Video of the run, posted on YouTube, shows the orange Gallardo passing the 1-mile marker on the closed runway, deploying a parachute and veering to the right and off the runway. The car becomes airborne and flips twice before landing.

Internet reports say the driver survived with no major injuries, and that there was a strong crosswind at the time of the crash.

The twice-yearly Texas Mile is held on the runway built for the Goliad Industrial Air Park, about 90 miles southeast of San Antonio. During the three-day event, participants drive to post a top speed for a one-mile section of the runway.

Underground Racing makes a business out of upgrading Lamborghinis with twin turbochargers to boost engine output to more than 1,000 hp.

Car owner Richard Holt pushed his Lamborghini Gallardo Superleggera upfitted by Underground Racing to 250.1 mph at the Texas Mile event in late March. Holt's car is the same color as the one that crashed last weekend.