Unidentified sources said the 50-year-old model allegedly took a turn too fast on Mulholland Drive, lost control and struck something off the road, TMZ.com reported Sunday.
Specific details regarding what he struck in Saturday's accident were not reported, but TMZ.com said the Ferrari sustained front and back end damage to its right side.
Fabio, whose full name is Fabio Lanzoni, apparently wasn't hurt.
An unidentified World Class Driving representative had little to say about the accident, TMZ.com said.
"No comment," the representative said. "We are not very proud of the fact that Fabio wrecked our car."