Barn-find Shelby 427 Cobra goes to auction

Discovered beside a dusty Ferrari 275 GTB, no less

Finding a ‘67 Shelby 427 Cobra nestling in a North Carolina garage would, on your average day, probably be something to write home about.

Unearthing a 427 Cobra alongside an all-original Ferrari 275 GTB? That’s probably the sort of day on which to buy a lottery ticket. Or several.

While the now famous US$2.5m Prancing Horse has been stealing the headlines, this Cobra is still every bit the barn-find classic – and well worth ogling before it heads to auction tomorrow (Friday 9 March) at Gooding & Company's Amelia Island sale.

Flick through these pictures to see its state as it goes up for sale, and discover how it became part of a priceless forgotten partnership.

Ducks in a barrel

In retrospect, the Cobra formula seems a simple one: stick a hefty Ford V8 into a lightweight British shell and – voila! – you’ve got a powerful, nimble sports car.

Perfect combination

It wasn’t until Carroll Shelby spotted the potential in that combination, though, that the mighty Cobra came about.

Child of the ‘60s

Thankfully, AC saw the wisdom in Shelby’s suggestion, and in 1962 the first Cobra – the AC Ace 3.6 prototype – was born.

More marks

Entering production later that year, it wasn’t long until the Cobra saw several refinements – coming in the form of a Mk.II model in 1963, followed by a Mk.III in 1965. 

New bones

That third iteration rested on an entirely new chassis, developed with Ford, and was distinguishable by its broader arches and bigger grill, and carried coil spring suspension on every corner. 

Big block

Why the new chassis? For a new V8 engine. Out went the 289 cubic inch block of the Mk.II model; in its place came a mammoth 427 cubic inch Ford motor. 

Lots of grunt

That colossal power unit was a thirsty 7.0-litre number, capable of kicking out 425bhp (or closer to 500bhp in competition spec). 

Pocket rocket

Those specs, paired with the lightweight AC build, were sufficient to catapult the standard issue 427 Cobra past 160mph – despite standing at less than four feet tall. 

Hold on tight

Hunkered low to the ground, with a long nose out front and a 7.0-litre V8 thrumming beneath the hood, the 427 Cobra was quite the terrifying drive. 

Racing pedigree

That bladder-scaring power had been developed with a view to motorsport – and indeed racing versions went on to dominate the American sports car scene in the late-’60s. 

Later fame

While the roadgoing Cobra wasn’t much of a financial success in the ‘60s, it’s since gained iconic status as one of the purest examples of a front-engine, rear wheel-drive sports car. 

One of the few

And, as Cobras go, this one’s pretty rare: one of just 260 427 roadsters ever made, this 1967 example would be storied enough without the details of its discovery. 

Numbers can lie

Chassis number CSX3278 was finished late in the production run of the 427 variant – and as such carried what was actually a 428 cubic inch engine, one of around 100 to do so.

Roadgoing Cobra

That motor setup equated to 7.01 litres and, while it was bred for the road rather than the track, it retained plenty of grunt. 

Rootless

Leaving the factory wearing a fetching Rangoon Red paint job, CSX3278 spent its first few years changing hands – between owners in Rhode Island, Tennessee and Virginia, USA.

Iconic swap

The latter location was where it was listed for sale in 1980 by one Mr Scrogham – who later claimed he had come to own the Cobra in exchange for a 1959 Porsche 356 A Coupe. 

Final sale

It was from Scrogham, with some 13,000 miles on the clock and in all-original condition, that the 427 Cobra was purchased by its present owner – a Mr Walker of North Carolina. 

A rare pair

Under Walker’s ownership, the Cobra came to be stabled with a stunning, ultra-rare alloy-bodied Ferrari 275 GTB – which is also going up for auction at Amelia Island.

One man for the job

Both machines were used carefully and sporadically – until Walker’s mechanic, a local man and the only one trusted with caring for his vehicles, passed away in 1991. 

Time to go...

After his passing, Walker decided to sell both cars. The advert for the Cobra detailed its original paintwork, original paintwork and a mileage of just 17,000 miles. 

...or maybe not

With better judgement, though, the owner had a change of heart and decided not to sell – instead consigning both the 427 and the 275 GTB to his garage. 

In hibernation

Unbelievably, this is where they remained for the best part of 30 years, until the intrigue of an old friend led to their rediscovery. 

Ultimate barn find

That rediscovery was featured on the YouTube series The Barn Find Hunter, presented by experienced garage rummager Tom Cotter. 

Forgotten to dust

Watch the video and you’ll witness Cotter’s utter amazement at discovering two near-priceless classics left to gather dust alongside a host of other ageing vehicles.

Eviction notice

And it’s not just cars that he found: a family of mice had made the Cobra their home.

Sold as sold

Going to auction in entirely original condition – patina, dust and all – this Cobra is a remarkable example of a totally unrestored 427. 

Dates in the details

From the warning sticker on the speedo to the Beclawat windscreen badge, it carries many period features frequently lost when Cobras are restored. 

Proof by etching

With the chassis number etched on various elements around the car, it’s also provably and predictably a matching numbers example. 

In need of TLC

Like the best of us, it’ll doubtless need some careful servicing after such a long slumber – but all of the ingredients are there for this to become one of the finest unmodified Cobras in existence. 

Big bill

Think you can foot the restoration bill? Your first task is to win the bidding at Gooding & Company’s Amelia Island auction on March 9 – with the $1m estimate potentially at the low end.