Two-time Olympic gold medal yacht-racer Andrew Simpson died Thursday when his boat overturned in the San Francisco Bay while training with his teammates for America's Cup.

Simpson, 36, was sailing with his teammates on the team's 72-foot catamaran "Artemis" when she capsized suddenly, trapping him under water for several minutes, according to reports.

United States Coast Guard officer Pam Boehland said that the boat flipped over at approximately 1:15pm on Thursday, a half mile north of Treasure Island. Both the Coast Guard and local authorities dispatched rescue boats to the scene and were able to pull all 11 of Simpson's teammates to safety.

After being trapped beneath the boat in the cold water of the bay for nearly 10-15 minutes, Simpson's body was recovered and brought to shore where emergency personnel administered CPR. Simpson was declared dead at the scene approximately 20 minutes later, according to San Francisco fire chief Joanne Hayes-White.

It's reported that one other team member had sustained minor injuries as a result of the accident, but received medical attention and is expected to make a full recovery. The remaining members of the team were pulled safely from the wreckage and brought back to their dock in Alameda, according to the Washington Post.

"We obviously had a tragic day out on the bay," said Artemis CEO Payl Cayard, whose team is sponsored by the Royal Swedish Yacht Club. "Our thoughts and prayers are with the Simpson family, his wife and kids and the rest of the team. This was a shocking experience to go through. We have a lot to deal with in the next few days to ensure everyone is well."

Investigators are looking into what caused the accident. Winds were high at the time, estimated to be blowing between 15 and 20 knots. Reuters reports that the boat was performing what is referred to as a "bear-away" maneuver, turning away from the wind, when one of the bows dropped under the surface, flipping the vessel over.

"You always have to pay attention to the wind," Bart Rugo, a Coast Guard auxiliary member to SFGate. "If you don't make a turn at the right time with a boat like that, it's easy to go over. With that much sail, the margin of error is small."