Ken Miles' flying Mustang, a 1965 Shelby GT350R, is up for auction.

The opportunity to own an authentic piece of Ford and Shelby history is approaching.

The Mecum auction will feature a 1965 Ford Shelby GT350 Competition that Ken Miles raced at Green Valley Raceway in Smithfield, Texas in 1965.

It was on Valentine's Day, February 14, that the GT350 Competition model, known as the GT350R, first competed in a sanctioned race, in this case an SCCA event. Miles won that race, proving the GT350R's capabilities. He also lifted the car into the air, and the sight of all four wheels in the air forever made Mustang history. The car was nicknamed "The Flying Mustang" for this stunt.

Other famous racers who got behind the wheel include Bob Bondurant, Chuck Cantwell, Peter Brock, Jerry Titus, and, of course, Carroll Shelby.

This car, chassis number 5R002, was the first GT350R built by Shelby (one of two prototypes built in 1965). It was also the second GT350 built by Shelby.

Compared to the production GT350, the R model featured a new suspension setup, an upgraded 289cc Ford V8, an improved cooling system, fiberglass body panels and Plexiglas windows. The interior was also refined for racing, and an all-steel cage was added to comply with competition rules

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Given its pedigree, the car could be sold at auction for in excess of a million dollars. Its sale will take place at Mecum's Original Spring Classic auction, to be held May 12-17 at the Indiana State Fairgrounds in Indianapolis, Indiana. The highest price for a Mustang at auction is the original Mustang from the movie Bullitt, which sold for $3.4 million at Mecum's auction in January.

This time the seller was noted Shelby collector John Atzbach, who purchased the car in 2010 and had John Brown of Thoroughbred Restorations in Oklahoma City, Oklahoma, restore it to its original Green Valley condition. He restored it to racing specifications as shown in Green Valley. He will auction this Mustang along with 11 others from his collection. These include a pair of Shelby Mustangs, a 289 Cobra, and a Lamborghini.

In addition, the same people who worked on this car in the 1960s also built the 1965 Shelby GT350 successor car, three of which will be special Ken Miles versions built to virtually identical specifications as the 5R002.