On June 30, 2019, about 1134 Pacific daylight time, a Beechcraft C23 airplane, N24580, was substantially damaged when it was involved in an accident near Ludlow, California. The pilot and the passenger were not injured. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. The pilot stated no anomalies were found during the preflight and 1 quart (qt) of oil was added for a total of 7.5+ qts.The pilot further stated that he was at cruise flight at 6,000 ft above ground level when he noted a faint smell of burning paint. Within 10 seconds, he observed the oil pressure drop to zero and the engine RPM decay to about 2,100. A couple of seconds later, the engine lost all power. The pilot subsequently performed an emergency landing. Upon impact with the terrain, the three-landing gear separated, the engine cowling was forced aft, and the firewall suffered deformation at the mounting points. Evidence of oil loss was visible on the lower left side of the fuselage. No oil appeared on the dipstick, which was properly secured. The engine was recently overhauled and had accumulated about 4 hours of operating time since returning to service. The engine was examined by a certified mechanic with oversight by a Federal Aviation Administration inspector at Chino, CA. The examination revealed that the AN hose fitting on the oil cooler was loose, and oil residue was present in the area of the fitting. No other pre-impact mechanical anomalies were detected that could have precluded normal operation.