Widow unaware of Shelby GT500’s value, but man pays fair price for Iowa barn find

A widow in Iowa had no idea how much this 1967 Shelby GT500 barn find was worth, but an interested buyer was determined to pay a fair price. 

Bob Folkestad went out to the ‘middle of nowhere’ to meet up with the woman and check out the Shelby GT500 that had been parked up for more than 40 years. 

The car had belonged to the woman’s late husband who bought it in 1973 but stored it away in 1980 where it had remained gathering dust ever since. 

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The Shelby GT500 had been parked up since the 1980s

Launched back in launched in 1965, Shelby Mustangs were an instant hit with gearheads – the popularity of the car means they pop up as barn finds every now and again, like this stunning example in West Virginia.

In this case in Iowa, the widow was entirely unsure what the car was worth but Folkestad wanted to ensure she got a fair price for the motor.

So he enlisted the help of Shelby expert Jeff Yergovitch who was on hand to inspect, authenticate, and appraise the car before suggesting a price. 

And Yergovitch did a very thorough job as he took a look at the Shelby pointing out scratches, marks, rust, and bits of the car that have been redone, repainted, or replaced. 

He noted that the bumper had been re-chromed or replaced and there was a small rust spot due to the conditions the car had been stored in for the last four decades. 

The tires were also a newer addition and most likely fitted around the time the car was bought by its late owner. 

Overall, the car’s bodywork and interior aren’t in terrible shape – we’ve certainly seen worse, such as this classic Chevy that was abandoned in Michigan.

The car had many of its original parts

It still had many of its original parts and features, including its original radiator, and Mercury Cougar taillights. The four-speed transmission was a number match but appeared to be rebuilt at some point.

“Overall it looks to be very original,” Yergovitch said in a clip uploaded to Jerry Heasley’s YouTube channel. “It’s had some typical 1960s modifications done to it but overall it seems to be a really original car with a few odds and ends done to it.” 

After his detailed inspection, Yergovitch told Folkestad that the car was worth $70,000 retail and $60,000 wholesale. 

Folkestad decides to split the difference and offer the woman $65,000 for the Shelby. 

“And my goal is to try and make this a survivor, drivable car,” Folkestad said. 

Good luck.