One-of-a-kind 1969 Chevrolet Corvette Stingray ZL-1 Convertible to Auction

A unique 1969 Chevrolet Corvette Stingray ZL-1 convertible will be offered at RM Sotheby's auction in Phoenix, Arizona, on January 16.

This Monaco Orange drop-top is the only one of its kind. It is also one of only two factory-documented ZL-1 Corvettes built in 1969, and the only convertible to receive the ZL-1 treatment, an option that adds a race-derived 427 cubic-inch V-8 engine to the C3 'Vette.

Based on the L88 engine, the ZL-1 427 featured an aluminum block and heads, the latter an "open chamber" design for increased power, and redesigned and strengthened engine internals. Based on the engine used in the Can-Am race, General Motors offered the ZL-1 option for homologation purposes, with no intention of actually selling the road car to customers.

What helped discourage customers from checking the ZL-1 box on the order form was the price of $4,718 ($3,000 of which was for the ZL-1 package itself), more than double the price of the base Corvette in 1969. In addition to the engine, the ZL-1 was equipped with power-assisted heavy-duty brakes, heavy-duty suspension, and a Positraction limited-slip differential. Comfort features that were available on lesser Corvettes, such as heater, air conditioning, radio, and power steering, were not available on the ZL-1.

That was just fine with John W. Maher of Leechburg, Pennsylvania, who took delivery of the car on December 30, 1968. He intended to race the Corvette and competed in various hillclimbs, autocrosses, and drag races in western Pennsylvania through 1972.

Maher pulled ZL-1 out of storage in 1989, reconditioned it, and drove and showed it until he sold it in 2007. ZL-1 was then fully restored and certified Bloomington Gold, coveted by Corvette collectors, but with the original engine. Because of its rarity, well-documented history, and quality of restoration, RM Sotheby's expects this ZL-1 to sell for $2.6 million to $3 million at auction. This is not an outlandish amount compared to rare Corvette variants such as the late ZR2 convertible, which remains a collector's favorite.