At 0847 Eastern time, the aircraft sustained a partial loss of engine power on initial takeoff climb, and collided with the ground during a forced landing. Visual conditions prevailed; the airplane received substantial damage. The Private pilot reported minor injuries. The pilot stated he had just retracted the landing gear on initial climb at 50 feet and 80 knots when the engine started a “popping” noise. The pilot stated he turned the boost pump on, the “popping” noise continued and he made a right turn towards Runway 14. The airspeed decreased to between 58 to 60 knots. The airplane stalled and the airplane collided with the overrun on Runway 32. The airplane slid off the overrun, down an embankment, ruptured the right main fuel tank, collided with a pine grove and caught fire.