If you thought the couple of hundred dollars you had to pay on your last speeding fine was disheartening enough, take pity on this Swiss man who had to pay around $290,000--a new record.

The fine was handed to the millionaire speeder who was caught by Swiss police racing through a village in his red Ferrari Testarossa at speeds of around 80 mph.

"The accused ignored elementary traffic rules with a powerful vehicle out of a pure desire for speed," a Swiss court said in its judgment of the motorist.

The previous record, also handed down in Switzerland, was for a Porsche driver who had to pay just over $100,000.