On July 24, 1997, about 1620 eastern daylight time, a Beech 65, N816Q, registered to M R Aircraft Sales and Rental, Inc., ditched in the Atlantic Ocean following loss of power in one engine, while on a Title 14 CFR Part 91 personal flight, from Miami, Florida, to Kingston, Jamaica. Visual meteorological conditions prevailed at the time and an instrument flight rules flight plan was filed. The aircraft was not recovered and presumed to be destroyed. The commercial-rated pilot, commercial-rated second pilot, and three passengers were not injured. The flight originated from Miami, Florida, the same day, about 1501. The pilot-in-command stated that about 1 hour after takeoff, at 9,000 feet, the left engine failed. They turned toward Bain Airport, Andros Island, Bahamas. The passengers were briefed. The airplane would not maintain altitude on one engine and was ditched about 25 miles from the Andros Island shoreline at about 1620. They were rescued the next morning about 0745. The second pilot stated he was flying the aircraft from the left seat and that he was the owner of the aircraft. The takeoff and climb to the cruising altitude of 9,000 feet was normal. About 15 minutes after reaching the cruising altitude, while near "URSUS" intersection on airway "A-509", the left engine quit. Attempts to restart the engine were unsuccessful and the engine was shut down and the propeller was feathered. The aircraft would not maintain altitude and entered a 500 feet per minute rate of descent. He turned to the closest airport, Bain Airport, which was about 80 miles to the east-northeast. The aircraft continued to descend and they ditched in the ocean about 50 miles from the Bain Airport. After ditching, he and the occupants exited the aircraft uninjured and boarded a raft. They were rescued the following morning. The second pilot stated that at the beginning of taxi for takeoff the aircraft weighed 7,790 pounds and that the maximum allowable takeoff weight is 7,700 pounds. The previous owner of the aircraft stated the aircraft logbooks had been lost before he purchased the aircraft. Information he had showed the aircraft had accumulated about 4,300 total flight hours and that each engine had about 450 flight hours over the recommended overhaul time.