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The first limited-edition Lee Iacocca Ford Mustang has sold at auction for $125,000 (£75,000).

Only 45 of the Mustangs will be built and they have been created as a tribute to Lee Iacocca, widely known as the “father of the Mustang”.

See the Lee Iacocca Ford Mustang picture gallery

The 2009 1/2 Iacocca 45th Anniversary Edition Ford Mustang gets a lightly redesigned front end, with inset headlights, and a more dramatic fastback rear. Special 20-inch Iacocca Design wheels wrapped with Goodyear Eagle tyres complete the clean look.

Inside there is a leather-wrapped steering wheel with "I" logos, Diamond Design leather seats, and Iacocca-badged aluminium sill plates.

Ford Racing provides a cold-air intake system and the Ford Racing Handling Pack adds new shocks and springs.

An optional supercharger system boosts the 4.6-litre V8’s power to 395bhp. The remaining 44 units will be sold exclusively at Galpin Ford in Southern California.

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