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Andrew Gordon Bass died in Taupo Hospital from the injuries he received when his 360 Spider slammed into a tyre wall at the Taupo Motorsport Park about 1pm on Monday.
The 61-year-old was taking part in the Hawke's Bay Club's annual track day.
John McMillin said his son in law was "like a mate to me and more like a brother".
He said Andy was a "great golfing partner" and spent 28 years in Australia building commercial swimming pools for hotels, apartments and several projects at Sea World on the Gold Coast.
"He was a car enthusiast, he loved his Ferrari. He had two actually, one in Aussie and one here, which he kept in my garage. He also had an old Merc and a Harley Davidson motor bike."
Andy had only recently toured Europe as a member of the Australian Ferrari club, when he and 25 other Ferrari drivers made their way to the famous sports car's factory in Italy.
"They were going to do another tour shortly ... he would take his Ferrari out for drives in the country side," Mr McMillin said.
The director of Florida Construction and 458 Construction leaves behind his wife, Lyndy Bass , four children and seven grandchildren, which he "adored".
A service to celebrate Mr Bass' life will be held at the Mission Estate on Church Rd, Taradale on Friday at 2pm.
Mr McMillin said as soon as he heard news of Monday's crash he and his wife drove straight to Taupo to be with Lyndy, who was at the track at the time of the crash.
"They were both from Napier and they met over in Australia and got married over there," he said of his daughter and Andy.
"It's really sad. We will just have to battle through the next few days. He only arrived back in Napier last Saturday and was due to head back to Brisbane in five weeks to finish another construction project."
The 61-year-old was also a "good tradesman" and was renovating an old cedar wood house in Napier which had belonged to his in laws.
At the time of the crash Andy was wearing fireproof racing overalls, a crash helmet and a safety belt.
An 18-year-old passenger, also a Napier local and described as Andy's friend, walked away from the crash with minor injuries.
The track day event organiser Dennis Churcher said he will dearly miss his friend of over 35 years.
"He has missed this event a lot because he has been living in Australia and was really looking forward to it."
Taupo Area Road Policing Manager Senior Sergeant Fane Troy told Hawke's Bay Today there are no early indications as to what caused the crash.
The Police Serious Crash Unit is investigating the crash on behalf of the Coroner.