James A. Mucciaccio Jr., of Deerfield Beach, was identified as the Florida man who drove his Ferrari 360 into the Palm Beach Inlet the day after Christmas.

The driver was reportedly racing his Ferrari at top speed before launching himself and his vehicle into the Atlantic Ocean.

According to local NBC station WPTV 5 that broke the news earlier in the week – citing reports from both the local fire department and the Palm Beach police department – it was around 7 a.m. on December 26 when the oceanic crash occurred.

Mucciaccio and his Ferrari reportedly took flight before landing in the ocean. The vehicle proceeded to float for nearly 50 feet before it began to submerge. Mucciaccio was able to escape the vehicle without injuries before it reached the ocean floor – sinking roughly 30 feet.

According to the media outlet, divers were able to inflate the vehicle’s airbags and float the vehicle back to the surface before pulling it out of the water. The Ferrari was retrieved within 24 hours of the time it first hit the water.

The crash report reveals the driver did not appear to be under the influence of drugs or alcohol at the time of the incident. The reports did indicate that Mucciaccio intentionally drove his vehicle at top speed before catapulting it off of the dock and into the ocean.

According to Cars.com, depending on the condition and the year of the vehicle he drove into the ocean, a Ferrari 360 can be worth anywhere from $50,000 to $200,000.

Florida man intentionally drove Ferrari into water, Palm Beach police say https://t.co/TO1Oler8DP pic.twitter.com/joTe6X6wmU — Orlando Sentinel (@orlandosentinel) January 3, 2019

A few days ago, Code 3 Divers released both photo and video details of the recovery of the Ferrari to their 735 Facebook followers.

In just a few days, one video clip they posted had accumulated just shy of 6,000 views. Individuals commenting on and sharing the video clip seemed sad to see such a nice car get destroyed.

According to the divers’ Facebook page, this is not the first time they’ve had to fish a Ferrari out of the water. In fact, they posted several photos of a flooded Ferrari 459 Spider they had also retrieved from the water. Because of the extensive flooding damage to the vehicle in the photo, it had no chance of returning to the road.

Florida Man Drives Ferrari Off Dock and Into Sea https://t.co/QmIX4QIX60 pic.twitter.com/cwQrFaAT4c — Florida Man (@_FloridaMan) January 3, 2019

Some took to the comments – of the divers’ post of a different Ferrari confirming they had done this before – to speculate why these accidents may have happened. One individual speculated insurance fraud.

At this time, media outlets have not reported a reason as to why James A. Mucciaccio Jr. purposely drove his vehicle at top speed into the Atlantic Ocean.