THE PILOT STATED THAT THE AIRCRAFT WAS OPERATING NORMALLY WHEN HE ESTABLISHED HIMSELF ON FINAL APPROACH FOR RWY 32. WINDS WERE FROM THE NORTHEAST AT 25 KTS, THE PILOT FURTHER STATED, SO HE ABANDONED THE APPROACH AND WAS IN THE PROCESS OF CIRCLING THE FIELD FOR A LANDING ON RWY 02 WHEN THE ENGINE BEGAN LOSING POWER. ACCORDING TO A MECHANIC-WITNESS ON THE GROUND, THE AIRCRAFT'S ENGINE 'SOUNDED BAD--LIKE A BLOWER FAILURE', AS IT FLEW OVER THE HANGAR WHILE CIRCLING FOR ANOTHER APPROACH. AT THIS POINT, THE WITNESS FURTHER STATED, THE ENGINE BEGAN BELCHING SMOKE AND TOTALLY LOST POWER. THE PILOT ATTEMPTED A RETURN TO THE FIELD BUT HE RAN OUT OF ALTITUDE--AND WAS FORCED TO LAND IN A FIELD ADJACENT TO THE AIRPORT. THE AIRCRAFT BOUNCED UPON TOUCHDOWN, THEN NOSED OVER. A POST-ACCIDENT EXAMINATION OF THE POWERPLANT REVEALED THAT A BLOWER BEARING HAD FAILED.