Shelby American built two notchback Mustang GT500 prototypes, but one — a 1967 known as “Li’l Red” — was reportedly sent to the crusher when its days as a test mule were over. For decades, this was generally accepted as fact, but not by everyone. In an announcement made at a Shelby American dinner during last week’s Woodward Dream Cruise, auction magnate Craig Jackson stunned the room by announcing that Li’l Red had been found on a Texas ranch, and over the coming months the story of its history and rebirth will be shared online.

Read the rest of Kurt’s article here 

You can see the progress on this car and the other prototypes here