Born in 1962 as an AC Ace with a small-block V8, the Shelby Cobra quickly developed into a powerful monster with big-block oomph. By 1965, Carroll had already developed a new chassis and dropped Ford’s 427-cubic-inch (7.0-liter) FE engine under the hood. The 1966 Roadster you see here is one of those cars.

With 998 units built through 1967, the Shelby Cobra is a rare classic regardless of the drivetrain configuration. But this 427 version is part of a very exclusive club of FE-powered Cobras that are highly original nearly 60 after leaving Carroll Shelby’s shop.

Of the 998 Cobras built, only 260 were sold as 427 models. However, not all examples were equipped with the 427 V8. Records show 105 vehicles had the 428-cubic-inch “Police Interceptor” engine, leaving only 155 units with true-blue 427 specs. This Cobra is also one of only 100 built with factory dual Holley carburetors.

Moving over to the exclusive club I mentioned above, it’s estimated that only 15% of the 427 Cobras survived without being crashed or having competition features added. Moreover, experts agree that “very few” of these unmodified and undamaged Cobras still retain their original drivetrains. We are probably looking at a handful of survivors.

Sure, this Cobra has been restored, so it’s not a 100% original survivor, but never-modified examples with numbers-matching drivetrain components are extremely hard to come by. Did I mention it’s also a low-mileage example? Yup, the odometer shows only 18,078 miles (29,094 km), an impressively low number for a 1960s classic.

Restored in its original color combo, the Cobra was initially sold in Albuquerque, New Mexico. The vehicle had just a few caretakers and comes with a fully documented history and photos from the restoration process. While the red paint is fresh, the aluminum body is original and unaltered. In addition to the numbers-matching dual-quad 427 V8 and four-speed manual transmission, the Cobra also retains its factory chassis, rear end, grease gun, jack, side windows, and soft top.

Perhaps the most astounding 1966 Shelby Cobra 427, the Roadster sold for $1.95 million at Mecum’s Indy 2024, or $2.14 million, including fees. This sticker makes it the third most expensive non-Competition Cobra 427 in history.

The record is held by a black example that crossed the auction block for $5.94 million in 2021. Also a restored and highly original example, this Cobra was Carroll Shelby’s personal car. The second most expensive Roadster changed hands for $2.42 million in 2019. It’s worth noting that Competition and S/C 427 versions are usually more expensive, with highly original examples going into $3-million territory.

However, the all-time record belongs to a 1962 Shelby Cobra 260. This early small-block car was sold for a whopping $13.75 million in 2016. It’s also the most expensive American car ever auctioned.