Bidding for the historic vehicle jumped to $3 million within the first minute at Mecum Kissimmee. The top bid was $3.4 million plus 10% buyer premium, making it the most expensive Mustang ever sold. A 1967 Shelby GT500 sold last year for $2.2 million.
Kiernan's father Robert bought the car in 1974 after seeing an advertisement for it in Road & Track. McQueen tracked down the Kiernans in the late 1970s in an unsuccessful attempt to buy it, The Associated Press reported.
The family used it as a daily driver until 1980. Robert and Sean Kiernan started working on it in 2001. After Robert died in 2014, Sean finished the project, The Associated Press reported.
“As far as Mustangs go, this is it. With dad being down in the record books forever, that’s what matters to me,” Kiernan said. “I’ve been at peace with the sale for probably eight months now. We’re just having fun with this.”