Fibonacci stone and tile boss Michael Karakolis pleads guilty to Metro Ring Rd Porsche speeding

A Melbourne tile and stone businessman had cops hot on his tail after he was clocked doing 155km/h in a Porsche on the Metro Ring Rd.

Michael Karakolis pleaded guilty in the Melbourne Magistrates' Court to speeding. Facebook.

The owner of a tile business, who blasted his vintage Porsche along the Metro Ring Rd at almost double the speed limit, told cops he was “in a rush”.

Michael Karakolis, 47, pleaded guilty in the Melbourne Magistrates’ Court on Monday to speeding.

Karakolis was nabbed zooming a vintage green Porsche along the M80 Metropolitan Ring Rd early on October 31 last year.

Road patrol cops clocked Karakolis doing 155km/h in an 80km zone about 930am, the court heard.

Police lit up Karakolis and “attempted to catch” the tearaway driver near the Dalton Rd exit ramp in Thomastown.

Karakolis, who was eventually stopped nearby, was quizzed by police about why he was almost double the speed limit.

“Yeah I guess I was in a rush … (it’s a) reason not an excuse,” Karakolis said.

Police also asked Karakolis if it “took much to go up to that speed”.

“I can’t say I’m super familiar with the car … I don’t look at the speedo,” Karakolis said.

Karakolis, who had a charge of speed dangerous withdrawn, also told police he didn’t pay any attention to other drivers on the road at the time.

Karakolis, who has lost his licence twice previously, was charged and had his Porsche impounded for 30 days.

The defence submitted Karakolis’ offending occurred on a Sunday morning.

“There was hardly any other vehicles on the road effectively,” the defence submitted.

“It doesn’t mean you can do it … he appears in court today … utterly remorseful, ashamed of what happened and totally embarrassed.”

The court heard Karakolis runs a successful commercial and domestic stone, tile and slate business which employs 16 staff.

Karakolis, via social media, purports to be the founder of family business Fibonacci.

The defence also tendered references including one from a former police officer.

“He was nearly doubling the speed limit,” the magistrate said.

“Needless to say that is not acceptable in any circumstances …”

Karakolis had his licence suspended for 12 months, convicted and fined $500 and ordered to pay $131.50 in court costs.

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