Gold Coast racing car driver Chris Pappas was identified as the victim of a hammer and knife attack early on Tuesday morning.

According to the Daily Telegraph, Pappas was rushed to hospital in a serious condition after being stabbed and struck with a hammer multiple times at his waterfront mansion at Mermaid Waters.

It is believed he was stabbed in the leg and hit in the head at 3am in his Sailaway St residence.

He was taken to hospital as police declared a crime scene and launched an investigation. His condition had improved that afternoon and was listed as stable.

Sources said the 36-year-old had been at home with his partner Krystle Earsman when two masked men burst in. Pappas wrestled with the intruders and his sister, who lives next door called the police when she heard screams.

It is also believed that he had recently upgraded security at the home following threats.

Pappas is a controversial figure, who two years ago survived a fiery crash in a McLaren supercar when he hit a telegraph pole on the Gold Coast.

In 2016, Pappas was among several men charged over an alleged multimillion dollar “boiler room” fraud, accused by police of selling false betting products or services.

Charged were dropped and none of the cases were formally listed for trial.