It seems unbelievable, but the only thing seriously injured in this crash was the driver's ego.
Pole position: When it comes to a credit crunch, it doesn't get any bigger than this
Incredibly, the driver and his male passenger, who have not been named, received only minor injuries.
The five-year-old black Ferrari 360 Modena crashed a few minutes after residents saw it go past their houses at high speed.
One householder said: 'I was outside my house talking when we heard something fly up towards us and it was this black Ferrari.
'It sounded just like 'zing-zing' as it roared past. I have never seen anything travel as fast as that in my life.
'Those men were lucky to be alive because the pole split the car in two and it's ended up where the gearstick should be.'
Crunch: Amazingly driver and his passenger walked away from the crash
The un-named driver and his passenger were taken to the Royal Adelaide Hospital for treatment, but their injuries were said to be not serious.
Pictures of the crashed vehicle resulted in one internet blogger commenting: 'I wonder what action the police will take with an idiot driving a Ferrari.'
Another commentator said: 'We're making a few assumptions here, but when a young guy is driving a Ferrari worth a quarter of a million bucks, and then splits it almost in two, someone's going to be grounded for life.'