Auctions America by RM held its second auction in Auburn, IN, following their purchase of the former Kruse Auction Park in July, last year. As expected, the highlight of the event was the sale of Hall of Fame baseball player Reggie Jackson’s Shelby GT 350 Mustang.

Jackson has an extensive automobile collection and has been divesting some of it over the past 18 months. RM Auctions spokeswoman, Amy Christie, had previously indicated that Jackson’s car had an estimated value between $175,000 and $225,000. The $247,500 figure includes commissions.

Jackson’s car was characterized as a “highly original, well maintained and completely unmolested American icon.” The car’s selling bid came in at the historical high end of the range for the 1965 Shelby. A couple of examples have hit higher levels, including the last Shelby GT350 Advanced Prototype, which sold for $282,500 in Spring of 2009.

Another GT350, from the Don Davis collection, also hit the $225,000 mark (before commissions) last year. It was an early production unit, built with a trunk mounted battery, which is characteristic of the first 300 GT350’s built that year.

This is not the first Shelby to pass through Jackson’s hands. At one time, he owned the 18th GT350 ever built. This so-called “two-digit” (serial number) car is among the most valued category of early Shelby cars. Jackson sold it some time ago. A subsequent owner may have done well from it, as this car sold for $324,500 at a Russo and Steele auction in August of 2005.