it was bought with a loan from a bank, which only went with it due to it getting insured, which was immediately cancelled because it was strictly race and not street.
So, the insurance agent lost it. He went to the dealership, who freaked out that now the state insurance commission was getting involved, they got ahold of the buyer, who was already upset that the car had been sold to him without oil.
Or, at least that's the story people are sticking to
So, they ate the cost of the car, and the buyer kept racing it. (See how implausible that is?)
The car never got titled by the 1st owner, went through a lot of changes and owners, and you can read the whole thing at Hot Rod, or, get a subscription to Muscle Car Review. Expensive but worth it.