Giz exec in $1m Ferrari crash

Former Gizmondo executive Stefan Eriksson, who left the company under a cloud of allegations that he had links with the Swedish mafia, has been involved in a car crash which destroyed his $1 million Ferrari Enzo.

The car was travelling at an estimated 120 mph on the Pacific Coast Highway in Malibu when it slammed into a power pole, leaving the vehicle sliced in two. Police believe the Ferrari was taking part in a street race with an SLR Mercedes, worth around $500,000. Perhaps thanks to the Enzo's legendary safety system, Eriksson escaped with only minor injuries.

Eriksson's blood alcohol level was over the limit but he claimed that he was not behind the wheel at the time of the crash, stating that a German man called 'Dietrich' was driving. According to Eriksson, Dietrich ran from the scene, but a three hour search by the LAPD failed to locate him.

"[Eriksson] had blood on his mouth and both airbags in the car deployed, but only the driver's side airbag had blood on it, not the passenger side," Sergeant Philip Brooks told the Associated Press.

"Maybe the 'driver' had a friend who picked him up. Maybe he thumbed a ride. Maybe he was a ghost."

Brooks added that Eriksson is "still considered as the passenger," stating: "We're continuing our investigation and he's not in custody."

Less than 400 cars of the type destroyed in the crash were ever made, and the Ferrari community is said to be mourning the loss of a vehicle which many describe as a work of art. Other Hollywood residents who own an Enzo include Nicolas Cage and Britney Spears.

"He destroyed one of the finest cars on Earth, maybe the finest," said Chris Banning of the Ferrari Owners Club, speaking to the LA Times.

"It's like taking a Van Gogh painting and burning it."

Eriksson was formerly an executive officer of Gizmondo Europe, but resigned last October. It was later revealed that he had previously been convicted of a number of mobster-related charges in his native Sweden and given a ten-year prison sentence.

This is not the first time Eriksson has been involved in an expensive car crash - in 2002, he crashed a Tiger Telematics-sponsored Porsche 996 GT3-RS in a race in Sweden, destroying the vehicle.