A rare Ferrari worth over £850,000 has been badly damaged in one of the UK's most expensive single-car crashes.

The driver of the Ferrari F50 – one of just 349 ever made – is thought to have lost control of the car after entering a dual-carriageway.

He ended up hitting a lamppost and badly damaging the rear of the iconic car.

The crash, on Wednesday morning, took place on the A43 near Brackley, Northamptonshire.

Iconic car

An insurance company could now face the prospect of costly bill to repair the 1990s Ferrari, which was built to celebrate the carmaker's 50th anniversary.

Values for the F50 have soared over the past two years and they are changing hands for upwards of £850,000.

It is thought to be the most valuable car to be involved in a crash since Rowan Atkinson badly damaged his McLaren F1 in 2011.

Seamus O'Brien, 49, from Leicester, was one of the first people to arrive at the scene of the crash.

Ferrari

He said: "I was driving on the A43 near Brackley and saw the Ferrari wrapped around the lamppost.

"There was a chap wearing a Ferrari T-shirt stood besides another chap,  and another car had put its hazard lights on to block the lane which was 50 yards off the westbound roundabout.

"It looked like a test drive gone wrong and they had clearly come around the roundabout to head towards Silverstone and applied too much power.

"They're very unforgiving to drive and despite the very dry weather conditions, the driver clearly gave it too much welly and spun the car into the lamppost.

"Nobody was hurt apart from some seriously damaged egos."

Lamppost damaged

Regarded by many as an F1 car for the road, the F50 is powered by a 4.7-litre V12 engine which develops a staggering 520bhp.

This gives the F50 a 0-60mph time of 3.6 seconds and a top speed of 202mph.

A spokesperson for Northamptonshire Police said: "We were called at 11.11am on Wednesday morning to reports a silver Ferrari was involved in a collision with a lamppost.

"The lamppost and the car were damaged, but there were no injuries."

Picture credits: SWNS