Paul was known to be active in the automotive scene, and he was leaving a car show hosted to benefit one of his charities when the accident occurred. Racecar driver Roger Rodas was driving the car. Although he was experienced, it is said that speed was a factor in the crash, and there might have been some sort of mechanical failure as well.
Let me be the first to say (well, I'm probably not the first, but, you know), speed is not dangerous -- in the right conditions. The conditions are everything.
This was an experienced driver on a known road, but mechanical failure can change things very quickly -- and that is why it is best to save those adrenaline-filled moments for the track. We all might be tempted to speed here and there, whether it is for fun or simply because we are late getting somewhere, but ultimately it is not worth it.
No matter how experienced you are, things like this can happen. It not only endangers yourself, but those around you too. If he were at a track, there would at least be fire extinguishers around most likely. There's also a possibility that the outcome wouldn't have been any different, but at least it would have been in a controlled environment -- not on a public road.
If any of you have the Need for Speed, I highly encourage you to look up HPDEs (High Performance Driver Educations) at tracks near you. You can run your car all out (even if it is a basic sedan), and you'll have an instructor guiding you. It is not a racing school, but it really helps you be a safer driver by knowing what your car feels like at the limits. As a result, it makes you safer on the road.
Maybe this accident could have been prevented, or maybe it couldn't, but the ultimate lesson here is not to endanger others while having your fun. There are plenty of save venues, just waiting for you to go all out!