This Is What The Record-Setting $3.85 Million 1967 Chevrolet Corvette L88 Is Worth Today
We may have reached peak L88.
A 1967 Chevrolet Corvette L88 that was sold for a Corvette-record $3.85 million in 2014 crossed the block at the Mecum Auctions event in Indianapolis last Saturday.
The L88 option was a low-key factory racing package that included a 427-cubic-inch V8, performance brakes, a track-tuned suspension, a Muncie four-speed manual transmission and a Positraction rear end.
The engine was officially rated at 430 hp, but was found to put out more than 500 hp independent tests. That made it the world’s most powerful production car in the era.
Chevy built just 28 Corvettes with the option in 1967 and 2016 through 1969. The record-setting car is the only 1967 model that was ordered with Rally Red paint.
The car was actually used for drag racing and lightly modified, but has since been restored to its original condition. However, while the engine is correct, it isn’t the one it left the factory with, which makes the record price look even more astonishing. Unfortunately for its current owner, it’s looking like it won’t be broken anytime soon, if ever.
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The car was offered at the Mecum Auctions event in Kissimmee, Fla., in 2024 and reached a high bid of $2.7 million, which wasn’t enough to meet its undisclosed reserve. It returned again this year and was only able to attract a $2.5 million bid.
Hopeful that third time would be the charm, it was put on the block in Indianapolis, but once again was only bid up to $2.7 million and left unsold. That would appear to be a pattern, but you never know how things are going to work in the collector car world.
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Jerry Seinfeld put his 1969 Porsche 917K racing car from the film “Le Mans” up for auction in Kissimmee and walked away from a $25 million bid only to sell it a few days later.
“The auction, obviously, is a type of advertising, with an item like this that has a global appeal and we have no idea where a potential interested party might be, it could be anywhere in the world,” he said, going to explain that discussions with interested parties continued after the auction and a deal was made. “It was just some people don’t want to buy it in that frenzied moment of an auction, they want to do it after and that’s what happened.”
He didn’t reveal the exact price paid, but said it was in the $25 million ballpark and that he was satisfied with the result.