Update, 3.11pm: The body of the missing sailor has been located following the capsizing of a yacht off Mandurah’s coast on Friday night.
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The Australian Maritime Safety Authority (AMSA) confirmed the discovery and has ended its search operations.
This is the second death as a result of the overturned yacht, with police confirming that both deceased sailors were men, aged in their 60s and 70s.
The Department of Fire and Emergency Services Dauphin helicopter located the body at 12.30pm on Saturday and it was recovered by Fremantle Water Police.
Following the recovery of the second body, an AMSA spokesperson expressed its sincere condolences to the family and friends of the Finistere’s crew.
The spokesperson also thanked all parties involved in the extensive search.
The incident has been referred to police who will prepare a report for the coroner.
Previously, 1.25pm: Royal Freshwater Bay Yacht Club has expressed their condolences to the family of the sailor who died off the coast of Mandurah overnight.
The club was hosting their Bunbury and Return Ocean Race when 15 metre yacht Finistere overturned.
Four of the crew were found safe about 11 nautical miles offshore, however one of their crewmates was found deceased, and another is still missing.
Police are continuing the search for the missing sailor.
Commodore Dean McAullay said it was too early to speculate about the incident and the authorities will undertake the appropriate enquiries.
He said counselling will be available to the crew and race competitors and support will be offered to the family at the appropriate time.
As a mark of respect, racing scheduled for Saturday at Royal Freshwater Bay Yacht Club has been cancelled.
7.02am: A marine search and rescue operation is under way off Mandurah, with one person confirmed dead and another missing, after a yacht overturned about 11 nautical miles offshore.
The Australian Maritime Safety Authority (AMSA) confirmed four crew members from the 15 metre yacht Finistere had been rescued, but one had died and another was missing.
The alarm was raised just before midnight when the yacht, which was participating in the Royal Freshwater Bay Yacht Club’s Bunbury and Return Ocean Race, set off an emergency beacon.
Attempts to contact the yacht direct via radio were unsuccessful and the yacht's tracker failed to update.
A Department of Fire and Emergency Services rescue helicopter, which had been training in Mandurah, was sent to the scene and found Finistere overturned.
Two other yachts participating in the race, Huckleberry and Fourth Dimension, arrived on scene a short time later. A third yacht Circa also provided assistance on scene.
The assisting yachts recovered five of the six crew members from the water – one of whom was deceased.
AMSA is coordinating a search for the missing crew member in an area of about 90 square nautical miles, 22 nautical miles west southwest of Mandurah.
Two RAC Rescue helicopters, the DFES Dauphin helicopter, a Western Australia Police helicopter and an additional civilian helicopter are conducting searches of the area.
AMSA’s Challenger jet from Perth has dropped two datum marker buoys to track water movements in the area.
The search area of about 90 square nautical miles is about 22 nautical miles south west of Mandurah in rough seas.
The yacht, Huckleberry has transferred the surviving crew members to shore for medical treatment.