UPDATE – The driver has been identified as Charles Lewis Jr, aka Mask, the co-owner of MMA Clothing Line TapouT.

Believed to be racing a Porsche at the time of the accident, the driver of the Porsche has been arrested and being held on suspicion of Gross Vehicular Manslaughter.

This is what the Ferrari 599 GTB looks like new and rimmed up… This is what a Ferrari 599 GTB looks like after you wrap it around a pole!!!

From the LA Times:

A man is dead and his passenger injured after a red Ferrari crashed into a light pole in Newport Beach, causing the vehicle to split in two. The violent crash occurred on Jamboree Road near Camelback Street just before 1 a.m. today and was reportedly witnessed by an officer in the area.Police say the luxury Italian sports car crashed into a light pole, which toppled onto the car and split it in half. The driver was declared dead at the scene. His identity is not yet known. His female passenger was ejected in the crash. She was hospitalized, and her condition is not known.

Hours after the crash, the front portion of the Ferrari could be seen resting against a hillside several feet away with its lights still functioning. The car appeared to be a Ferrari 599 GTB Fiorano, an all-aluminum V12 with a top speed of 205 mph and a price tag of about $300,000. It’s not yet known how fast the driver was traveling at the time of the crash or what caused him to lose control.