A driver lost control of a Ferrari sports car traveling 120 mph along Pacific Coast Highway in Malibu this morning, slamming into a power pole that cut the car — which sells for up to $1 million — in half, according to authorities.

The sports car went airborne and struck a power pole 5 to 10 feet off the ground, Brooks said. The car was demolished, but two air bags deployed.

"You pay a million bucks for a car, you expect safety," Brooks said.

Investigators said they believe the driver was alone in the car and was engaged in a street race at the time of the accident. Erikssen told them the driver of the car fled on foot, but a search turned up no one, Brooks said.One man suffered minor injuries. He was identified as Stefan Erikssen, of Bel-Air, said Sgt. Philip Brooks of the Los Angeles County Sheriff’s Department.

Stefan Eriksson, is a former Gizmondo senior executive. Gizmondo was announced in 2004 as the next handheld that would challenge gaming powerhouses Nintendo and Sony in the portable market. Gizmondo Europe went bankrupt after the handheld failed miserably in retail.

When police arrived on the scene, they found Eriksson bleeding from the mouth. Eriksson told officials that he was not driving the vehicle, and the man behind the wheel, who Eriksson knew only as a German man named "Dietrich," had fled the scene. Eriksson reportedly had a blood alcohol content level of 0.09, just over the legal limit of 0.08.

Both airbags deployed, but blood was found only on the driver’s side airbag, leading officials to question the existence of Dietrich. Some reports indicated police may use DNA testing to determine if the blood is indeed Eriksson’s.

The crash took place about 6:15 a.m. near Decker Canyon Road, an exclusive area of multimillion-dollar estates overlooking the Pacific in west Malibu, near Leo Carrillo State Beach.

The car — reportedly a Ferrari Enzo worth between $600,000 and $1 million — has a top speed of more than 200 mph.

Traffic on PCH was disrupted this morning during the investigation of the incident.

Brooks said the area is not known for street racing.

"We get some speed violations, but nothing over 70 mph," Brooks said.

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