On August 11, 1994, at 1500 eastern daylight time, N8505E, a Piper PA-28-181, exited the runway and collided with the ground during landing at Eagles Nest Airport, Waynesboro, Virginia. The certificated private pilot and his three passengers received minor injuries while the airplane sustained substantial damage. Visual meteorological conditions prevailed and a VFR flight plan was filed. The personal flight was operated under 14 CFR 91 and originated in Georgetown, South Carolina. The destination was Waynesboro, Virginia. According to the pilot, he entered the traffic pattern and the airplane was at an altitude of 2000 feet MSL on final approach. He stated that he continued his approach to runway 6 and at about 50 to 100 feet above the ground, "I realized my ground speed was higher than my airspeed...I decided to go around, I advanced the throttle and the engine sputtered. I realized the engine was not going to produce sufficient power for a go-around...I pulled the power back and put the airplane on the runway with approximately 1000 feet of runway left." A witness reported that, "...the airplane made an extremely high approach and the pilot initiated a slip to lose altitude. Aircraft touched down at approximately 250 to 400 feet from the end of the runway." The aircraft exited the runway over a hill, through a fence and collided with a ditch. An FAA Aviation Safety Inspector reported that the pilot applied the brakes after touching down, but the airplane continued beyond the end of the runway off the 500 foot grass overrun and stopped about 200 yards beyond the airport boundary. He also stated that there was no evidence of mechanical malfunction noted.