Mohammed Nisham is accused of driving his car into the guard because he was too slow opening the house gates.
The victim, K. Chandrabose, was pinned against a wall – and police believe he was then hit with an iron rod.
After spending two weeks in hospital on life support, the 50-year-old died on Monday in the southern Indian state of Kerala.
Nisham is already facing a separate court case after allowing his nine-year-old son to drive a Ferrari on a public road in 2013.
According to past police reports, he owns 18 luxury cars worth $4m (£2.6m) – including a Lamborghini and a Bentley.