Charles "Mask" Lewis, the 45-year-old co-founder of the TapouT company, died when he lost control of his Ferrari and hit a lamp.
In a statement on its Web site, TapouT said, "It is with heavy hearts and great sadness that we must regretfully confirm the passing of our beloved friend, brother and co-founder Charles 'Mask' Lewis following a car accident that occurred last night. ... Many thanks to all for the outpouring of blessings and well-wishes during this incredibly difficult time."
Newport Beach Police Department officer witnessed the crash and saw Lewis' red Ferrari and a white Porsche spinning out of control just before 1 a.m. Wednesday. The Ferrari then hit the curb and collided into a pole.
A woman in the Ferrari was ejected from the vehicle and was in stable condition at a local hospital. Police haven't determined if she was the driver or passenger of the Ferrari.
Police later arrested the driver of the Porsche, Jeffrey David Kirby, and charged him with gross vehicular manslaughter. He was being held on $1 million bail.
There was a 50-mph limit on the road, but police believe both cars were traveling well above that limit.
The Newport Beach Police Department told that Lewis' car was a 2004 Modena Ferrari. That Modena can reach speeds of more than 180 mph and retails for almost $200,000.
Lewis and Dan "Punkass" Caldwell founded TapouT in 1997 as a clothing and MMA gear retailer.