• Rebuilt in period to S/C specification from the remains of an original 427 Mk III, retaining much of its original chassis, bodywork, ancillaries and fittings

• A previous SAAC Concours Award winner, offered for sale with a fascinating and well-documented history, having been in current ownership for the last 11 years

• Presented fully transparently to reflect that, in the late 1970s, its original chassis identity was deliberately reassigned to a reconstructed vehicle — leaving this AC/Shelby-built 427 Cobra without a chassis number that can be ascertained or legally proven

The story of the Cobra begins in Britain, with AC Cars’ lightweight Ace roadster providing the foundation for one of the most celebrated performance cars of the 20th century. Carroll Shelby — an experienced racing driver and former WWII flight instructor — had briefly tried chicken farming after his career was cut short by a heart condition, but his passion for cars soon drew him back.

In 1961, Shelby recognised the potential of pairing the nimble AC Ace with the raw power of an American V8. The formula was simple yet revolutionary: an ultra-light British chassis, a potent Ford engine, and an uncompromising focus on performance. Early Cobras were fitted with small-block Ford V8s, but as competition intensified, it was classic Carroll Shelby — a delightfully mad idea made even madder: take the already ferocious 289 Cobra and “upgrade” it with a 427-cubic-inch V8.

By 1965, the 427 Cobra was born. Powered by Ford’s 427 cu in (7.0 litre) big-block FE engine, it produced around 425 bhp in street specification and up to 485 bhp in semi-competition (S/C) trim. To handle this power, the Mk III chassis was completely redesigned — wider, stronger, and fitted with coil-spring suspension front and rear, flared arches, a larger radiator, and a more robust drivetrain. The result was a car capable of exceeding 180 mph and competing with the fastest European and American sports cars of its day.

Although Shelby intended to race the 427 Cobra, FIA homologation was denied — inspectors arrived before the required 100 examples had been completed, with only 51 ready at the time. Regardless, the 427 achieved legendary status on road and track. Its combination of lightweight engineering, brute-force V8 power, and timeless design made it a defining icon of the era. Production was extremely limited — around 300 Mk III cars in total — and today, genuine factory Cobras are among the most coveted collector cars in existence.

The particular 427 Cobra offered here was billed to Shelby American by AC Cars, finished in silver with a black interior, on 6 October 1966. Following its delivery and build, Shelby American invoiced Theodore Robins Ford for $6,165 (including $20 freight) for the car, which was duly shipped to its supplying dealer in Costa Mesa, California.

Little is known of the first years of its life, but this Cobra’s interesting story begins in the mid-70s, when it suffered an accident, being sideswiped and subsequently brought to noted Cobra authority and restorer Mike McCluskey for further instruction. The owner at the time was given the choice of repairing the damaged chassis or reconstructing the car entirely. It was agreed that the most effective solution would be a new chassis and body assembly supplied by Brian Angliss of Autokraft — then the acknowledged specialist for Cobra construction and repair — into which the running gear and components from the damaged car were transferred.

At the time, California law permitted the transfer of a vehicle’s identity to a reconstructed replacement, and so the original chassis plate and title were legally assigned to the new Autokraft-built composite chassis/body. The original damaged chassis was left unrepaired in McCluskey’s workshop — a process legitimate within California but not recognised in most other jurisdictions.

Still repairable but now without a legal identity, the original Cobra was subsequently rebuilt to S/C specification, reputedly retaining its original chassis, much of its original panelwork, and its ancillaries and fittings. In the mistaken belief that another car had been completely destroyed, it assumed the false identity of that chassis number and was subsequently back on the road. This history, including its previous chassis number and the identity it assumed, is recorded within the SAAC Cobra Registry.

During the early 1980s, the car appeared at SAAC-6 in Monterey, where it was awarded “Best 427 Street Cobra”, and was featured in Popular Hot Rodding (January 1982) and Car Exchange (May 1982). Ownership passed through several notable collectors, including the president of Paramount Pictures (1985) and, from 1987, Cobra collector Harley Cluxton of Phoenix, Arizona. The Cole Yacoobian Group acquired it later in 1987 and it was subsequently sold to a Spanish collector who kept it for a number of years.

In 2000, the original remains of the car whose identity it had deliberately assumed were discovered in the United States — conclusively establishing that this example could not be that chassis. Following that discovery, all references to the incorrect identity were removed, and it became what leading Cobra historian Ned Scudder aptly described as “an original AC/Shelby-built 427 Cobra, but with no chassis number that could be ascertained or legally proven.”

After several years with the Spanish collector, the car was sold through marque expert Rod Leach in 2005 to its next owner. During their tenure, the engine was rebuilt by Peter Knight, and the car was featured on the cover of the September 2012 issue of Classic & Sports Car magazine.

Acquired by the current owner in 2014 via Duncan Hamilton, the car was originally intended for conversion to race use — a plan soon abandoned when it was deemed “just too good” to fit with a full roll cage. Finished today in Rangoon Red with a Black leather interior, it presents with a beautifully mellow patina that reflects careful use and consistent enjoyment. Having been a highlight of the owner’s collection for the past 11 years, it is now offered for sale as he reduces his stable to a smaller number of cars.

Overall, an exceptionally rare opportunity to acquire a 427 Cobra with a fascinating, well-documented history — and a genuine AC/Shelby-built example offered at a fraction of the price commanded by its fully numbered peers.