4 rescued from burning boat near Malibu

MALIBU, Calif. (KABC) -- Four people were rescued Saturday from a burning boat about 2 miles out from the Malibu shore.

Los Angeles County lifeguards and the Coast Guard launched a rescue mission, but another boat got to the scene first. The four people were rescued at about 7 p.m. off the coast of the 28000 block of Pacific Coast Highway.

Three adults and one child were pulled from a life raft. No injuries were reported.

Kevin Villalobos, a commercial diver and owner of the boat, said he's grateful no one was hurt.

"The fire went off and within five minutes it started going. We had a fire extinguisher, but that wasn't enough so we had to make our move," Villalobos said.

The boat, which was purchased two days ago, eventually sank and the fire extinguished.