High bid of $420,000 at 2013 RM Auctions - Arizona. (did not sell)
There were just 80 Corvettes with the L88 produced in 1968. The new 427-cubic inch L88 V-8 was an outgrowth of the 'big block' Mark IV engine program first introduced in the form of a 396-cubic inch V-8 in 1965. GM had declared that no car line smaller than its full-size lineup should carry an engine larger than 400 cubic inches, including the Corvette. The 396 V8 was just under that limit, so it replaced the fuel-injected 327 in the Corvette as the top offering. It was dubbed the L78 and offered 425 horsepower. Some 2,157 interested buyers paid the additional $292.70 for the powerplant.

When Carroll Shelby began installing Ford's 427 cubic-inch V8 in the Cobra, Chevrolet engineers responded. Chevrolet's answer was their own 427 V-8 for 1966. It was basically a 396 with a larger 4.25 bore, an 11:1 compression ratio, and an advertised 425 horsepower.

For 1967, Chevrolet introduced the L71, a 427 cubic-inch unit with a trio of progressively linked two-barrel carburetors producing 435 horsepower. Some 3,754 buyers paid $437.10 for the option. Engineers still wanted more and offered the L89, this time with aluminum heads for the L71. Only 16 buyers chose the L89 at an additional cost of $368.65 over the L71.

The L88 returned for 1968 and 80 examples were sold. Zero-to-sixty mph took just 4.2 seconds and barely 8.0 seconds to 100 mph. The L88 returned for a final time in 1969, where 116 buyers opted for this mechanical marvel.

This example was ordered through Paulos Auto Company, a Chevrolet-Oldsmobile dealer in Magna, Utah on November 15, 1967. The first owner was Carl Schettler, of Salt Lake City. It was a college graduation gift from his father. Schettler specified a Rally Red exterior and black interior, along with the L88 engine. Accompanying the car was the M22 'rock crusher' four-speed manual transmission, the J50/56 heavy-duty power four-wheel disc brakes, a G81 4:11 posi-traction rear, the F41 special purpose suspension, an N11 off-road exhaust, and a transistorized ignition. The final cost for this Corvette was $5,589.

Schettler's college friend, Dr. William Hagabush, purchased the car from him in 1971. Schettler got the car back from Hagabush sometime between 1973 and 1974. A year later, it was purchased by Rick Reynolds, of Juneau, Alaska. Ownership later passed through two more Alaskan owners until it passed to Bob Fattore in 1987, who sold the car to Mike Vietro. The current owners acquired the car in 2008.

The car participated in the 1988 Bloomington Special Collection, where it was judged 99.0 points out of 100, as well as the 2010 Bloomington L88 Invasion. NCRS documentation from October 23, 2012 verifies the authenticity of the tank sticker. It is both Bloomington Gold certified and the recipient of an NCRS Top Flight Award from the 1988 Western Regionals in August 1988.

The car is one of just 216 L88 Corvettes produced from 1967 through 1969 and one of the few L88s to retain its original engine. It is finished in red exterior with black interior and was restored to original condition in 1987. It is one of only four built in 1988, painted Rally Red.

In 2013, the car was offered for sale at RM Auction's sale in Scottsdale, Arizona. Bidding reached $420,000 but was not enough to satisfy the vehicle's reserve. It would leave the auction unsold.

By Daniel Vaughan | Feb 2013