What happened
While on final approach, the pilot observed Coronado Airport in sight. Although LORAN indicated the airport was three miles away, the pilot relied on the judgment of a passenger who was a former instrument student and proceeded to land at the closed Alameda Airport instead of Coronado Airport.
Prior to arrival, Coronado UNICOM had advised the pilot of multiple balloons in the area, favoring runway 17. During the final approach, the pilot observed two balloons. The pilot noted a "starburst" on the runway but did not recognize that it was an "X" painted over the number 17, which indicated the runway was closed, until after the aircraft flared.
The pilot aborted the landing and attempted a go-around. As the aircraft lifted off, the pilot spotted a hot air balloon directly ahead and performed a sharp right veer to avoid a collision. During this maneuver, the stall warning horn sounded continuously as the pilot attempted to maintain airspeed. The aircraft flew under powerlines, struck a chain link fence, and crashed into a parked truck trailer approximately 1/4 mile from the airport. There were no injuries reported.
Findings
The closed airport runway was not properly marked in accordance with the suggestions provided by the FAA Advisory Circular.