Police Investigate Exotic Cars Racing on Beverly Hills Residential Street

— -- Police are investigating after two luxury sports cars were captured on video speeding through the residential streets of Beverly Hills with shocked neighbors standing by.

The video, shot on Saturday, shows a yellow Ferrari LaFerrari and white Porsche 911 GT3 revving their engines and blowing through a stop sign at a four-way intersection. Residents called the police to report the reckless driving, ABC's Los Angeles station KABC reported.

"I heard a bunch of loud noises, looked outside," witness Aaron Esagoff told KABC. "I saw a Ferrari coming down the street really fast. It kept on veering around, coming back and forth, back and forth. It was pretty loud."

The LaFerrari can have a price tag of about $1.5 million while the newest model of that Porsche has a manufacturer's price of $130,400.

The video shows the Ferrari making a noise at it scrapes the road at least twice and smoke coming from the vehicle when it returns to the house. At the end of the video, police are seen approaching the house.

The Beverly Hills Police Department told ABC News in a statement today that a man who said he was the owner of the cars "denied driving at a high rate of speed, running stop signs or driving recklessly. That individual claimed to have diplomatic immunity."

"The Beverly Hills Police Department has been in contact with the United States Department of State in regards to the diplomatic status of the individuals involved and the legality of those vehicles being operated on a roadway in the State of California," the statement added.

The U.S. State Department is "working closely with the local authorities concerning this disturbing report," according to spokeswoman Nicole Thompson. "The case is currently under investigation, and we are in the process of reviewing the validity of the alleged assertion of diplomatic immunity with respect to this case."

Freelance journalist Jacob Rogers told KABC that he went to the owner's house Monday afternoon to ask about the incident and was angrily confronted by a man who answered the door.

"He still proceeded to push me. I started walking backward with my camera up on my shoulder and at that point, he punched the camera as I was trying to lift it up on my shoulder," Rogers told KABC.

No arrests have been made or summonses issued, police told ABC News.