The flight instructor and student pilot were approaching the runway for landing. The flight instructor described that during the landing flare, the airplane drifted to the left of the runway centerline, and as the student attempted to apply corrective control inputs, the flight instructor told the student to abort the landing. After the student hesitated, the flight instructor took control of the airplane while it was “…in a nose high attitude, slow and banked left.” The flight instructor increased engine power to full, retracted the flaps to 20 degrees, but noted that the airplane was slow and struggling to climb. The flight instructor then lost directional control of the airplane and elected to continue straight ahead and land. The airplane came to rest in a grassy area off the left side of the runway and the fuselage and wings were substantially damaged. The flight instructor stated that there were no mechanical malfunctions or failures of the airplane that would have precluded normal operation.