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The first, 475hp 2007 Mustang Shelby Cobra GT500 coupe for sale will likely go for way more than the number on its sticker — though the overdraft isn't going into some well-connected dealer's pocket. Ford and the Barrett-Jackson auction house are auctioning the right to purchase the first Shelby GT500 coupe at BJ's big event in Scottsdale this January. Proceeds will go to the Carroll Shelby Children's Foundation, and according to Edmunds Inside Line, Shelby himself will personally greet the winning bidder at the auction on January 21. The GT500 will be more widely available in spring 2006.

Up For Bids: The First '07 Shelby GT500 [Edmunds]

Ford to Build GT500 Convertible [internal]