A wealthy, winning yachtswoman in this year's Newport to Bermuda Race who disappeared hours after arriving on the Island ? missing a prize-giving ceremony with Princess Anne ? has turned up safe three days later.

A major Police search was launched at the weekend to try and locate Elizabeth Baldwin as the crew of the yacht became more and more concerned for their absent colleague who was in charge of the yacht and had accomplished a lifelong ambition by competing in the historical race for the first time.

The Newport native and her 12-strong crew won the Gibbs Hill Lighthouse Division (class 12) beating 14 other boats to make it across the 635 miles from Newport to Bermuda.

She sailed in after three days and 17 hours to clinch the victory and enjoy what should have been a weekend of celebrations, culminating in the prize-giving ceremony on Saturday for the centennial race attended by Her Royal Highness The Princess Royal.

But Ms Baldwin, 60, vanished only hours after her yacht tied up behind the Fairmont Hamilton Princess Hotel and left her crew increasingly concerned about what had become of her.

A successful options trader in the US, Ms Baldwin was expected to buy the $2 million 65-foot yacht outright after arriving in Bermuda, but instead took off without leaving any word of her intentions with her sailing companions.

Police were called in and a search of the Island began. It is believed Marine Police and Police divers were brought in during the missing person search on Sunday, only for the operation to be called off late in the afternoon when it emerged Ms Baldwin was staying at Grotto Bay Beach Hotel.

The discovery was made after a family member contacted Police with additional information which led to Ms Baldwin being safely located.

One of those who sailed on the writer Eric Sanford said: "Everyone is relieved. She has said she is sorry that she caused any problem and she just needed to get away for a few days to sort out things because it was all getting a bit too much."

The yacht is expected to remain in Bermuda for the time being as its ultimate ownership is settled. Ms Baldwin is reported to have chartered the 14-year-old sloop with the intention of buying it outright when she reached Bermuda.