Last Ford Mustang Shelby GT500 sells for $500,000

Half a mil for a Mustang?

Yep, but it was worth it, for a couple of reasons.

The rights to the last 2014 Ford Shelby GT500 Convertible, the final model of the current generation, were auctioned at the Barrett-Jackson event in Reno this past weekend for $500,000, more than eight times the retail price of the car.

Proceeds from the sale went to the Brain Injury Association of America, a cause supported by legendary Ford racing driver and Indy 500 champ Parnelli Jones, who was on hand and has been involved with the organization since his son Page suffered a debilitating crash in a Sprint Car race in 1994.

The car was purchased by Don Damon of Great Bend, Kan., who’ll take delivery of the 662 hp muscle car later this year.

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    The current Ford Mustang is expected to be replaced by an all-new version next year, just in time for the 50th anniversary of the model’s introduction in 1964. Since then, several versions carrying the Shelby name have been built, with some selling for more than $1 million on the collector car market in recent years.