A rare 1970 Shelby Mustang GT500 with a documented history of ownership in the Middle East and just over 30,000 miles has now spent an entire year on the market without finding a buyer, despite multiple price cuts.
The car traces its origins to the final chapter of the Shelby Mustang program, which began in 1965 and concluded after 1969 production. When Shelby-branded Mustangs struggled to compete with Ford’s own high-performance offerings, hundreds of unsold 1969 cars were reissued with 1970 vehicle identification numbers. A total of 788 examples were sold as 1970 models following minor visual updates, including revised hood strips and a chin spoiler.
Among those cars was a Shelby GT500 fastback bought new by Prince Ghalib Bin Saud Bin Abdulaziz of Saudi Arabia. At the time, fuel costs were not a significant concern for wealthy buyers, and the seven-liter Shelby 428 Cobra Jet remained attractive even when fuel economy hovered near 10 miles per gallon. Gas prices in the 1970s were still low enough to keep large displacement muscle cars competitive.
The GT500 was heavily optioned from new, featuring an automatic transmission, power steering, power front disc brakes, air conditioning, tilt-away steering wheel, folding rear seat, tinted glass, tachometer, trip odometer, and eight-track AM stereo. With options, the price approached $6,000, well above the base Shelby GT500 fastback sticker of about $4,700.
The prince reportedly kept the car for about 25 years before transferring it in 1996 to an American aircraft maintenance employee who worked for Saudi Arabian Airlines. The car was later returned to the United States and eventually changed hands again.
The Shelby went on sale on December 15, 2024, and shows 30,138 miles. Initially listed at $220,000, the price has since been reduced to $175,000. That figure is now below the average sales price of about $183,000 for similar models recorded over the past five years.
One potential factor affecting buyer interest is the car’s condition history. It received a repaint in the early 1990s, which means it is no longer completely original. Still, the car remains rare, with only 15 examples reported finished in Gulfstream Aqua with white Clarion Knit bucket seats and high-back Corinthian vinyl.
Currently located in Jonesborough, Tennessee, the car remains listed for sale, leaving open the question of whether its history, rarity and reduced price will finally attract a buyer.
Via ebay.com/shovelhead_1979