The man allegedly did burnouts and drove at a "ridiculously dangerous speed" in his $160k American muscle car.
The man is also alleged to have taken passengers for a spin in his black 2016 Chevrolet Corvette Z06 during the incident.
Police have seized the $160,000 Corvette and banned the driver for 28 days after executing a search warrant.
The incident unfolded on Christmas Eve when police received multiple reports from the public about a black sports car speeding.
The car was found to have allegedly travelled over four times the posted speed limit, as well as doing burnouts in the area, Constable Julie Russell said.
"Not only is this a ridiculously dangerous speed, but this reckless driving may have had the potential to cause serious harm to a number of people."
The 63-year-old man is due to appear in Gore District Court on February 11, charged with sustained loss of traction and reckless driving.
Police thanked the members of the public who contacted them at the time of the offending.
"This real time information is crucial in helping us know where to be and assists in our investigations ...
We appeal to anyone who may have witnessed this incident or has CCTV or dashcam footage and is yet to contact us to please do so." — Allied Media
