Is this Contemporary worth 40K?

[baypally208]

I'm in Southern Calif and looking to purchase a RTR cobra. A local dealer recommended Superformance, Contemporary or ERA as the best kit manufacturers with the best long-term values. Based on this, I have limited my criteria to those builders and and across this:

1965 Contemporary Classic Cobra. Rangoon Red/white stripes. Mt. Vernon plant badge #3141--the cream of the crop! Immaculate condition throughout, completely redone $20,000 paint job, All black interior is flawless and authentic, 5-point Simpson harnesses. Less than 100 miles since completed. Big-block 469 Chevy powerplant, Edelbrock, Holley, professionally built and prepared Tremec T-5 gearbox, Jaguar rear end, custom front suspension. Powder-coated frame. This is a driver's car, very fast--former record holder in its class at Willow Springs International Raceway, yet in pristine condition today. Centerline-type wheels. Seller is unable to keep the car and is motivated to sell. Car is in storage, under cover, California registration. Over $65,000 invested, Asking price $39,500.

The two main concerns I have are that it has a chevy BB engine and that two contemporaries went in the low twentys at the recent auction.

Let's assume that the car is in "new" condition and near flawless. Is it worth forty grand? It's a general question and I'd appreciate everyone's feedback. I took a HUGE bath on both my last 911 and my XJS HE... I'd like to be able to sell it for about what I paid. Any opinions or comments???

Thanks

-Drew