out of bound?

Player A hit ball way left, outside the golf course property. Way left is a lake with red stake around it. Left of the lake is land and property fence. Ball flew over the read stake area, over the fence...
Is ball out of bound or can player A drops by the red stake?

On the understanding that the ball did not end up in the penalty area (the red-staked area) but went over the fence beyond it, the player cannot take penalty area relief by dropping at the red stake. The local rules should define what is out of bounds and the likelihood is that they say that beyond the fence at the edge of the course is out of bounds. If so, the player's ball is out of bounds and he must either
play from where he played his last shot with one penalty stroke (stroke and distance);
or,
if the Local Rule allowing an alternative to stroke and distance for a ball lost or out of bounds is in effect, choose to take relief on the fairway not nearer the hole than where his ball crossed the boundary with two penalty strokes.