The 38-foot Low Speed Chase was competing in the roundtrip 60-mile Full Crew Farallones Race on Saturday from San Francisco Bay around the Farallon Islands in rough seas with waves as high as 10-12 feet. The vessel was hit by a large wave, sweeping four people overboard.
When the boat turned around to rescue them, another large wave knocked the remaining crew members into the ocean.
Three people were rescued and one person was killed.
All were wearing life vests and cold weather gear, which gave rescuers hope in the search for the missing.
The San Francisco Chronicle reported that the Low Speed Chase is based out of the San Francisco Yacht Club, located in Marin County's Belvedere Cove.
The Associated Press contributed to this report.