SAN FRANCISCO (CBS/AP) — The Coast Guard said one sailor is dead and four are missing after their yacht ran aground during a race off San Francisco.

Eight people were aboard the 38-foot sailing vessel when it struck rocks near the Farallon Islands Saturday.

Petty Officer Levi Read said helicopters and boats rescued three people and recovered the body of a fourth, but four others were still missing and a search was under way late Saturday night.

He said the accident occurred when waves were running 10-12 feet and a large wave swept four people off the boat. The boat ran aground as it turned around to rescue the four.

The yacht was taking part in a race around the islands, located about 30 miles west of San Francisco.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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