'The fact that the car [could still exist was] improbable,' he told Associated Press. 'It could have been junked or wrecked.'
However, a dogged search over the decades came up with a victory when Mr Russell spied the car for sale on eBay.
Dogged search: Despite owning other cars, Mr Russell never forgot his first sports car, which could be worth $50,000 today, and checked eBay to see if it would turn up
'Ever since eBay showed up, I'd check it periodically,' Mr Russell said. 'I checked it on Friday, May 11, and there it was.'
He immediately called the dealer, the Beverly Hills Car Club, and sounded the alarm.
'I hate to sound indelicate,' Mr Russell told the unsuspecting dealer, 'but you're selling a stolen car.'
The last bid on the vehicle was $19,700, which didn't meet the reserve, said Mr Russell, and the car didn't sell.
Mr Russell said the car's vehicle identification number matched that of his Healey.
In addition, he still had the original key and car title, as well as signed affidavits from friends, including the original owner, indicating that Mr Russell had never sold the auto.
Police action: Mr Russell had to ask law enforcement agencies to help him prove that the classic car was his. Fortunately he had kept the paperwork from when he bought the car and when it was stolen
But one legal roadblock remained: He didn't have a copy of the stolen-car report he filed back in 1970.
So the two sides stalled, with the dealer telling Mr Russell it bought the car from a man who claimed it had been in his family since 1970.
'Well,' Mr Russell responded, 'the car was stolen in 1970, so you can draw your own conclusion. They either stole it or bought it from the guy who stole it.'
The dealer did not return a call for comment.
After four weeks of haggling with the dealer, which initially offered to sell the car back to him for about $24,000, Mr Russell asked law enforcement agencies in Philadelphia and Los Angeles for help.
Turns out the original stolen-car report he filed in Philadelphia wasn't showing up at the National Crime Information Center because one VIN letter was entered incorrectly into the FBI's computerised index of crimes.
But thanks to persistent detectives in Philadelphia, Mr Russell said, the report finally was located.
Once he got his hands on a copy of the report, Philadelphia police were able to reactivate the file.
That enabled the Los Angeles County Sheriff's Department to impound the car.
Mr Russell and his wife drove to LA on June 16 and took possession of the car two days later after paying roughly $600 in impoundment fees.
They also paid about $800 to have the Austin Healey shipped to their Southlake home, where it arrived June 23.
'We were probably out $1,500 plus six days of travel and hotel costs,' Russell said. 'I'm not complaining about any of that. I couldn't get the credit card out of my pocket fast enough.'
Russell said he intends to restore the Austin Healey.
'It still runs, but the brakes don't work well,' he said. 'We're going to put it back the way it was.'
When the restoration is finished, he said, the car 'probably will be worth around $50,000'.
'I had a hobby car but got rid of my Porsche 911 a year ago,' he said. 'I used to have an antique Corvette and a couple of motorcycles. Now I have a grandpa (Toyota) Camry.'
Mr Russell and his wife have come a long way since the car was stolen. She retired as an English teacher two years ago, and he mostly plays golf these days.
Mrs Russell credits her husband's 'dogged sleuthing and fantastic help from friends, family and law enforcement officers' for getting the car back where it belongs.