08/26/2007 AT 10:25 PM EDT
Hulk Hogan's son Nick Bollea was seriously injured Sunday night after his car careened off the road and struck a palm tree.
Bollea, who was featured with the rest of his family on the pro wrestler's VH1 reality show Hogan Knows Best, was driving his yellow Toyota Supra down a four-lane highway in downtown Clearwater, Fla., when the car's rear tires hit the raised median, police said. After fishtailing for several seconds, the car slammed into a 25-foot tall palm tree.
"His car inexplicably left the road," Clearwater Police spokesman Wayne Shelor tells PEOPLE, "and it was totally destroyed upon impact."
The cause of the crash is unknown, although police believe the car was traveling at a high rate of speed. "We don't know exactly what happened," says Shelor, "but we are investigating."
Bollea, 17, and his male passenger had to be extracted from the vehicle using the "jaws of life." They were placed on a Medivac helicopter where they were flown seven minutes to nearby Bayfront Medical Center in St. Petersburg.
Bollea is in serious condition, while his passenger has been listed in critical condition.
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.