Paul Walker, best known for his role in "The Fast and the Furious" movies, died in a car accident, Saturday afternoon. The "Varsity Blues" star was going to participate in a charity function being organized by his own organization Reach Out Worldwide.

"He was a passenger in a friend's car, in which both lost their lives," Reach Out Worldwide said in a statement. "We appreciate your patience as we too are stunned and saddened beyond belief by this news."

"Thank you for keeping his family and friends in your prayers during this very difficult time," read the statement. "We will do our best to keep you apprised on where to send condolences."

The accident occurred in Santa Clarita, north of Los Angeles. Paul was the passenger in the two-seater Porsche Carrera GT.

At this point, its believed that speed of the sedan might have a role to play in the accident.

"It looks like speed could've been a factor, but we haven't made an official determination for the cause of the accident, which will take some time," said Lt. John Rush of the Santa Clarita Sheriff's Station.

The entire film fraternity is shocked by the unfortunate incident. "Brother I will miss you very much. I am absolutely speechless. Heaven has gained a new Angel. Rest in Peace," posted his "Fast and Furious" co-star Vin Diesel on Instagram.

Born on Sept. 12, 1973 in Glendale, California, Paul began his acting career in childhood mainly to support his family.

Paul is survived by his 15-year-old daughter, Meadow.

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