Fourteen vehicles were involved in the accident, including eight Ferraris, a Lamborghini and two Mercedes - likely worth more than $1 million together.
The cars were speeding on their way to a motor festival. Police believe the accident on Sunday happened when one of the Ferrari drivers tried to change lanes but hit the median. He spun across the freeway, and the other cars collided while trying to avoid the car.
None of the drivers was seriously hurt, but the damage is estimated to be well into the millions of dollars.
The Associated Press contributed to this report.