The Swiss judiciary has punished a millionaire "roadhog" with a taste for fast cars and a disregard for the law with a record fine of £182,000 for speeding.

Faced with the repeat offender, who had been clocked driving his red Ferrari Testarossa at 85mph in a 50mph zone, judges in St Gallen, eastern Switzerland, decided the fine should fit both the crime and the perpetrator's personal wealth, which is estimated at more than £16m including a garage with five luxury cars.

"The accused ignored elementary traffic rules with a powerful vehicle out of a pure desire for speed," the court said in its judgement. According to the Swiss daily Blick, the judges also ruled that he was a "roadhog". The newspaper noted that he had some fast friends on his Facebook page, including Michael Schumacher and Kimi Räikkönen.

The defendant had initially refused to appear before the court, claiming his status as a diplomat from the republic of Guinea-Bissau gave him immunity. However, the court refused to recognise it – nor his claims that his diplomatic number plates must have fallen off.

The unidentified driver can appeal against the decision, handed down in November, at the Swiss supreme court. His fine is thought to be more than twice the previous Swiss record of about £67,000.