1964 Ford Mustang for sale $1,099,000

The most significant historic Mustang in the world is a tall claim but once you hear this convertibles incredible story youll whole-heartedly agree. In 1964 Lee Iacocca was preparing a massive marketing blitz for Fords newly revealed pony car. Since the companys Falcon compact had already secured pace car duties for the 1964 Indy 500 Iacocca made his newest muse a last minute substitution. During the first hour of Mustang production three convertibles were assembled with a combination of Falcon and 1963-coded Ford parts. And as soon as those cars rolled off the Dearborn assembly line they were shipped to legendary Charlotte tuner Holman Moody. In order to pace the great race the cars needed to safely travel 140 miles per hour. So the first thing Holman Moody did was with Fords blessing replace the cars stock 260 powerplants with detuned 289s that were being developed for the GT40 Le Mans racer. Next came a lowered and stiffened suspension. And finally chrome marine handles were along with custom flag stanchions added for both form and function.

Unfortunately Iacoccas grand but hasty plan encountered one major problem: Holman Moody only had time to complete two of the cars. When this Mustang and its counterpart were shipped to Indy Mustang number three being essentially a prototype was scrapped. And when the two completed cars arrived at the brickyard one immediately experienced mechanical failure. That meant the convertible you see here is the sole Mustang to at the hands of Benson Ford pace the 1964 Indianapolis 500. After a big day of speed and photo ops the drop-top was unceremoniously returned to Ford. Ford ever the supporter of motorsports passed it to Floridas Sebring International Raceway. Sebring made good use of the Mustang as a parade car and driver loaner for a solid 11 seasons. Then in 1974 this significant piece of Dearborn history was locked in a raceway storage facility and all but forgotten.

Fast forward to the early 90s when a Mustang Club of America official learned that a true gem of Mustang history had been stored roughly 120 miles from his house for almost 20 years. After talks with the owner of the track he became the first and only private owner of the car. And circa 1991 he began a fully documented NOS restoration that would eventually earn the convertible a perfect score in MCAs exclusive Thoroughbred Class. As far as labor was concerned the restoration wasnt too difficult as the car was incredibly solid when purchased. In fact 95% of its parts some of them one-of-a-kind originals were reconditioned and bolted right back up using original and NOS hardware. And the 5% that couldnt be reused was carefully