Introduced in April 1964, the first-generation Ford Mustang needed only a year to become a high-performance pony car. In 1965, Carroll Shelby unleashed the GT350, a lighter, track-ready Stang. Two years later, Shelby unveiled the GT500, a fully-fledged muscle car equipped with a 428-cubic-inch (7.0-liter) V8.

Both nameplates soldiered on through 1969 when Ford and Carroll parted ways. Leftover cars were sold during the 1970 model year, extending the original Shelby legacy to five years. But these weren’t the only machines Carroll Shelby designed for Ford. In 1968, a beefed-up GT500 wearing “KR” badges hit dealerships.

Short of “King of the Road,” the KR debuted at the 1967 New York Auto Show as a mid-year introduction. Based on the already familiar GT500, the GT500KR was largely identical on the outside but came with a unique suspension setup. But the biggest change was the introduction of the 428-cubic-inch Cobra Jet engine.

Conservatively rated at 335 horsepower and 440 pound-feet of torque (some claimed it delivered more than 400 horses), the KR’s Cobra Jet featured diecast aluminum valve covers with “COBRA LEMANS” lettering. This tiny detail was added to celebrate Ford’s victory over Ferrari at the 24 Hours of Le Mans in 1966 and 1967.

Ford sold 1,452 GT500KRs in 1968. The nameplate accounted for about 31% of the total Shelby production that year. The fastback was the most popular body style, with 933 units ordered, while 518 examples left the factory as convertibles. Ford built only one coupe.

The Shelbys lost their “Cobra” tags for 1969, and the KR went into the history books. So not only is the “King of the Road” a rare muscle car, but it’s also a one-year gem. It’s also a highly desirable and expensive classic nowadays, with several cars having changed hands for more than $200,000 since 2020. Some even fetched more than $300,000.

What does it take for a 1968 Shelby GT500KR to cost more than a quarter-million bucks? Well, buyers are usually after numbers-matching drivetrains and high originality. If the said car is a rotisserie restoration and a one-of-few rig thanks to its color and options, chances are it will go for more than $300K. The orange example you see here is one of those Mustangs.

Haven’t seen an orange GT500 yet? Well, that’s not surprising because this hue wasn’t part of the Mustang color palette that year. But this Shelby wasn’t repainted in a non-Ford color either. This attention-grabbing paint is a special-order option, and only two GT500KRs were finished in this hue.

Moreover, it’s the only orange 1968 Shelby sold in the United States. The second car was shipped to England for promotional duties and remains there today. Yup, we could say it’s a one-of-one classic as far as units sold in the US go.

A stunning restoration that looks spotless inside and out, this GT500KR still relies on its numbers-matching Cobra Jet am Air V8 and four-speed manual gearbox. It also has the original smog equipment and 3.50:1 Traction Lok rear end intact. And like any respectable Mustang, it comes with a Marti Report that confirms its special-order orange paint.

The muscle car is scheduled to go under the hammer at Mecum’s Indy 2024 auction on May 17. There’s no pricing estimate to run by, but it might just become the most expensive GT500KR ever sold. The current record is at $324,500 and dates back to January 2022.