A P-51 Mustang aircraft crashed just north of the runway at the La Plata County Airport in Durango, Colorado, at about 9:30 a.m. on July 4.
The incident happened when the plane reached about ¼ mile up in the air after taking off.
The Durango Fire and Rescue Authority confirmed that there were only two people aboard and both of them lost their lives in the crash. They were later identified as John Earley, the owner of the plane and the CEO of Saddle Butte Pipeline LLC in Durango, and Mike Schlarb, his flight instructor; both were in their 50s.
The National Transportation Safety Board will investigate the crash.