Officials say the body of 72-year-old Anthony Harrow was recovered Sunday morning at Moss Beach.
The missing man has been identified as 67-year-old Kirby Gale.
Both men were on board the 32-foot "Daisy" as it raced about three dozen other boats to a buoy 12 miles west of the Golden Gate Saturday.
Coast Guard officials say with swells reaching 16 feet, sea conditions were likely factors in the boat's disappearance.
The Coast Guard says no distress calls were every received from the men.
Citing what officials termed the low probability of survival, the Coast Guard suspended the search for Gale Sunday night.
