2022 Ford Mustang GT500 Heritage Edition Brings in Seven Figures at Barrett-Jackson
Americans are a generous people. According to the Indiana University Lilly Family School of Philanthropy, all forms of charitable giving in the United States added up to $484.8 billion. Imagine how much larger that number would be if every charitable donation came with a Ford Mustang Shelby GT500 thank-you gift.
During Barrett-Jackson’s auction in Houston last Saturday, a single 2022 Ford Shelby GT500 Heritage Edition sold for $1,000,938. That’s quite a premium over the $82,955 base price of the Heritage Edition as currently listed on Ford’s website. What got the price up there is that all the money raised went to charity. In this case, to charities working to alleviate suffering in the aftermath of Hurricane Ian ripping across Florida.
Barrett-Jackson on Facebook
Donated by George and Megan Shinn, the car hit that seven-figure total in a convoluted way.
“The Brittney Blue Shelby brought $400,000 on the auction block with additional donations from the audience and friends of Shinn bringing the total to $650,000,” explains Barrett-Jackson on the company’s website. “It was then re-donated by Mike Patterson to raise an additional $300,000 for a total of $1,000,938 with 100 percent of the funds going directly to the charities. The additional $250,000 in donations were made by George Shinn, the Mauzy family, Kathie Lee Gifford, the Ingram family, and Rick Hendrick. A ‘collection’ hat was spontaneously passed in the Muscle Lounge skybox and filled to the brim with $6938.”
The math is dizzying (and doesn’t seem to add up), but the bottom line here is that a single Shelby Mustang put a lot of money into two charities: Samaritan’s Purse and the Florida Disaster Fund.
The tax implications here are mind-boggling to contemplate. Whoever it is who wound up with the car likely gets a deduction for any of what was paid beyond the retail value of the car. But, hey, this is Road & Track and not Deloitte & Touche.
Barrett-Jackson on Facebook
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