A Ford GT sold for huge money at auction last Saturday.
It’s not something that Ford advertises nearly as much as the brand new Mustang-du-jour, but they do make a hypercar to compete with the likes of Lamborghini and Ferrari. The Ford GT, as it is known, is a twin-turbo, mid-engine, 647 horsepower demon that gets from zero to sixty in under three seconds.
And a 2017 model was just sold at Mecum’s auction Indianapolis sale for a cool $1.65 million.
Mecum holds their auctions livestock style, with an old-school auctioneer rattling off prices as fast as a machine gun fires bullets. A bidding war caused prices to skyrocket from an initial price of $500,000 to well over a million in almost 30 seconds. $1.6 million was struck at just a minute in, follow up by the auctioneer fast-talking in vain to find a buyer at $1.7 million.
RELATED: 2017 FORD GT SOMEHOW HITS AUCTION
You can check out the video for a first-hand account.
A price of $1.65 million is more than three times the GT’s initial sticker price of $450,000. Someone made a bucket of cash off their car, which can perhaps be explained by the fact this particular example is low mileage, in pristine condition, and the 48th one to roll off the assembly line.
Perhaps most interesting is the statement given by Mecum’s rep shortly before the auction began: “The Judge did rule in Mecum’s favor, that we could sell this car. And if Ford wanted it back, they were welcome to come here and bid on it. So this is a publically legal sale of a Ford GT. We had some people worried there was gonna be some repercussions, there are no repercussions with this car. It was contested in court, you bid on it, you buy it, it’s yours. It’s America, you can buy and sell what you want!”
When the GT initially went on sale, Ford only allowed specific people to buy them and under contractual obligation not to resell the car for at least two years. The idea was to make these celebs and car enthusiasts “brand ambassadors” for Ford.
WWE wrestler John Cena famously got into legal hot water when he tried to sell his GT last year. Ford sued for breach of contract and the issue is still before the courts.