Driver Chris Raschke lost control about two and a half miles into a run and was treated by medical professionals at the scene, but died from his injuries, according to a statement from the Southern California Timing Association, which has organized the popular land-speed racing event known as "Speed Week" since the late 1940s.

Chris Raschke, 60, was reportedly piloting the Speed Demon 3 at nearly 300 mph when he lost control of the specially designed vehicle.

The accident happened Sunday during "Speed Week" at the Bonneville Salt Flats, part of an annual event drawing drivers to the area.