Late 60's/early 70's look
I too had heard of that story & a few other high-dollar street races during those years.
For the old guys here that live in/around NYC you might remember a shop called "Competetion Speed" in Jamaica. It was owned by a friend & I never really got the connection but they sure seemed to know the right people to get the right parts for most anything.
Well, one week-end they decided to bring out one of the shop's cars for a race. It was nothing special really -- a '66 Big-block Chevelle, what we today would classify as a SuperStreet car. The guy driving it was simply known as "Hogan" and from what I was told he had a quirk about insisting "his" cam be put in the engines he raced. No one knew of its specs, not even my friend, but that cam HAD to go in the car. So the cam gets put in & the race is set. The first he wins, the second he loses. THE third pass --- well, we had stopped traffic near the Van Wyck (by Shea Stadium) and people were getting pissed so they called the cops. The cops show up but can't get to the racecars 'cause of traffic. When the cars launch , the blocking cars go & the cops are after someone--anyone to "pay" for racing. They chased "Hogan" down & he shoots off the road, goes down a sidestreet & bales out of the car. The police can't find him but impound the car. Results of the evening? My friend loses about $2,500 in betting & he has to pay to get the car out of impound.
BTW, the shops "real" streetracer was an oddball --- a '66 Chevy Impala, turd brown painted with a brush & a blk wrinkle paint roof (to simulate vinyl?) running a 496 Chevy from the shops A/MP (similiar to P/S back then) Camaro hooked to a clutch turbo.