The last stage of the "Bullitt" Mustang sold for a record high price

The wait is over. The drama has reached its conclusion. Highland Green's 1968 Ford Mustang 390, the chase car from the Steve McQueen film Bullitt, sold for the hammer price of $3.4 million at a Mecum auction in Kissimmee, Florida.

Adding a 10 percent buyer's premium to this brings the total transaction to $3.74 million, which insurance and value-tracking firm Hagerty says is not only the most expensive Mustang transaction, but also the highest price paid at an American muscle car auction.

Mecum staff opened the glass case at 1:45 p.m. ET on Friday, walked down the ramp and into the alley, and brought the car into the auction's main building.

When the time came, Mecum dimmed the lights in the hall for a few minutes, lit "BULLITT" signs throughout the hall, and announced the car to the cheers of the crowd.

At exactly 2:30 p.m., Sean Kiernan, the family owner of the car for 45 years in Madison, NJ, announced that the opening bid was $3,500.

For several years, the car was the daily driver for Sean Kiernan's school-teaching mother, but then was simply stored away and kept as a family secret until 2018, when it showed up and was soon included in the National Historic Vehicle Register.

The packed audience rose to its feet and cheered. Its initial bid quickly multiplied many times over. Then came the big spender, and it was clear that this was going to be a contest of wills and bank accounts.

At 2:41 p.m., the hammer finally came down and the car was pushed offstage and back into the glass case.

Asked if he was nervous or excited after the sale, Sean Kiernan said, "I've been at peace about the sale for about eight months."

He also said he would use some of the money from the sale to find, restore, and hot rod another '68 Mustang 390.

It was a great show from start to finish for Mecum during its week-long run. Well, except for the crowd control around the cars.

"Cars in movies and TV are always worth what someone is willing to pay for them. "But the Mustang in "Bullitt" has it all: a great chase scene, a McQueen connection, and a great backstory. The fact that the Mustang has disappeared for decades, never to be restored, and reappeared as a time capsule of a movie car is something we will never see again in our lifetime."

This article, written by Jim McCraw, originally appeared on ClassicCars.com, Motor Authority's editorial partner.