Little Red, the Long Lost Mustang Shelby GT500, Has Been Found

TopSpeed

By Jonathan Lopez

Published Aug 20, 2018

At least throw a tarp over that thing!

Monterey Car Week is here, which means we’re getting deep into the collector car world. Coincidentally, it was recently announced that one of just two original Shelby GT500 prototype vehicles has surfaced, which, fully restored, could potentially pull down several million dollars at auction.

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The car you see before you was originally used as a development platform to test out various Shelby performance parts. Lovingly nicknamed “Little Red,” it’s one of just two Shelby GT500 notchback coupes from the era, with the other carrying the title “Green Hornet.” Back in 2013, Green Hornet went to auction and topped out at $1.9 million, which was below its reserve, but still goes to show just how valuable these cars car be.

As for Little Red, it’s not so much a barn find as it is a “field find.” The’s because its spent the last five decades exposed to the elements in a field in Texas.

Luckily, Little Red was recently uncovered by a team from Barrett-Jackson, which is a highly recognized collector car auction house that hosts events year-round across the U.S. The prototype Mustang definitely has the potential to pull down some impressive numbers on the block, but its gonna need some love and attention first.

Little Red first started life as a loaner that went to Carroll Shelby for testing and development purposes. After acquiring a number of specialty body pieces, the Mustang appeared at a Ford preview event in Los Angeles, where it helped to galvanize the creation of the California Special Mustang.

After it served its purpose as a testbed for new aero pieces and go-fast parts, Little Red was returned to Ford, and was believed to have been crushed some time afterwards.

Luckily, Little Red was never flattened, but rather went to a dealer in Colorado. After it was bought and sold a few times, the car broke down and was subsequently parked in a field in Texas, where it was left to rot.

Now, it’s under the wing of Craig Jackson, a collector and CEO at the Barrett-Jackson auction house, who managed to track it down using the original Ford-issued VIN. Previous attempts to find Little Red failed as collectors mistakingly used the special serial number issued by Shelby.

“This Shelby prototype has been one of the most sought-after and elusive vehicles in postwar history,” Jackson said. “Countless enthusiasts and experts have searched for Little Red since it went missing in the 1960s. Many believed it was destroyed when the car was no longer needed. I’m excited to announce that was not the case. We’ve found Little Red and we intend to meticulously restore this legendary car back to its original glory.”

Little Red comes with a vinyl roof, and originally derived motivation from a supercharged 428 V-8 engine. Power was sent to the rear axle by way of a three-speed automatic gearbox.

Now, the car is pretty beat up and weathered, and many of the original parts have been pilfered over the years. Both the engine and transmission are missing, with the front fenders and hood are gone as well.

Despite this, Jackson hopes to restore Little Red to its former glory. However, as a prototype tester vehicle, its difficult to say exactly what that glory should entail with regards to specifications and equipment. As such, Jackson is looking to crowdsource information on the vehicle through a dedicated webpage.

“To further document Little Red’s history, the public can submit personal accounts, stories and photos that feature Little Red. This will be the first time that a collector car vehicle will be substantiated, in part, using a crowdsourcing initiative,” Jackson says on the website.

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