On August 18, 2000, at 1911 eastern daylight time, a Piper PA-46-310P, N4380S, collided with a runway light when the right main landing gear collapsed during landing at the Vero Beach Municipal Airport, in Vero Beach, Florida. The airplane was operated by the airline transport pilot under the provisions of Title 14, CFR Part 91, and visual flight rules. Visual meteorological conditions prevailed and no flight plan was filed for the local flight. Neither the pilot or pilot rated passenger were injured, and the airplane sustained substantial damage. The flight had originated from the Vero Beach Municipal airport at 1700. During a local instructional flight, a simulated engine out landing was attempted. The flight instructor stated that on short final, an unsafe gear indication occurred. The instructor then stated that an attempt was made to abort the landing and the engine failed to develop takeoff power. The airplane landed and the right main landing gear collapsed. According to the FAA Inspector on-scene, after the gear collapsed the airplane slid down the runway and struck a runway marker light substantially damaging the right wing leading edge, flap, and aileron. Examination of the engine, landing gear, and the hydraulic system, found no discrepancies.