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High-speed enthusiasts descend on Newfoundland each September for a race on public roads through the rugged beauty of the province.

This year one driver got a bit closer to nature than he wanted.

Zahir Rana, a dealer of exotic cars based in Calgary, was driving his fabulously expensive Ferrari Enzo in the annual Targa Newfoundland when he lost control and landed in the water.

The accident -- which his navigator brushed off as "a little boo-boo" -- happened metres away from four incredulous spectators and was caught on video.

In a clip widely circulated on-line, the modified yellow and black car, which can reach speeds in excess of 350 kilometres an hour, loses traction. Its rear slides to the left and then the vehicle spins the other way into the drink.

"My first thoughts were 'oh my god'," Mr. Rana said on the video. "I mean, I love my car and to me it's the best thing ever. But then, as I realized, I thank God that I'm well and fine. And it's only a car. It's not a big deal."

The car, models of which trade at auction for more than $1-million, was only lightly damaged.

"It's going to be fine," Mr. Rana said as the car was lifted out of the water by a crane. "It doesn't look bad at all."

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