For the price of a $160,000 membership plus a $6,500 annual fee, you can get 50 days of high-speed driving in a fleet of supercars at Spain's lavish Ascari Race Resort. Situated in the dramatic southern Andalusian mountains, the Ascari consists of a luxury resort complex adjacent to a 3.4 mile racetrack designed to replicate famous Formula 1 courses. The resort features of a ten-villa luxury hotel, spa, salon, clay shooting range, pools, bars and a helicopter pad to take guests to a beautiful beach 15 minutes away. The fleet of cars ranges from several race-prepped Lotus Elises and BMWs to ex-Formula 1 machines and Ascari's own brand of supercar. However, they can procure Ferraris, Lamborghinis or "just about anything you could wish to drive on the circuit, given time and sufficient credit card headroom," BusinessWeek notes. See the gallery for more.

One of the investors in Billionaire, the famed club for the megarich on Sardinia's swank Emerald Coast, says the club should be shuttered because of the current economic climate. Billionaire, a favored haunt of tycoons who come to frolic with the likes of Dolce & Gabbana, Kate Moss and Sean Combs, is controlled by rakish Formula 1 mogul Flavio Briatore (above), but Italian entrepreneur and politician Daniela Santanchè has a 10% stake.

Santanchè says that the ultra-exclusive club, where methuselahs of Cristal go for $50,000 a pop, is an offensive relic of a more wasteful age, the London Guardian reports. "With people struggling to get by, Billionaire should be consigned to history," Santanchè says. "I myself have put my Aston Martin in the garage and get around in a Fiat 500."

"Daniela has been in the sun too long," Briatore, who has dated the likes of Naomi Campbell and Heidi Klum, fired back. "What she's saying is absurd. If luxury is suddenly a problem let's close Bulgari and Cartier, or even all the discos, restaurants and the whole of the Emerald Coast." That may not be necessary, in any case. The New York Times recently reported that the hotspot has lost a lot of its exclusivity lately and that some recent visitors aren't even millionaires, let alone billionaires.

Our friends at Autoblog found a company that produces "the perfect fusion between sport and jewels." The company is called Circuiti and, with designer Gianfranco Quartaroli, they make jewelery in the shape of internationally known motorcycle and auto racecourses.

Each piece in their collection can be made of steel or of gold, and are available with diamonds and without. A diamond is a popular way to mark the starting point of the course. The steel option might be the best choice of adornment for an everyday key chain, but the tracks set in gold with diamonds or other precious stones are the flashiest way for a fan to support his (or her) team. The stones can even be chosen to ensure that your pendant or cuff links will reflect your team affiliation. Prices start at around €64, depending up course and materials.

If you are a Formula fan, now you can get a watch to match your obsession.  Austrian watch manufacturer Jacques-Lemans, has bought the rights to the Formula 1 name and created the sport Formula 1 watch collection. The watches use materials such as carbon fiber, titanium and ceramic and have alarm, timer and chronograph functions. According to Gizmag there will also be ladies’ models in pink with mother of pearl. The watches cost between  200 and 400 euros.

Bid4Assets an online auction company has announced the auction of a1990 Mercedes-Benz C-11-05 racecar driven by Formula 1 champion driver, Michael Schumacher, in the Le Mans Classic Championship competition. The auction will start on February 20 and has an opening bid of $830,000 and requires a $25,000 deposit. The auction ends February 23 at 3pm. The car is currently located in a storage facility in Boca Raton, Florida. It is being sold as part of a liquidation of assets owned by CLR Associates which is part of the SEC receivership involving the Lancer Group Family of hedge funds.