THIS $250,000 Ferrari was almost sliced in half yesterday, yet the two men inside astonishingly escaped serious injury.

They had "turned the streets into a racetrack" before crashing into the pole, in Walkerville, just before noon.

The driver, aged in his 30s, and his passenger were treated in Royal Adelaide Hospital for minor injuries.

See the amazing crash pictures

They remained in hospital in a stable condition yesterday. The five-year-old Modena model was wrapped around the pole on Lansdowne Ave.

The car crashed a few minutes after residents said they saw it "zinging" past their homes at high speed.

"I was outside my house talking and we heard something fly up and it was this black Ferrari," Vlado Blazeka said.

"It sounded just like, `zing, zing', as it went past," Mr Blazeka said.

He said he walked around the corner when he saw a firetruck go past and saw the Ferrari smashed against the pole.

He said the men were "lucky to be alive".

"The Stobie split the car in two and it's basically up where the gear stick should be," he said.

Wild at Art manager Lana Errey rushed to help the two men after the accident happened 200m from her gallery.

"I just wanted to do what I could to help. After I checked they were OK I put my hand on the driver's shoulder and said a prayer for them," she said.

Ms Errey, 45, heard the Ferrari go past about 11.30am and described the noise as "deafening".

"It's like they turned the streets into a racetrack," she said.

Bruce Colwell, 60, saw the Ferrari "whiz" down Walkerville Tce and turn right on to Landsdowne Rd minutes before the crash happened.

"It looked like he (the driver) was doing about 150km/h," he said.

Police were investigating the cause of the crash. It was not known if charges would be laid.