The late Carroll Shelby enjoyed telling the story of a phone call he received in 1964, from his friend and Ford Executive Lee Iacocca.

One day, Iacocca called me, recalled the racing legend, and he said, Do you think you can do something special with my new Mustang? The GT High Performance version is a pretty nice little car, but can you make it into more of a sport car, like the Cobra? I asked back, So Lee, you want me to make a race horse out of your mule? He said yes [!], and I told him that I really didn’t want to mess with it since I was so busy building and selling Cobras and running several racing teams and such at the time. He reminded me of all the support that he and Ford gave me on supplying engines for the Cobra project—so I decided I better be the one messing with it.

The result, of course, was the 1965 Shelby GT 350. Carroll and his merry band of designers, fabricators, and hot rodders gave the Mustang GT 2+2 a straightforward yet effective Cobra style makeover, which included more horsepower, recalibrated suspension, reduced weight, and fantastic performance. The 289 cubic inch solid lifter “Hi-Po” V-8 was upped from 271 to 306 horsepower. The factory hood was replaced with a lightweight unit, and the rear seats were cleverly removed so the car qualified as a two-seat sports car for SCCA competition. The rest of the story is legend, with the GT 350 knocking off Corvettes and E-Types on nearly every street corner and race track in America.

Shelby American produced only 562 of these rough-and-ready ’65 GT 350s. They are considered the most desirable and collectible among all Shelby Mustangs and the purest interpretation of Carroll Shelby’s original vision. Subsequent Shelby Mustangs became less racy and more about fast comfort, with smoother rides, larger engines, and available air conditioning and automatic transmissions, plus the addition of convertibles.

According to the Shelby Registry, SMF5S472 was sold new at the Marshall Motor Company in Mayfield Height, Ohio on October 22nd, 1965, for $3,617.25. Its original owner was Dr. Paul F. Boyd, of Lyndhurst, Ohio. After a known succession of caretakers through 2013, the current owner purchased SMF5S472 early that same year. This example is most unique in that, from the factory, it did not wear the dark blue Shelby stripes over the Wimbledon White hood, roof, and trunk, as did most of the production run; these well-recognized stripes have since been added. The car was repainted some time ago but still presents well, and it is equipped with its original interior, which is nicely preserved and presents an honest patina of time, care and sympathetic enjoyment. The interior features a rare and proper wood-rimmed steering wheel, and the “Cyclops eye” tachometer is mounted on the dashboard. Also included are a set of new OEM-style seat covers, as well as the original set of car keys.

Most recently, the original engine was comprehensively rebuilt by a specialized Shelby restorer. No expense was spared during the engine overhaul, and the GT 350 has only seen few miles since. Showing approximately 45,000 miles, this desirable Mustang represents a rare and unique opportunity to join the prestigious fraternity of first year Shelby GT 350 ownership.