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Betsy the red Corvette found near DeWinton, south of Calgary

Betsy, the 1962 Corvette owned by Kenneth Jelley, was bought for $1,600 and valued at $40,000. It was reported stolen more than a week ago.

Betsy is back.

The Calgary Police Service's auto theft unit, with help from counterparts in the RCMP, have found a classic stolen car called Betsy that was stolen about two weeks ago.

Betsy is a red, 1962 Chevrolet Corvette.

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The convertible is a rare and iconic car – one Kenneth Jelley has owned for nearly 41 years. Investigators found it on Wednesday afternoon on an acreage around DeWinton, Alta.

Police did not say whether the vintage ride was damaged.

Calgary officers are taking it to their forensics bay for further testing, and intend to return it to Mr. Jelley, 74, as soon as possible. Mr. Jelley bought the car for $1,600. It was last appraised at $40,000.

The car was stolen between Saturday, July 12, and Sunday, July 13. It was parked outside Mr. Jelley's condo building, covered with a tarp. Mr. Jelley ran a stainless steel cable through the tarp's grommets and padlocked it. The thief cut the padlock, making off with car, tarp and cable.

Mr. Jelley on Monday said he had given up hope Betsy would be found. When he noticed the car missing on July 13, he thought his condo managers moved it because they were repainting the lines in the parking lot. He waited until Monday before going to police. He walked the streets looking for the car.

He assumed a hotrod hitman cased the car, stole it, and he would never see it again.

Police have not laid charges in connection with the theft, but said the investigation continues. Officers received tips that led them to the DeWinton acreage.

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"Tips from the public were instrumental in being able to recover this rare vehicle," Calgary police said in a statement. Police asked the public for help Monday.

Betsy is red, with a matching interior, a black top and whitewall tires. The car has four speeds and a 327-cubic-inch engine.

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About the Author

Carrie Tait joined the Globe in January, 2011, mainly reporting on energy from the Calgary bureau. Previously, she spent six years working for the National Post in both Calgary and Toronto. She has a master’s degree in journalism from the University of Western Ontario and a bachelor’s degree in political studies from the University of Saskatchewan. More

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