In the pantheon of auto industry leaders, few stand above Lee Iacocca. The man is most widely known for saving Chrysler from  financial ruin in the 1980s, when leg warmers were fashionable and it wasn’t embarrassing to be caught listening to Flock of Seagulls. But long before Iacocca pulled Mopar out of its nose dive, he was the boss man at Ford. His pet project for the Dearborn, Mich.-based automaker was the Mustang. Odds are we don’t need to give you a history lesson on the pony car or its role in shaping American pop culture over the last half-century.

To pay homage to Iacocca’s contribution to motoring, Galpin Ford in North Hills, Calif., has partnered with the Gaffoglio Family Metalcrafters to create 45 special-edition ponies based on the standard 2009 Mustang. They are calling it the Iacocca Silver 45th Anniversary Edition Mustang. Extensive bodywork transforms the stock thoroughbred into something of a true fastback reminiscent of the legendary 1969 model.Recessed headlights, chrome wheels the size of the state of Rhode Island and a bespoke interior are all part of the package. Under the hood, you get your choice of a naturally aspirated 4.6-liter V8 engine with 320 horsepower or a supercharged version. The forced-induction engine bumps power closer to the 400-horses mark, though the transmission remains the 5-speed unit from the 2009 Mustang.

Galpin has commissioned only 45 of the cars, so we knew they were going to be expensive. As it turns out, “expensive” is an understatement. Each car starts at around $89,950, but by the time you opt for the more aggressive engine and tick off a few other goodies, you’re staring at a bottom line well into the six-figure range. Let’s clarify that for a moment. The top of the line Shelby GT500 packs more than 100 additional horsepower and still falls at around half that price. Keeping in the domestic market, Chevrolet’s supercar-crushing Corvette ZR1 with its 638-horsepower supercharged V8 is still less expensive than a fully optioned Iacocca.

Which raises the question: Who’s buying these things? We’re guessing more than a few collectors started moving investments about when word of the car came through the grapevine, but does it amount to anything more than a 2009 Mustang with a body kit and nice interior? No doubt Galpin won’t have a problem getting rid of its inventory of Iacocca Silver 45th Anniversary Edition Mustangs. We just won’t be among those beating down the door with cash in hand.

(Photo courtesy of ILegacy)