The pilot stated that he was approaching the airport for landing at an altitude of 2,500 feet. He requested from the airport control tower, and was subsequently cleared for, a 360-degree turn to lose altitude prior to continuing the landing approach. The pilot stated that the airplane's airspeed was too high as it crossed the runway threshold, but he elected to continue the landing. The airplane touched down, but the pilot was unable to stop the airplane before it traveled off the end of the runway and impacted a fence, resulting in substantial damage to the left wing. The pilot stated there were no mechanical malfunctions or anomalies with the airplane, and that he should have executed a go-around rather than continuing the approach and landing.