The pilot stated that the purpose of the flight was to return back to his home airport. He configured the airplane for a three-point takeoff and added full power. During the takeoff roll, the airplane began to veer to the left and subsequently became airborne. As the airplane ascended to about 50 feet above ground level (agl), the left wing dropped and subsequently struck the ground. The airplane was substantially damaged when it tumbled in a cartwheel-type maneuver with the right wing flipping over and striking the terrain. The airplane came to rest on its belly in a grassy area adjacent to the taxiway. The pilot stated that there were no mechanical malfunctions or failures with the airplane that would have precluded normal operation. He noted that the wind was calm. He thought that the airplane initially veered left because of p-factor and his delay in recognizing this aerodynamic phenomenon.