LOS ANGELES — When Stefan Eriksson's red Ferrari left a stretch of Pacific Coast Highway in Malibu one morning last month police estimate it was going 162 mph. The $1 million car, revered by some as the apex of automotive art, clipped a utility pole and shattered.
Spectators eye the half-million dollar Porsche Carrera GT at the Crystal Cove car meet in Newport Beach, Calif.

Ericksson, a former executive for a British electronic-game company, walked away with only a scratch.

But the crash touched off a frenzy of speculation and head shaking in car-obsessed Southern California, where a small world of wealthy enthusiasts pour millions of dollars into possessing the newest, most powerful exotic automobiles the world can produce.

There are collectors and enthusiasts all over the country and the world, but Los Angeles — with its mild weather and car culture tradition — has become ground zero for the latest breed of super-rich supercar fanatics.

"Californians are very demanding people, very acquainted with luxury goods," says Marco Mattiacci, vice president of marketing for Ferrari North America.

In a place where you are what you drive, Eriksson has become this city's latest mystery figure. The wealthy Swede Eriksson was criticized for recklessness yet envied by the gearhead cognoscenti for having, according to the Los Angeles Sheriff's Department, not one but two Enzos, which are limited edition, 650-horsepower, carbon-fiber supercars capable of 218 mph. (Video: Animation recreates accident)

Top performers, top dollars

"Obviously this guy didn't know what he was doing," says Tonight Show host Jay Leno, who has a garage full of significant collector cars including a McLaren F1, which can outrun an Enzo. "A Ferrari Enzo won't leave the road at 160 mph unless you're doing something wrong," he says.

Just what constitutes a supercar is a matter of opinion.

For some, any Ferrari or Lamborghini will do. But a more precise definition is based on power, speed, cost and rarity.

Among Ferraris the top performers of the past 15 years are supercars in anyone's book: the F40, the F50, and the Enzo, which began production in 2003. Only 400 were produced, fewer than 100 in a version that meets U.S. emissions and safety laws.

Mercedes-Benz's SLR and Porsche's Carrera GT, each a 600-plus horsepower machine going for more than $450,000 new, certainly qualify. The McLaren F1 is the speed champion, capable of 240 mph in a low-weight package. Ford's GT, Lamborghini's Murcielago and Maserati's MC12 claim the title. Southern California even produces a contender, the S7 from Irvine-based Saleen, which claims 750 horsepower and lists for $550,000.

A new top dog arrives this year: the Veyron by Bugatti, an old French marque now owned by Volkswagen. It claims 1,001 horsepower from 16 cylinders, with a top speed over 250 mph and a sticker of $1.2 million.

The Enzo defines the breed. The car had a list price of more than $650,000 and you needed pull with a dealer or the factory to get one. Now that they are all gone asking price on the used market exceeds $1 million for low-mileage examples, Ferrari broker Michael Sheehan of Newport Beach says.

Leno drove one but passed on buying. Actor Nicholas Cage had one but sold it, says Ferrari of Beverly Hills President Giacomo Mattioli, who believes there are 15 Enzos in Southern California.

"Because it's such a collectible item, some of them don't really drive them so much," Mattioli says. "It's more for the enjoyment of ownership."

New owners differ from the old money that pushed the Ferrari market to record prices in the late 1980s (a 250 GTO sold for $13.3 million in 1989), Sheehan says. That crowd competes for trophies in August at the Concours d'Elegance at Pebble Beach.

New breed of buyers

"There's a whole new breed of collector that has emerged in the last three-four years," Sheehan says. "Almost all make the kind of money you cannot comprehend."

This new collector, he says buys the latest to one-up collector buddies. The owner may drive the car, sometimes at racetracks rented out to car clubs, sometimes to the latest trendy restaurant. But piling on miles hurts resale value.

Ferrari, the Italian make with an esteemed racing tradition, says North America is its most important market and nearly three in 10 of its North American cars go to California. Mattioli's Beverly Hills shop sells more Ferraris than any dealer in the country.

"It has to do definitely with the attitude of people living in Southern California, who are very open-minded," says Manfred Fitzgerald, director of brand and design for Lamborghini.

Martin agrees.

"Where are you going to go 180?" Martin says. "You're not buying these cars for their capability. You want to show not only that you can afford the latest thing, but that you have an 'in' somewhere with a dealer who can get you one."

Even if an owner never uses it, just knowing you have supercar power can be intoxicating. An Enzo can go 0 to 60 mph in 3.5 seconds. You can take one from a standing start to 100 mph and bring it back to 0, all in 10 seconds. Few drivers, beyond professionals, are as capable as the cars.

Eriksson's Enzo looks destroyed. Ferrari executives who inspected the wreckage said it could be rebuilt by the factory for a mere $200,000 to $300,000.

Eriksson may pass. Ehren Bragg, a Bugatti dealer, says the Swede has a Veyron on order.