On August 12, 2004, about 1515 central daylight time, N45TT, a Beech King Air 65-A90, registered to and operated by Eclipse Enterprises Inc., as a Title 14 CFR part 91 business flight, crashed while returning to land at Ferguson Airport, Pensacola, Florida. Visual meteorological conditions prevailed, and no flight plan was filed. The commercial-rated pilot, and one passenger received minor injuries, and the airplane incurred substantial damage. The flight was originating at the time of the accident. The pilot stated that he was flying the accident airplane from Ferguson Airport, Pensacola, Florida, to Jack Edwards Airport, Gulf Shores, Alabama, to refuel, and during the takeoff, immediately after rotating, he tapped the brakes, raised the landing gear, and about 3 to 4 seconds later the right engine ceased operating. He stated that he was sure the engine ceased operating due to fuel exhaustion, because he knew the airplane was low on fuel. After the right engine ceased operating, the airplane drifted right, and he inputted full left rudder, and placed left wing down to correct. He then confirmed that the right engine was spooling down, and feathered the propeller on the right engine. He then started a turn to the side of the operating engine to return to the airport. As he rolled the wings level, he said the airplane started to climb, so he reduced power after clearing the trees, and at that time the rate of descent increased. He said the airplane's speed was about 80 knots and the stall warning light began flickering on and off, and it also felt as if he was falling out of the sky. The pilot added full power which caused the nose to veer radically to the right, and the airplane descended, heading toward some T-hangars. He kept the landing gear retracted, and attempted to land the airplane on its belly to keep from colliding with the hangar. In doing so, both the wing and nose of the aircraft struck the ground. The pilot reported that there had been no indications of any mechanical failures or malfunctions of the airplane or any of its systems.