On August 7, 1993, at 1930 eastern daylight time, a Sanford W. Love Dominator gyrocopter, N44162, registered to Sanford W. Love, crashed while cruising near Lake Okeechobee, Okeechobee, Florida, while on a 14 CFR Part 91, personal flight. Visual meteorological conditions prevailed at the time and no flight plan was filed. The aircraft received substantial damage and the private rated pilot was not injured. The flight originated at Okeechobee, Florida on August 7, 1993, at 1900. The pilot stated he was in cruise flight at 200 TO 300 feet, flying around Lake Okeechobee in formation with another gyrocopter. He was flying at 50 MPH, a speed about 5 to 10 knots slower than his normal cruise speed, to maintain formation. They elected to reverse course and as he turned downwind the gyrocopter "started falling out of sky." The wind was from the southeast at 25 to 30 knots. The gyrocopter descended rapidly and before he could recover the main rotor impacted a palm tree and the gyrocopter impacted the ground. The gyrocopter then rolled on to the right side and came to rest.