BEAUMONT, Texas (AP) -

Federal authorities say an East Texas man has admitted to deliberately driving his $1 million car into Gulf waters so that he could collect insurance on the vehicle.

Authorities announced Tuesday that 39-year-old Andy Lee House of Lufkin has pleaded guilty to wire mail fraud.

They say he purchased a Bugatti Veyron and had it insured for $2.2 million. The elegant vehicle is considered one of the fastest in the world.

Authorities say House initially claimed in November 2009 that he was reaching for his cell phone when the vehicle swerved into water near Galveston. The salt water flooded the engine, ruining the Bugatti.

But a motorist videotaped the incident, allowing investigators to note discrepancies in House's account.

His sentencing has not been scheduled. He faces up to 20 years.