Poor guy, but some people don't respect others properties. The journalist waswell aware of the value of the machine, and its limitations but decided to ignore it.
A verbal agreement (or verbal contract) is valid when it comes to court of law, and if full responsibility was agreed by both parties, then so be it.
Obviously we need to hear both sides of the story, and honestly, the Porsche owner should have some sympathy, but imo, from reading the story, I really think the journalist that was at fault here.
What I don't understand is why neither party has insurance, and why the journalist as an individual is responsible (and not the magazine company he works at)