First Camaro ZL1 Ever Built Auctioned For $400,000
 

Via Hemmings

The cars nearly bankrupted him, but if Fred Gibb is known for anything among Chevrolet performance enthusiasts, it’s for convincing Chevrolet to fit the storied all-aluminum ZL1 427-cu.in. V-8 into a handful of Camaros, thus creating one of the fiercest and fastest cars on the dragstrip. This past weekend, the first of those cars hammered at Mecum’s Spring Classic auction in Indianapolis for $400,000, a figure some are already calling the deal of a lifetime.

Gibb, who had been selling Chevrolets in the town of LaHarpe, Illinois, since 1948, didn’t embrace racing as a means to selling more cars until Herb Fox, one of his salesmen, bought a 1967 Camaro Z/28 and introduced Gibb to Dick Harrell. The next year, Gibb began to use his contacts at Chevrolet to order special cars through the Central Office Production Order system, starting with a small fleet of L78/TH400-powered Chevy IIs. Those sold well, so the next year, Gibb went all-out and pulled some strings at Chevrolet to have the ZL1 – developed for Can-Am racing and not slated for production use – installed in 50 1969 Camaros. The first of those 50 Gibb reserved for Fox to race with the Gibb and Harrell names lettered across the sides. According to Mecum’s description:

Afterward, the Camaro languished in semi obscurity until Bill Porterfield located, purchased, and restored it in the 1980s. As for the ZL1, it wound up in just 69 total Camaros and two Corvettes, and documented ZL-1-equipped Camaros – sans Gibb Harrell and Fox provenance – have sold for as much as $800,000 in the past.

if only it was still all original! still looks cool! :D

I'd rather have it like it is. It's such a famous racer. Original is awesome, but this is a piece of racing history!

Awesome!

Shows how much the market has softened. Compared to some of the other prices I've seen it seems like a steal at $400K :facepalm:

I can remember when that car would have commanded a price 2 times that amount. My oh my how the times have changed. Bill had a trailer that he pulled that car in that literally was adorned in memorabilia, and documentation that would make any auto enthusiast drool let alone the Camaro faithful. I'll see if I can dig up some of my own photos of that car...might even have a few of Mr. Ray Sullins himself in the driver seat.

*Edit*

Ah ha! I managed to find one...thought I had more...runs off to check other pictures folders.
http://img191.imageshack.us/img191/4664/raysullins.jpg

This is a beautiful engine!
Wish I could put it in my '92 camaro.

That car created more Camaro fans than any other

Just goes to show you that the numbers we used to see are long gone. I'm sure they'll rebound in time but I think the crazy prices we saw in the past were the peak. Sweet car.

Its amazing how damn big the back slicks are. Looks like the Cragar wheel is so tiny! LOL

$400k sounds like a bargain for what that car is. That car should be in the Smithsonian if you ask Me!!

Dammmmmn, that's sweet

....the Chevy Camaro factory Shot Heard Around The World......and let's not forget the 409's either......<Impala's> :thumbsup: :chevy:

Based on what I've seen from Barrett-Jackson, Mecum, etc. $400K is a bargain for a car like this. However, value for cars at this level is simply based on how much someone is willing to pay for it. The car could've gone for $800K+ but "that" person was not in the building when this auction took place. It's an amazing car though considering the history and association with Fred Gibb.