Ferrari 269 worth £300,000 wrecked after spinning off road and crashing into bollard

This is one mishap that’s going to hurt the wallet.

A Ferrari 296 worth £300,000 was left wrecked after crashing into a bollard in London’s Mayfair.

The purple supercar is believed to have spun off the road after going above the speed limit at around 7pm on New Year’s Day.

It ended up backwards and hit a lamp post, leaving its front and rear severely crumpled.

The repair bill is estimated to be in the region of £100,000.

The driver was reportedly not the owner of the Qatari registered motor, which had its licence plates removed and placed inside.

Police say there weren’t any serious injuries.

Last year, the shocking moment two speeding Ferraris crashed into a house at the same time was caught captured in CCTV footage.

The death-defying scene unfolded outside a village near the town of Osimo in eastern Italy.

Police were forced to seize a Ferrari F40 in Lowestoft, Suffolk, last April because the driver didn’t have insurance.