TMZ.com reports that police and witnesses say the accident occurred in Clearwater, Florida around 7:30 p.m. (eastern time) on Sunday night while Hogan was driving his Toyota Supra at a "very high rate of speed." He lost control of his car and hit the center median, flipping which then slammed into a palm tree, resting on its back end.
The police said the two travelling in the car sustained "very very serious" injuries. They also said that the tree "destroyed the entire car".
A police officer was not far behind the car when it flipped over and radioed in for help. Firefighters had to use the 'jaws of life' to cut Hogan and the other individual free from the wreckage.
No call was made to 911 and the occupants conditions are not yet known.
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Note that some listed sources or external links may no longer be available online due to age.