(Credit: US Coast Guard/AP Photo)

One sailor is dead and four others are missing after a yacht accident during a race off the coast of San Francisco Saturday, according to the Coast Guard.

Eight people were aboard the 38-foot Low Speed Chase, competing in the 2012 Full Crew Farallones Race, when a large wave knocked four of them into the water.

The sailors still on board turned the boat around in an attempt to rescue them, and struck rocks.

Coast Guard Petty Officer Levi Read said three people were rescued, along with the body of a fourth.

"Three people were rescued, two by a Coast Guard helicopter, one by the Air National Guard and the Air National Guard recovered the deceased body," said Read.

Two Coast Guard Vessels remain on the scene, still searching for those who are missing.

"It is critical to find them as soon as possible due to the weather and the temperature of the water," said Read.

"Our hearts and prayers go out to the families of the people involved. We want them to know that we are doing everything we can as fast as we can," Read added.

Read says officials are hopeful those missing will be found alive.

"The Coast Guard always remains optimistic to search for survivors," Read said.

The Yacht Racing Association of San Francisco Bay expressed its sympathies to the family and friends of the dead crew member.

"We offer our thoughts and prayers to the family and friends of the missing crew in hopes they are returned home safely," read a statement on the association's website.

ABC  News Radio contributed to this report.