With a winning $675,000 bid at the Barrett-Jackson Collector Car Auction, real estate developer and musclecar collector Ron Platt became the second owner of Carroll Shelby's '69 GT500 convertible, the last Shelby Mustang that Carroll has owned since new.

Purchased from the Shelby corporate carpool when Carroll realized that Shelby Mustang production was coming to an end, the car had been owned by Shelby for nearly 40 years. Originally white, Shelby requested that it be repainted in red with white stripes.

Recently restored by Shelby Parts & Restoration in Wisconsin, the Shelby retains the modifications made by Carroll Shelby, including the 10-spoke wheels, Police Interceptor intake, and prototype FE aluminum oil pan. When Carroll rebuilt the engine himself in 1978, he repainted the engine in red, as opposed to Ford blue.

Even though it was the top production car bid of the auction as of Saturday, Platt's winning $675,000 bid was viewed as a steal. Some were expecting Shelby's Shelby to sell for at least $1,000,000. However, prices at Barrett-Jackson appear to be down compared to last year.