The crowd rush to the scene to capture the carnage and check if the driver is okay.
Following the incident, the driver was seen in tears as his half-a-million dollar prized vehicle is smashed up and unable to be driven.
The bonnet was crushed and the boot was completely torn apart after slamming into the tree.
A spectator told the Evening Standard everyone was shocked and worried for the driver.
"He was revving and decided to do a launch control, at which point he lost control because of his cold tyres.
"He hit the tree, went up the kerb and hit the wall.
"I'm pretty sure he was crying when he got out, it was easily a write-off.
"The drivers were not participating in drag races, they were just making some noises for the crowd and accelerating away fast.
"The crowd was loving the cars making noise and driving away fast from the event, but everyone seemed shocked and sad to see the crash."
The Huracan Performance goes from 0 to 100km/h in 2.9 seconds - and reaches 200km/h in 8.9 seconds.
The video was posted on YouTube by Supercars on the Streets and has already attracted nearly 200,000 views.