This is Kyosho Prestige 4WD, very rare models from the late 80's, this buggy was released in 1989 by Kyosho and designed by Hobao, it uses the Pirate (RS) chassis.
Kyosho released another models using the same chassis, the Porsche 959 (version 1) it in my showroom.
see Kyosho promotional video here: http://www.youtube.com/watch?v=HDaBPoUjyQ8
If you liked those pictures, you should see these...
PORSCHE 959 LIMITED EDITION Kyosho Kit No. 4281 京商