Charles "Mask" Lewis, an extreme-fighting industry figure, was killed in the accident, and a female passenger of the Ferrari remains in the hospital.
Kirby, 51, is being held on $2 million bail and is accused of gross vehicular manslaughter while intoxicated.
Newport Beach police said Kirby's 1977 Porsche collided with the 2004 Ferrari Modena on Jamboree Road just before 1 a.m. Wednesday. The vehicles were traveling at a high rate of speed, and the impact sent the Ferrari into a light pole, ripping the car in half.
A police officer who witnessed the accident said the Porsche stopped briefly before fleeing the scene.
Officers found the car a few blocks away and arrested the driver as he was walking away from the car.
According to court records, Kirby was convicted of driving under the influence in 2002.
Lewis had cofounded Tapout, a martial arts clothing line back in the 90s that grew to be a $100 million company. Tapout is based in San Bernardino, according to the company Web site.
A memorial service for Lewis is still in the planning stages. A statement on Tapout's Web site thanks everyone for support and well wishes during this difficult time.
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