RedactedNarrative: Operator stated he had just fueled V1 prior to launching. He allowed V1 to run for several minutes prior to leaving the ramp. He attempted to get V1 on plane and immediately noticed a loss of power. After powering down he looked back at the engine and saw that it was engulfed in flames. He abandoned V1 due to flames being too severe to attempt to use a fire extinguisher. Horseshoe Lake Fire Dept. responded and extinguished the flames and pulled V1 to the shore. Upon inspection of V1 it was noted the fuel pump was separated from the motor housing which allowed fuel to spray onto the engine and pool in the engine compartment.  V1 was burned to the waterline and a total loss.