BEAUMONT (CBSDFW.COM/AP) — Federal authorities say a Texas man has admitted to deliberately driving his $1 million car into Gulf waters so that he could collect insurance on the vehicle.

Authorities announced Tuesday that 39-year-old Andy Lee House of Lufkin has pleaded guilty to wire mail fraud.

They say the East Texas man purchased a Bugatti Veyron and had it insured for $2.2 million. The elegant vehicle is considered one of the fastest in the world.

Authorities say House initially claimed in November 2009 that he was reaching for his cell phone and when he accidentally swerved the vehicle went into Gulf Bay near La Marque. The salt water flooded the engine, ruining the Bugatti.

But a motorist videotaped the incident, allowing investigators to note discrepancies in House’s account.

Watch the video here. Warning: Profanity is audible.

His sentencing has not been scheduled. He faces up to 20 years.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Latest News:

[display-posts category=”news,sports” wrapper=”ul” posts_per_page=”5″]

Top Trending: