The report was that the driver got distracted by a low flying pelican and drove off the road into the water. And, in case your interested, that is salt water. Apparently the car ran for about 30 minutes before it stopped running. You can see the bubbles in the picture from the exhaust.
In case you don't immediately recognize it, that is a Bugatti Veyron, I think there are about 15 in the US at approximately $1.5 million each.
The owner was reported to be from the Lufkin, Texas area and was looking at property in the Galveston area.