On November 4, 1995, about 1515 eastern standard time, a Boeing E75N1, N1535M, registered to a private owner, operating as a 14 CFR Part 91 personal flight, experienced a total loss of engine power in cruise flight, and made a forced landing in the vicinity of Wauchula, Florida. Visual meteorological conditions prevailed and no flight plan was filed. The airplane sustained substantial damage. The commercial pilot and one passenger reported minor injuries. The flight originated from Fort Lauderdale, Florida, about 1 hour 25 minutes before the accident. The pilot stated he was in cruise flight at 1,500 feet agl when the airplane experienced a decrease in engine rpm. He saw a flame in the vicinity of the engine exhaust and the engine made a "clunk, clunk" noise followed by a total loss of engine power. The left main landing gear collided with a drainage ditch on touchdown and the airplane nosed over. Examination of the engine assembly revealed the serrated teeth on the timing gear and intermediate cam drive gear were worn. This prevented the valve train and the generator from operating.