Lamborghini in London luxury-quarter crash

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It could only happen in London's enclave for the ultra-rich. The young driver of a Lamborghini Aventador, which carries a price tag of up to $500,000, faces a very hefty fine and repair bill after it was involved in a three-car collision on London's luxurious Sloane Street.

While no further details have emerged about the crash which took place on March 30, a video posted on YouTube suggests the car was driving above the area's 30mph speed limit. Failing to avoid a car turning into the street, the Lamborghini is seen impacting a parked BMW and a Mazda5. The force of the collision sent the matt-black sports careering down the road on two wheels before coming to a messy end.

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Luckily, no one was injured, but the Lamborghini has seen better days. The expensive car, left in a bad state following the crash, had previously been filmed around London with flames firing out of its exhaust.

Inhabitants of London's "Platinum triangle", a small area comprised of Mayfair, Knightsbridge and Belgravia, are used to the sight of expensive cars speeding through its streets, it is after all the neighbourhood of choice for millionaires and billionaires.

A recent survey by real-estate agency Beauchamp Estates and Dataloft found that London had the highest number of billionaires in Western Europe.

In June 2012, another video posted on YouTube shows a turquoise Ferrari 599 driven by an Iraqi national, racing through the same neighbourhood, narrowly avoiding pedestrians. Its speed is believed to have reached 120 mph.

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But used to the sight or not, residents of the area have continuously condemned the behaviour and accused the Metropolitan Police of double standard and failing to clampdown on this reckless driving.

In a Channel 4 documentary entitled "Millionaire Boy Racers" aired in January 2013, residents blame young Arab millionaires, who come to London for the summer months.

"They come in to the area around Harrods to show off their cars and drive recklessly," Justin Downes, one of the area's inhabitants says in the documentary.

A survey by real estate agency Knight Frank, published last month, says London wins over New York as a global wealth magnet. The report goes on to explain that "London is more convenient for African, Middle Eastern, Russian and European ultra-high net worth individuals."

But for the local Westminster council, this represents a substantial loss. In August 2010, it announced that foreign-owned supercars were to blame for the £4m ($6.6 million) in unpaid fines. It also explained that it was unable to recoup the money because 80 percent of overseas drivers given tickets refused to pay for them.