On February 8, 1998, at 1440 central standard time (cst), a Beech C-23, N18766, piloted by a private pilot, was substantially damaged during a collision with a hangar, chain link fence, ditch and highway during a go-around maneuver following a bounced landing on runway 18 (2,691' X 75', dry asphalt) at the Flying Cloud Airport, Eden Prairie, Minnesota. Visual meteorological conditions prevailed at the time of the accident. The 14 CFR Part 91 flight was not operating on a flight plan. The pilot and three passengers reported minor injuries. The flight departed Eden Prairie, Minnesota, at 1400 cst. The pilot reported that at the end of a local flight he contacted the air traffic control tower for landing instructions and was told to "report in, 3 miles north-northeast of the airport for 'possible' right traffic for [runway] 18." The pilot stated that while on a 3 mile final at an altitude of 3,500 feet he was instructed to "...enter right traffic final for [runway] 18." The pilot said that he lowered full flaps during the approach. The pilot reported he "touched down a little past my target position of the runway..." and the airplane porpoised twice on the runway. He stated that at this time he "felt there was not enough runway to land safely" so he elected to go-around. The pilot reported that during the go-around he retracted the full flaps, added full throttle and applied right rudder. The pilot said the airplane began a left yaw/roll after retracting the flaps. The aircraft contacted a hangar. It then travelled through a chain link fence, slide into a ditch, spun 180 degrees, and slide backwards onto the adjacent road. A review of the pilot's logbook indicated that the pilot flew five times since December 12, 1992. He had a biennial flight review on June 6, 1997, and had flown three times since then.