He was uninsured, had a suspended license, the car was unregistered, and he didn't know how to drive stick. But he still went ahead and drove it, and lost control at low speeds. He survived, but the car is wrecked.
It sounds a lot like our regular AntiVa crowd.
Edit: Correction - he's not an IT dude, but rather seems to be a manager of his dad's hotel properties and franchises, which include a Hilton in Boca Raton, FL. It seems to be his dad's $700k that he blew.