The pilot said he departed the private airfield and flew the airplane in the local area for approximately 20 minutes. He then came back to the private airfield and performed touch and go landings. Following the first touch and go landing and while on departure approximately 50 to 100 feet above ground level, the engine lost power. The pilot attempted to land on what remained of the 2,200 foot long grass airstrip. During the landing attempt, he realized that the airplane would not be able to stop on the runway and would overrun onto a highway with traffic. The pilot "elected to steer the [airplane] towards a piece of machinery sitting at the end and left side of the runway." Subsequently, the left wing contacted the machinery and the airplane came to an abrupt stop. The airline transport-rated pilot, who was the sole occupant, sustained minor injuries. The airplane's left upper and lower wings were bent aft and the main landing gear were collapsed. An examination of the airplane's engine and other systems showed no anomalies. According to a Federal Aviation Administration inspector, the airplane had flown 2 to 3 flight hours in the previous 15 years. The airplane underwent its most recent inspection in October 2006.