Yes, it is real. As I understand it, the Spirit tractor was a promotional stunt by IH
to try and get more traffic into dealer showrooms so these were offered to all the dealers and the public could buy one if they wanted to. They weren't manufactured in huge quantities with this paint scheme because there was no way to pre-judge the public's reaction to ownership of one. Because they weren't the best of the best that IH
had to offer in the day, there's a better than even chance that many of the original Spirits ended up in the scrap yard and are gone forever. I watched this one on e-Bay and was surprised when it failed to find a new home.
In 1976, a local Case dealer in Racine (home town of J. I. Case) took somewhere between six and ten Case 446's (best model at the time) and did them up as Spirit of 76 tractors for the 4th of July parade. Those were sold off and only 3 proven originals are known to exist today. One of them belongs to a friend of mine in PA and he's added a FEL