A 23-year-old passenger survived the Thursday night crash and is hospitalized with non-life threatening burns.
California Highway Patrol Officer Dave Webb said the names are being withheld until relatives are contacted.
The 2004 Ferrari F-360 was traveling north on Las Posas Road east of Highway 1 when the driver lost control just before 10 p.m. The crash site is about a mile from Naval Base Ventura County airfield at Point Mugu, about 60 miles west of Los Angeles.
CHP Sgt. David Hong tells the Ventura County Star ( http://bit.ly/Uo9cOT) that the Ferrari was traveling at very high speed.
Information from: Ventura County Star, http://venturacountystar.com