in its most powerful guise, complete with hefty 427cu in V8 engine, it’s the very definition of compact muscle.

Shipped new to Los Angeles in a metallic shade of Silver Mink, chassis CSX3173 was actually first owned by a chap who at one point was the keeper of the yellow car, CSX2427, we’ve just seen, a man called Dodge Olmsted.

He was obviously a Shelby fan, but only held the Silver Mink car for a mere five months before shipping it on to its second owner.

1966 Shelby Cobra 427 Roadster (cont.)

Sold on again in 1966, CSX3173 resurfaced in ’68 with a black paint job, before promptly being sold twice more – eventually ending up with a Federal Park Police Officer who, according to Mecum, used “his effective exemption from speeding tickets to engage in the occasional street race on the George Washington Parkway in Maryland.” Who wouldn’t?

All raced out, the officer then sold CSX3173 in the summer of ’72, advertising it as “the ultimate sports car”, with a claimed power output of 500bhp and, most importantly, described as “never raced.” A case of buyer beware if ever there was one.

1966 Shelby Cobra 427 Roadster (cont.)

Its next owner would hold the Shelby powerhouse for some seven years, using the time to make several refinements to the Cobra – from repainting it in the original silver shade to replacing its exhaust system – before selling it on in 1978.

And its reputation as a hot potato showed no signs of slowing: in the next decade, CSX3173 would be sold twice more, passing through California en route to Japan – where the storied motor would remain for three decades, until returning to the USA in 2007.

Not until 2010 did the entirely original Cobra enter Mr Juliano’s collection, whereupon – you guessed it – CSX3173 received the mother of all restorations.

1966 Shelby Cobra 427 Roadster (cont.)

Once again enlisting the aid of Dave Riley, the pair sought to create the most accurate 427 possible. It was refinished in its correct shade of Silver Mink and original parts were used wherever possible, from the weather equipment to the wheels.

So impressive was the work that, according to SAAC Cobra Registrar Ned Scudder, “most concours judges don’t even understand it.” You just can’t get the officials these days.

Shown just once during Juliano’s ownership, it goes to auction with Mecum as arguably the best, most authentic and original roadgoing Shelby Cobra 427 in existence. And for that, you’ll need to pay somewhere between $2m and $2.5m (£1.5-1.9m).

1967 Shelby Cobra 427 S/C Roadster

So Steven Juliano knew how to pick his Shelby machines – and how to bring them back to their best. But this fourth and final lot puts even the best of his other Cobras to shame.

Meet CSX3042: a 1967 Shelby Cobra 427 S/C. Those last two letters stand for semi-competition, an adjective that should set the heart of any Cobra fan racing.

See, the semi-competition cars came from a batch of racing Cobras that didn’t qualify for competition in the mid ’60s. Just 56 were built, of which 30 or so were detuned and made ready for the road, complete with windscreens. And this is one of them.

1967 Shelby Cobra 427 S/C Roadster (cont.)

What makes it so special? Well, this being a Juliano machine, it’s got quite the remarkable story – but before we get into that, try these numbers: 52 years old; five owners from new; 10,760 miles on the clock. That’s a scant 207 a year. Which tells you plenty about the condition of CSX3042.

Now wind it back to 1966: the Cobra was delivered new to John Grappone’s dealership in Boston, Massachusetts, wearing an arresting shade of Sapphire Blue. 

And you can bet the Cobra would’ve made Grappone a good buck – only, having discovered that Cobra 427 production was coming to an end, he decided to keep the car for himself. More than that, he opted to modify it, increasing the compression ratio in a move that would help him claim victory in countless street races as a result. No kid gloves here.

1967 Shelby Cobra 427 S/C Roadster (cont.)

Come 1967, Grappone was invited by Ford to the launch of a new model at Bryar Motorsports Park. Demonstrating his machine to a bigwig, he binned it, damaging the windscreen, wheelarch and nose – not to mention his pride.

Following repairs that saw CSX3042 gain that iconic Le Mans stripe, Grappone kept the car more carefully until 1982, when a futures trader strode into the dealership and offered cold hard cash for the Cobra. As the story goes, the money man kept counting out notes until Grappone accepted, settling on the sum of $107,000 – or £215,000 in today’s money.

Two years later, the trader shipped the Cobra to raise funds for a business deal. With three buyers in the running, it was Ned Scudder who sealed the deal – then Cobra Registrar for the SAAC.

1967 Shelby Cobra 427 S/C Roadster (cont.)

In ’84, Scudder had the Shelby refreshed, the shell refinished in black, the suspension rebuilt and the whole thing fitted with a raft of replacement parts and upgrades – tastefully, of course.

Thus improved, it made appearances at several shows over the next decade before, in 1996, enjoying a full, body-off restoration and engine rebuild. As a finishing touch, Scudder managed to find the Cobra’s old boots, acquiring the original wheels from the Grappone garage’s sales manager, who’d stashed them away three decades before.

Scudder finally parted with the Cobra in 2004 and it soon enjoyed yet another restoration before, in 2007, it came into the hands of our man Steven Juliano.

1967 Shelby Cobra 427 S/C Roadster (cont.)

What’s next? Now you’re getting it: a full, exacting, authentic, jaw-dropping restoration for the ages. Enter Dave Riley to complete the dream team and, after endless research, sourcing of authentic parts – no reproduction stuff here – and years of hard work, CSX3042 was finished. And quite possibly even more glorious than the day it was first delivered.

An unrivalled rarity in both provenance and condition, it stands today as a fitting tribute to the man who made it his life’s work to collect, curate and restore some of history’s most important American motors.

And arguably the best way to celebrate Juliano’s legacy would be to head down to the Mecum sale between 14 and 19 May, remortgage your house and stump up for CSX3042. Yours for between $2.7m and $3.2m (£2.1-2.4m). Such is the price of perfection.