The 17-year-old, who cannot be identified, will be sentenced next month after he pleaded guilty to stealing five luxury cars from Merewether houses earlier this year.

He pleaded not guilty to breaking into the homes, but Broadmeadow Children’s Court magistrate Bruce Williams found five offences relating to entering or breaking into the homes proven following a hearing yesterday.

For more photos of the remains of Mr Tinkler's Ferrari, click on the image above.

The juvenile gave detailed accounts in July this year of how he entered the five houses and stole property and cars that included a BMW, an SS Commodore ute and Mr Tinkler’s Ferrari.

He told police that he pocketed about $1000 when a clip of $50 notes fell from a bag in Mr Tinkler’s Ocean Street home before he found the keys to the Ferrari.

‘‘When I seen the keys I just knew it was Ferrari keys cos I looked at it and the, like, keys were red and I’m just like, oh that’s a Ferrari, what, I have to take this, I’ve got to take this for a drive, are you serious and, but I thought it’d be like an old one or somethin’, like a Diablo or, you know, one of them old ones. No, jumped in the garage, holy shivers Christ,’’ he told police.

Before he got in the Ferrari he noticed a Jaguar.

‘‘Looked at the Jaguar, the top speed I think was 290. I thought that goes all right, goes as fast as that BMW almost. BMW went 280. Then I looked at the Ferrari and the Ferrari went 390 and I thought, yeah I’m takin’ this for sure.’’

He said he then drove the Ferrari to Raymond Terrace where he picked up some mates and went ‘‘rallying’’ in the bush.

When asked if he let any of his mates drive, he replied: ‘‘No one else got the chance ... cos, like, I full rallied it and like ... so crazy, pumpin’ sideways through trees ... I think I just overheated the car and then the car’s just stopped workin’.’’

The offender told the court that his record of interview was a lie and that another person broke into the homes and later gave him the cars.