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.

Driver Chris Raschke died Sunday after crashing while trying to set a land speed record at an annual event on the Bonneville Salt Flats in Utah, event organizers said.