A 1969 Chevrolet Corvette was just auctioned for $3.14 million. Here's why it's worth so much
Third highest price ever paid for a Corvette
{{#rendered}} {{/rendered}}It went from flop to fortune.
A 1969 Chevrolet Corvette Stingray Convertible ZL-1 was auctioned at the RM Sotheby's event in Arizona on Thursday for $3,140,000.
That's the third-highest price ever paid for a Corvette.
{{#rendered}} {{/rendered}}The ZL-1 was the highest performance version of the Corvette offered that year.
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This 1969 Chevrolet Corvette Stingray Convertible ZL-1 is the only one of its kind. (RM Sotheby's)
It came with a host of upgrades including a version Chevy's legendary L-88 427 cubic-inch V8 engine that was updated with an aluminum block and other equipment, which was developed for Can-Am racing.
{{#rendered}} {{/rendered}}The L-88 V8 engine was developed for racing. (RM Sotheby's)
The engine was officially rated at 430 hp not to raise too many eyebrows, but was actually far more powerful. Independent tests discovered its output was in the 560-580 hp range.
The car had a list price off $4,781 when it was new. (RM Sotheby's)
It did not come with a radio, air conditioning or heater, which were all considered redundant to its focus on speed, but it still cost $4,781, which was twice the base price of a standard Corvette Stingray.
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{{#rendered}} {{/rendered}}As a result, only one ZL-1 coupe and this Monaco Orange convertible were sold, making it truly unique.
The car was fully restored in 2014. (RM Sotheby's)
It was slightly modified for drag racing by its original owner, but underwent a full restoration that returned it to its factory condition in 2014. The only major component that's not original is the engine's block, which had been replaced under warranty during its first year of ownership.
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{{#rendered}} {{/rendered}}The high bid makes it the third classic Corvette to sell for more than $3 million, along with the $3.85 million and $3,424,000 that were previously paid for a 1967 L-88 convertible and coupe.