The 427 engine is as Chevy as the gold bowtie emblem that adorns every Chevy model. Famous for its big-block status and potent muscle car applications, the 427 isn’t just an engine configuration anymore, however. It is also the name given to the new 2013 Corvette model – the 427 Convertible.

Fitting of its name and prestigious history, the first production 427 Convertible was auctioned off on Saturday for charity at the Barrett-Jackson Scottsdale Auction. This unique sale benefited the AARP Drive for Hunger, and as we found out from Autoblog, brought a hefty package deal and an even heftier winning bid.

As we told you a couple weeks ago, the 427 Convertible is set to be the most powerful drop top Corvette ever built.

With the 427 CI 505 HP powerhouse from the Z06, carbon fiber components from the Z06 Carbon Edition, and some finishing touches from the ZR1, the new Corvette convertible model will certainly live up to the standards of the iconic 427 Corvettes from the past.

Interestingly enough, the Corvette that appeared at Barrett-Jackson was not the exact car that was sold, however. The charity auction was actually selling the rights to the first production 427 Convertible, meaning that the winning bidder gets to “spec out” their own car and be on the production line as the car is built.

If that isn’t cool enough, the auction also included a Jeff Gordon racing suit, custom dynamometer tuning from the Chevrolet Heritage Center and a trip to the Daytona 500 as Jeff Gordon’s personal guest.

The new 427 Convertible honors its name right down to its special 60th anniversary badging

As you can imagine, the bidding on this unique Corvette package didn’t take long to rise above $500,000. Once the entire package was explained, bids flew in, ending with multi-millionaire Ron Pratte upping the bid for a last-minute hammer drop of $600,000. (Pratte is known for his numerous charity auction buys and most notably, his winning bid of $5 million to take home Carol Shelby’s personal ‘66 Super Snake AC Cobra back in 2008.)

Added to the winning bid was another $100,000 donation from Eddie Vannoy for the AARP Drive for Hunger.

The auction of the first production 427 Convertible Corvette was certainly a historical one. Congratulations goes out to Pratte for winning such a unique experience with what could be the first of the last 427-powered Corvettes to be produced. We look forward to seeing the VIN #001 car once it is built.