On December 2, 2020, about 0842 central standard time, a Cessna 551, N48DK, was substantially damaged when it was involved in an accident near Lufkin, Texas. The pilot and two passengers were not injured. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 business flight. The pilot stated that after an uneventful IFR flight from Austin, Texas, he entered the RNAV 16 approach to runway 16 at the Angelina County Airport (LFK), Lufkin, Texas. His intention was a full stop landing. After breaking out of the clouds during the approach, he cancelled his flight plan and landed on runway 16. It was raining at the time of the landing. The pilot reported the airplane touched down about 1,000 ft down the runway. He reported that braking was initially normal with the anti-skid system cycling twice before it seemed to stop working. He continued to report that turning off the anti-skid and applying emergency braking did not slow the airplane. The airplane exited the departure end of the runway where it traveled through the wet grass and contacted a fence and a small ditch. The pilot and passengers evacuated the airplane after it came to a stop. On scene inspection of the accident site revealed that the nose and main landing gear collapsed after departing the runway, and both wings sustained structural damage. A video of the accident showed that runway 16 had a significant amount of water on it at the time the airplane landed. The video shows the airplane’s landing roll and the excursion. Skid marks observed at the departure end of runway 16 were traced back to the approach end of the runway. It was estimated that the airplane touched down about 1,000 ft beyond the approach end of runway 16 as reported by the pilot. The marks, which corresponded with the tread on the airplane’s tires, lasted about 2,600 ft. The skid marks exhibited modulations in color and rubber displacement consistent with antiskid system functionality. Examination of the wheel brakes on both main landing gear did not reveal any mechanical anomalies. Examination of the tires did not reveal any abnormal flat spots. The tread depth on the tires varied between 2 to 3 tenths of a inch. Tire pressures could not be obtained since all of the tires were ruptured during the excursion sequence. No mechanical anomalies were found with the antiskid system. The cannon plug connectors containing the antiskid transducer wires were examined and the pins and connectors were clean and free of corrosion. Pneumatic pressures on the brake accumulators were normal. To determine the estimated landing distance, the Cessna 551 Airplane Flight Manual performance tables were used. The length of runway 16 was 4,311 ft. Video and tire mark evidence showed that the airplane touched down about 1,000 ft down the runway, leaving about 3,311 ft to stop. The calculated estimated stopping distance for the airplane at the time of the accident was about 4,127 ft, due to the wet runway conditions. The pilot reported on National Transportation Safety Board Form 6120 that he was aware of the weather conditions. He reviewed lessons learned from this accident, which included turning down the flight because of the weather and runway length available to stop the airplane.