Apparently this is the story behind it...
From a witness
"An old bloke, around 50-60yo is drinking in the pub all afternoon, he's already pissed at 5pm . The bar staff stop serving him but leave him to finish his last pint which takes him better part of an hour.
This guy staggers out of the pub, hops in his Ferrari and pulls up at the Mends And Mill Point Intersection at a red light waiting to turn left.
The crowd on the balcony turn to check out the car and give him a cheer he responds by revving the engine and either pulling the bird or giving the crowd a wave,. So the light turns green and STUPIDLY he just plants it! In a Ferrai he just stomps on it, now thats a tight left hand turn at the best of times, i think he thought he was driving a Falcon and could spin the wheels but no, with all the traction control that thing has it just launched it like a bullet, he didnt even make it half way through the turn and BAM head first into the Traffic light.
Everyone rushed the balcony and started taking pictures and jeering him, One of the Staff got to him and asked if he was ok, "I had my seatbelt on, hic" was his reply.
The cops ask the Staff to detain him so hes, sat him down (after he had been into the bar, but didnt get a drink). People swarmed the car and footpath and in the bustle he jumped up and legged it through the car park. T the bouncer chased him with a couple of bar staff one of which went tits up in the pursuit and face planted the ground, he was not punched, he was pissed too and didnt see the chain barrier at the bottle shop, we all got a laugh outta that because he came back insisting he'd been punched when really he had just gone guts up in the car park, funny stuff.
The bouncer bought him back and sat him down for the cops.
Cops came and took him away. And yes he blew 0.24 which is obviously 3 times over the limit, he staggered into teh cop car.
So, $380K+ car, over $50K damage to it and no insurance. He'll probably have to pay for the damaged traffic light as well."