Shelby Cobra Barn Find - A 1960s classic sports car found in a Vermont barn after 40 years is making waves as it goes on auction.

The 1964 Shelby Cobra 286, which has been described as a "time capsule" on wheels, is one of only 654 AC cars fitted with Ford's V8 engine that legendary American auto racer and designer Carroll Shelby designed in the sixties.

This Cobra Shelby barn find is part of a late production model and was shipped out in 1964. The car reportedly went through the hands of just a few owners, before a friend traded it to the current owner Sy Allen.

According to Gooding & Company, who are auctioning the Shelby Cobra CSX 2436, shortly after the vehicle was purchased by Sy Allen in 1974, he had it "placed on jacks and stored with the top up inside of Allen's heated barn/workshop where it remained secluded and out of sight for 40 years."

Unlike other barn discoveries, this Shelby Cobra is incredibly well preserved. It still has many of the peculiar bits that are wont to be taken out during restoration - including the original beige interior and engine bay. Also, since the Shelby Cobra SC 2436, which has a 286-engine, was a latter production model, it comes with improved features including a rack and pinion steering, self-adjusting hand brake, dual-reservoir brake master cylinder, Stewart-Warner gauges, Ford electrical system and alternator, as well as front-fender vents to cool the engine. The car, which has a 271 BHP at 5,600 RPM, also comes with a single 4-barrel carburetor, a 4-wheel close-ratio manual gearbox, 4-wheel girling hydraulic disc brake and 4-wheel independent suspension with wishbones and traverse leaf springs.

Just in case you don't know about the Shelby Cobra, this car (also known as the AC Cobra and Ford Cobra) is one of the most powerful machines on 4 wheels ever created. Carroll Shelby, who the car is named after, fused the chassis of British car manufacturer AC's Ace roadster with Ford's V8 engine to produce the Cobra.

Although the Shelby Cobra is considered one of the best cars ever built - even today. Shelby was forced to shut down production in the late sixties after the car failed to do well commercially. The car reportedly sold for about $5000 back then.

This Shelby Cobra barn find has made the headlines and got many car lovers excited. The car is estimated to go for between $1 and $1.4 million.

Click here to see pictures of this one-of-a-kind Shelby Cobra.