On June 13, 1999, about 1415 eastern daylight time, a homebuilt Buccaneer II, N618BC, registered to a private individual, crashed into water while maneuvering near Panacea, Florida. Visual meteorological conditions prevailed at the time and no flight plan was filed for the 14 CFR Part 91 personal flight. The airplane was substantially damaged and the commercial-rated pilot sustained minor injuries. One passenger sustained serious injuries. The flight originated about 1405, from the Wakulla County Airport, Panacea, Florida. The pilot/airplane owner previously discovered a problem with the end of the plastic tubing that connected to the end of the pitot tube. Deterioration of the end required him to cut the damaged section off and to reinstall the tubing onto the pitot tube. He further stated that he had a replacement tube in his car but he did not have time to replace it. The pilot who was seated in the right seat stated that after takeoff while flying over the bay, he recognized that the airspeed indication was incorrect, based on the visual clues and the power setting. He elected to continue the flight and stated that the airplane did not turn with application of left rudder and slight left aileron input. With trees ahead, he applied full power; the engine responded and he expected to land on the water in the bay to identify the discrepancy with the airspeed indicator. The flight climbed to 100-150 feet above ground level, and while in a climb attitude, he applied right rudder. He reported that the airplane either entered an accelerated stall or an uncoordinated turn. The airplane then rolled to the right, pitched nose down, and during the uncontrolled descent, he reduced power. The airplane then impacted the water. He further stated that there was no engine or flight control preimpact failure or malfunction. The passenger stated that the flight had not been airborne for very long and the airplane started moving "sideways." The airplane then "...took a nose dive and we went down I told Randall we was going down cause he was looking at something else he shut the engine off and closed his eyes then we crashed." One of the witnesses reported that the pilot stated immediately after the accident that there was a problem with the airspeed indicator. Another witness who is a registered nurse and was rendering first aid to the pilot and the passenger at the accident site reported that the pilot stated "...That gauge wasn't working right, I guess." The maintenance records were reportedly in the airplane at the time of the accident and were not recovered.