THE ACFT WAS DITCHED IN THE GULF OF MEXICO BEFORE FUEL EXHAUSTION. THE PILOT SAID HE DEPARTED AN ARPT NEAR GREAT INAGUA,BAHAMAS IN VMC WEAHTER. HE REPORTED THAT HE EXPERIENCED A MALFUNCTION OF THE COMPASS AND FEARING FUEL EXHAUSTION HAD MADE TWO PASSES AROUND A FREIGHTER BEFORE DITCHING ACROSS HER BOW. THE ACFT SANK BUT THE TWO OCCUPANTS WERE RESCUED. A LATER REPORT FROM U.S. CUSTOMS IN MIAMI REVEALED THAT THEY SPOTTED THIS ACFT FLYING 100 FT ABOVE THE WATER NEAR CUBA. THEY FOLLOWED IT TO GREAT INAGUA ISL THEN ON TO A POINT SOUTH OF ANDROS IS IN THE BAHAMAS. THE FLT THEN PROGRESSED TO MARATHON AND KEY WEST BEFORE FLYING OUT OVER THE GULF TO DITCH. THE INITIAL DEPARTURE POINT, DESTINATION AND FLT PURPOSEWERE NOT DETERMINED. THE REGISTERED OWNER OF THE ACFT SAID HE HAD RECENTLY SOLD THE ACFT. THE IDENTITY OF THE NEW OWNER WAS NOT DETERMINED.