Simple, call the police, and have him charged! You might want to give him the opportunity to say sorry and pay for it, but if not, call the police and have him charged with mischeif to property.
You are going to need the leverage of other adults for this. In many societies teenagers have been considered adults and the imput of more than one other person at a time has more effect. Have him evaluated by others and intervene with your peer support.
Start with a lesser punishment. Have him fix what was destroyed. You could have him write you a letter of apology stating what he would do better next time. If he does it again you could make him pay to fix it and fix what was destroyed. If it keeps happening you could always involve the police to scare him.
You can try getting rid of or destroying his property. He is doing it because most likely there are no consequences. You can also try making him pay for them.
