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11:00 p.m. UPDATE/Correction: Oracle Team USA is working into the night to get the capsized AC72 catamaran back to shore.
7 p.m. UPDATE from Team Oracle:
"Capsize is turning into an epic rescue story. With darkness falling the team is still working to secure the AC72 catamaran platform and return it to the team base at Pier 80. Latest updates indicate the wing has been damaged nearly beyond recognition. The Coast Guard has been standing by to assist, but to this point, ORACLE TEAM USA is working on the rescue operation with its own resources."
In a press release, Team Oracle USA said this setback will not impact next year's event or the number of teams competing. The cost of the damage is not yet known.
High drama on the San Francisco Bay Tuesday afternoon after an Oracle Team USA boat AC72 capsized while practicing for the America's Cup race.
The catamaran is a massive vessel with the haul alone weighing 13,000 pounds.
It's mast is 131.2 feet high which is the height of a 13 story building. Oracle said It cost between $8 and $10 million to build and as of Tuesday night there were no damage estimates.
The 3 p.m. capsize turned into an overturn by 4:30 p.m. when the boat turned upside down. By 5 p.m. the boat was breaking apart and looked to be a total loss.
Tactician Tom Slingsby explained what led the boat to capsize:
“We called for a bear-away as we were out training. The winds were blowing about 25 knots, and there was strong ebb current at the time. We started the bear-away, and as the boat accelerated it pitch-poled. We didn’t know what was going to happen with the new boat. When the nose went down, the wing hit and a few guys went in the water. We were unsure if the wing would snap, so we all climbed off the boat."
Tow boats weren't enough to move the vessel which was sucked out past the Golden Gate in the early hours of the boat's rescue.
The wing of the ship was severely damaged. It appeared to break away from the boat just before 5 p.m. and was breaking into parts a few minutes later.
Four or five crew members remained on the boat, but it wasn't clear what they were trying to do. There were dozens of pieces of the boat floating nearby.
The Coast Guard was not been called in to help, the rescue effort was a private one one by America's Cup people.
The good news is that no one was injured when the boat capsized.
There were 11 people on the boat when it capsized.
Below is a short video clip that shows capsize. Local America's Cup fan Andrew Wisner is the photographer.