A rare Ferrari sports car crashed into a saltwater lake in Canada after the driver lost control of the high speed car during a race.

The Ferrari Enzo, worth an estimated $1.5 million and one of only 400 models made by Ferrai, was plunged into the water after the driver of the sports car lost control as the vehicle hit a stone on the track as it came around a bend on the race track at a very high speed.

Spectators at the Targa Newfoundland Rally in Canada described seeing the luxury sports spin a full 180 degrees, before hurtling backwards towards a ledge overlooking the lake, before plummeting into the water below.

The Ferrari was being driven by Calgary based car dealer, Zahir Rana, and friend Roland Linder was also travelling onboard as co-driver and navigator. The two men managed to scramble out of the crashed Ferrari unharmed.

Despite the dramatic nature of the crash, the luxury sports car only sustained minimal damage including a smashed bumper and wing, although the problems to the bodywork are mostly cosmetic. The main issue to be resolved following the crash will be to correct the electronics as they became wet after being submerged in the lake.

After the Ferrari was lifted from the lake by a crane, the car dealer owner had two of his best mechanics work for 14 hours straight to strip the car back immediately to try and minimise the damage caused by the water.

The plucky car dealer says that despite the accident, he has every intention of returning to the race next year.