Nick Hogan, the son of wrestler Hulk Hogan and star of the VH1 reality show Hogan Knows Best, was seriously injured in a serious car accident tonight. Nick was driving at a high speed when he lost control. He is currently being taken by helicopter to the hospital. Pics of the Nick’s Crashed Toyota Supra can be viewed here.

Law enforcement tells TMZ the accident occurred around 7:31 p.m. ET tonight. According to police, a Toyota Supra, driven by Nick Bollea (Hogan’s real name), was traveling at a very high rate of speed when it lost control and hit a raised median. The car was flipped around and the back end hit a palm tree. The impact, we’re told, “destroyed the entire car.”

The two male occupants were flown by Medivac helicopter from the accident scene to a hospital in St Petersburg. We’re told both injuries are “very very serious.”

PEOPLE is reporting that both of Nick’s parents, Hulk and Linda, are at the hospital in a private waiting room along with other family members.

Police alerted Hulk Hogan to the accident. According to a hospital source, the wrestler and his family are in a private waiting room as Bollea is being treated for “very serious, life-threatening” injuries. Hogan declined to address the media through a hospital spokesperson on Sunday evening, but plans to make a statement on Monday morning.

Earlier this year Nick wrecked his dad’s Lamborghini (photo above and below) and it caught fire and burned to the ground.

Nick also burnt rubber out of a Los Angeles eatery back in December after lunch with his mom.

Praying for a complete and speedy recovery for Nick and his passenger.

UPDATE: Nick’s Mom Linda Releases Statement About Nick’s Release

UPDATE: Nick Hogan Requests Prayers for Injured Friend

UPDATE: Nick Hogan Sentenced to 8 Months in Jail