Ford GT Fetches $1.54 Million At Auction, First Legal Sale In Two Years

When Ford (F) sold its newest GTs, it required buyers to agree not to sell the cars for up to two years. With this two-year stipulation now up, the first 2017 GT Heritage Edition has gone up for sale, fetching a reported $1.54 million at auction.

The sale of the muscle car happened at Barrett-Jackson’s Las Vegas auction last week. This was reportedly the first legally public sale of a GT since the sales embargo was enacted by Ford.

The GT Heritage was the most expensive car at the auction, and had only 30 miles on the odometer virtually undriven by the owner, according to Road & Track. The car went for nearly triple what the owner had paid for the vehicle, Automobile reported.

Other details of the GT included an exterior that honored the GT40, which won the 1966 Le Mans race.

While this is not the first sale of a GT since Ford issued the sales arrangement as another model was sold at auction with all proceeds being donated to charity. The car was also a 2017 GT and raised $2.5 million, but since Ford sanctioned the sale no legal action was taken against the owner.

In another instance, a GT was reportedly sold by John Cena, for $1.8 million only weeks after the wrestler-turned-actor purchased the vehicle. Ford sued Cena and settled for an undisclosed amount.

The new owner of the car also sold it at an auction but the sale was deemed legal as there was no binding agreement with Ford as the second owner of the car, Road & Track reported.

Shares of Ford stock were down 1.26% as of 3:55 p.m. ET on Monday.