UPDATE: Ken Miles' 1965 Ford Mustang Shelby GT350R sells for $3.85 million

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Update:

The prototype 1965 Ford Mustang Shelby GT350R, famed for being raced by Ken Miles, sold Friday at Mecum's 33rd Original Spring Classic in Indianapolis for $3.85 million, making it the highest selling Mustang of all time. The previous story advancing the sale appears below.

Attention Ford, Shelby and Mustang enthusiasts, Mecum has another enormously historic car headed to auction. It's a 1965 Ford Mustang Shelby GT350R, and it was raced by Ken Miles, the very person highlighted in last year's "Ford v. Ferrari" film. It's coming to Mecum's big Indianapolis auction.

The car has the code 5R002, and it has even more claims to fame besides being Miles' race car. According to Mecum, it was the very first Shelby GT350R ever entered in a race, and Miles was at the wheel. He and the Mustang won that race, and the car was caught on film getting fully airborne (shown in the gallery above). Mecum also points out that this was a development car used to sort out the setup for future GT350 race cars, and other drivers of the '60s had a hand in test driving and developing it, including Bob Bondurant and Peter Brock.

Mecum didn't go into detail about the condition of the car, but it appears to be pretty much as it was when it was competing. For anyone unfamiliar, the '65 GT350R had a 289-cubic-inch V8 making 306 horsepower and 329 pound-feet backed by a four-speed manual transmission. It's coming up for auction from a Shelby collector who has other significant cars going to auction, including the first production 1966 GT350R.