Laguna Beach police said the woman was walking near Victoria Point when she was swept into the ocean.
Police said a good Samaritan jumped into the water to try to save the woman, but was unsuccessful.
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He himself then had to be rescued after struggling in the waves. He was having trouble breathing after he was pulled out of the ocean, police said.
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A massive search was launched by sea and air. Shortly after 10 p.m. authorities reported finding her deceased.