The Chevy Corvette is a pretty cool car, of course. But America's sports car isn't collected with such fervor as, say, just about any Ferrari, right? Well, perhaps not... but rare examples of the breed are gaining ground in the collector car market.

The 1967 Chevy Corvette L88 seen above sold at Barrett-Jackson for a somewhat staggering $3.5 million (plus an additional 10 percent in fees). Best we can tell, this is a new record for a Corvette at auction, with a '67 L88 convertible selling in late 2013 for $3.2 million holding that title before.

It's certainly a beautiful car, in a red on red color combination that is thought to exist only on this car. All told, Chevrolet sold just 20 L88 Corvettes in 1967, meaning this is an extremely rare machine. Check it out in our high-res image gallery above, and be sure to watch the video below showing the car's time on the auction block.
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The 1967 L88 is extremely rare, 20 were produced. 20 of the most desirable Corvettes ever built. The true intent of the L88 was all-out performance on the racetrack. L88s were delivered without fan shrouds, they did not have chokes and were a bear to keep running until they came up to operating temperature, there was no radio and no heater. The L88 with 12.5:1 compression, hi-lift cam, 850cfm 4 barrel carburetor and aluminum heads was intentionally under-rated by GM at 430hp. Stock, as delivered L88s actually have been dyno-tested at 560hp. This vehicle is the only known 1967 red/red L88 produced, it has GM documentation in the form of a legible Tank Sheet (Order Copy) that has been validated by the GM/NCRS Document Validation Service. A L88 427 HD, M22 4-speed, J56 heavy duty brakes, J50 power brakes, F41 suspension, K66 transistor ignition, G81 4.56 posi-traction and shoulder harness. This is the only 1967 L88 to have attained an NCRS 98.2 Regional Top Flight 2001, 98.4 National Top Flight 2001, a Regional Performance Verification Award and the Ultimate award for Corvette restoration or preservation the NCRS Duntov Mark of Excellence Award 2001. Equipped just as the documentation indicates, this L88 is the best of the best.

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    • 1 Second Ago
      • 11 Months Ago
      That is insane!
      • 11 Months Ago
      I will keep my 81 at least I can drive it everyday.
      • 11 Months Ago
      My brother bought a 1969 Chevy Nova SS with a 427 L88 Yanko motor for $500 and it had surface rust at the time, it is now worth more than his house. A 1984 Car and Driver magazine had a cover story about the car and at that time they stated there was just 5 known to exist in the U.S.
      • 11 Months Ago
      We live 12 miles from this guy. Very successful businessman. Smart Car guy. Cars Like these and others are better than money in the bank. Better than gold. Sell this car 5 years from now will bring 1/2 mil.. Hope he buy's some cars to fix up' I own a body shop in Altamont il & that is what we do 4 a living. good job on the buy. Like to see it some time. in person..Hope you enjoy it.. Dr workman and take care of it..
      Al Best
      • 11 Months Ago
      Ah yes, The Barrett-Jackson Chevy Enthusiast Car Auction. It's embarrassing to watch.
      • 11 Months Ago
      My second job in High School (North Fulton, Atlanta, Ga) in 1971 was to work for Central Chevrolet in Buckhead. I was the \"lot Boy\" I washed used cars and moved them around (dream job for a teenager) One of the cars was a 67 L-88 that had been traded in (Gold w/Black stinger hood) Memories!
      • 11 Months Ago
      I was very fortunate to have owned a red '67 Corvette coupe for 9 years ....original rally red/black stinger... 427/400 tri-power, 4 speed....side pipes. It will never be in the same league as the L88 is...but it was still WAY fun to drive! Wish I'd kept it now!
      • 11 Months Ago
      I've Always said the best Engine GM Has Ever Had for years was and will always be the 427 L-88 , I can speak of it first hand, because I Had a 1967 427 Corvette Engine that a classmate In school had put in a 1969 Chevelle SS, I bought the car from him, then rebuilt the 427 engine and spent a lot of money making it a 427 L-88 engine, Man What A Ride when It was done, I Had People Knocking On the Door all Hours Of the night wanting to race , I recall a good friend had a 1969 Chevelle RS SS, Pulled beside my car the night I was cruising around town with just 10-15 Miles on the Rebuild, We agreed too go out of town and race , the RS SS Ran Really Good and Strong, But much to both of us, Man Did He get Smoked that night, I sit and think about that car sometimes and just Grin, My friend He and I see each other now and then and we still can't get that night out of our heads, What a Ride . This all took Place in 1972-73 , we're both in our 60's now and still Good Friends .
      • 11 Months Ago
      I'm AMAZED at the price this went for. Who would have thought 10 years ago that 60's Corvettes would be in the same league as some early Ferraris. I remember taking a 67 427 Vette for a test drive in 1971. The throttle stuck when I floored it and I almost blew the engine. The salesman said I could buy it if I still wanted it for $2,500.00. I think I should have bought it.
        Obummers Daddy
        • 11 Months Ago
        Who cares about a Ferrari ?
        The Mac
        • 11 Months Ago
        Phoogeorgehemet how stupid are you that 67 L88 spanked Ferrari's left and right back in that time. I can tell that you know nothing about cars and you really don't know about Corvette's. I bet you didn't know the L88 Corvette had over 560 to 580 Horse Power you didn't know that did you. This is a Car that Chevy didn't want on the road it was a factory race car that Chevy never told what the specs really were. Someone said back in 67 that the L88 had only 430hp but that was very under rated. most said the reason for that it because GM didn't want people to buy it for the road. This car didn't come with a heater and it didn't have a fan shroud so it would overheat if seating in one place running. So this is a very rare car that loved eating Ferrari's and that had a top speed of 170 mph which was unheard of at that time.
      Ted Smith
      • 11 Months Ago
      wonder what a ZL-1 would go for
      Super Dave
      • 11 Months Ago
      People don't get it.. these are collector cars that will do nothing but go up in value.. Unlike your 401k plan or stocks and bonds which could go down the toilet in value... There are collector baseball cards that have sold for $2.8 million dollars (Honus Wagner ).. Comic magazines, coins, artwork and the list goes on forever... Bottom line is if it is a rare collectors item, that is in high demand, and will always appreciate as time goes on, someone will buy it.. If I was a billionaire I would definetely have a vintage car collection as part of my financial portfolio, as well..
        • 11 Months Ago
        @Super Dave
        Well said. Anyone who talks sh!t on the buyer of this L88 has a poor person's mentality and obviously doesn't know anything about how the wealthy diversify their investments.
      • 11 Months Ago
      Wow,I can't see spending a million on that car let alone 4 times that.What bank vault is big enough for it?
        • 11 Months Ago
        Don't worry, it will be worth way more in 10 years due to inflation.
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