Unique $3.85 Million Corvette L88 Suffers $1 Million Price Crash

What a difference a decade makes.

A one-of-a-kind Chevrolet Corvette that was sold for a record $3.85 million in 2014 failed to achieve the same heights when it crossed the block at the Mecum Auctions event in Kissimmee, Fla., on Saturday night.

The 1967 Corvette L88 is one of 20 that were built that year and the only one painted Rally Red with a red interior.

The L88 was a racing package available for the Corvette from 1967 to 1969 that featured upgraded performance equipment including a 427-cubic-inch V8 advertised at 430 hp, but was found to produce more than 500 hp in tests. A total of 216 were sold.

TUCKER 48 SOLD AT MECUM AUCTION FOR $1.87 MILLION

The car was originally used as a drag racer and has been fully restored with a correct, but not original engine, according to Mecum.

CLICK HERE TO SUBSCRIBE TO THE FREE AMERICAN CARS AND RACING NEWSLETTER

The $3.85 million sale still stands as the highest price ever paid for a Corvette, but the bidding in Kissimmee stopped well below that at $2.7 million. That wasn’t enough to meet its undisclosed reserve, so it went unsold.

Bidders will have another shot at an L88 on Sunday, but they’ll need to double-down if they want it.

WHAT WILL REPLACE THE CHEVROLET CAMARO IN NASCAR?

The first L88 built in 1967 and the last L88 from 1969 are being offered as a pair.

The 1967 car is the only Tuxedo Black convertible that year and has a 2nd place finish at the SCCA Runoffs in Daytona from that year on its resume.

The Fathom Green 1969 car was built on December 4, 1969 and is fully restored with its numbers-matching engine.

CLICK HERE FOR MORE COLLECTOR CAR NEWS FROM AMERICAN CARS AND RACING

Hagerty values the 1967 and 1969 at $3 million and $500,000, respectively, but not specifically these bookend cars.