The 37-foot Aegean sailboat was participating in a race from Newport Beach, Calif., to Ensenada, Mexico, on Saturday when it went missing, a news release said.
"Vessels in the area of the Coronado Islands reported seeing debris at approximately 10 a.m," the Coast Guard said
Two bodies were recovered in the debris field by civilian boats and the third by a Coast Guard helicopter crew, the report said.
A Mexican navy ship joined the search for the missing man along with two Coast Guard ships and several aircraft. A plane and helicopter were to resume searching at first light Sunday.
There was no immediate indication what caused the yacht to sink, officials said.
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