Millionaire businessman Zef Eisenberg was trying to break the speed record in a Porsche 911 Turbo S when he was killed, Motorsport UK has said.
The 47-year-old father-of-two from Guernsey died at the scene of the crash at Elvington Airfield near York on Thursday afternoon.
The car went out of control at high speed at the end of a run, motorsport's governing body said.
Eisenberg made a fortune after setting up the fitness firm Maximuscle and was a television presenter, and a popular member of the motorsport community.
An ultra-speed motorbike racer, in the past decade he amassed over 70 land speed records for motorbike and car.
A Motorsport UK statement said: "Yesterday at Elvington Airfield, Zef was attempting to break the British Land Speed Record in a Porsche 911 Turbo S, at an event organised by Straightliners Ltd/UKTA.
"At 1630, the car went out of control at high speed at the end of a run.
"Local police and ambulance crews attended, however the driver tragically died at the scene.
"Zef leaves behind his partner Mirella D'Antonio and two children."
The organisation said a full investigation involving the police will begin.
The statement added: "The thoughts of everyone at Motorsport UK and within the UK motorsport community continue to be with Zef Eisenberg's family, the organisers of the event, and other members of the motorsport community who were present at Elvington Airfield."
He was airlifted to hospital in 2016 from Elvington when he crashed while riding a gas turbine engine motorbike.
At the same airfield in September 2019 Eisenberg broke the world's fastest time for an unfaired electric motorbike, and dedicated the achievement to a teammate who died at the Isle of Man TT races.
He celebrated breaking the Federation Internationale de Motocyclisme (FIM) record for a flying kilometre on the bike his friend and colleague Daley Mathison was due to ride in the Isle of Man TT Zero race earlier that year.
Eisenberg told the PA news agency he carried a photo of his friend in his leathers and also wore Mathison's knee slides at the time.
At the time Eisenberg said: "I made a promise to him, and to his wife Natalie, that I would take the bike to world glory.
"He was with me on every ride.
"We all felt he was there with us.
"He's hopefully smiling down now from heaven."
Elvington Airfield was the scene of a crash involving former Top Gear presenter Richard Hammond in 2006.
The 50-year-old was left in a coma for two weeks and with brain injuries after crashing a jet-powered car.
The privately-owned venue, which is an active airfield, is also a facility for driving, driver training, filming and other testing purposes for professional organisations.