Organisers thankfully confirmed that nobody was injured after the scary near-miss.
The tyre, from an MK1 Jaguar, hurtled hundreds of metres towards onlookers.
A worrying 40-minute delay followed until the organisers returned with good news.
“Following the incident on the hillclimb we’re pleased to confirm that there were no serious injuries and those involved were able to go back to enjoying the event,” they said.
They promised to “prioritise the wellbeing of the people involved”.
The world famous motorsports festival will continue this weekend with classic cars from various championships, as well as MotoGP stars, to wow the crowds.