The Artemis Racing vessel capsized near Treasure Island at about 1 p.m.
The Coast Guard deployed several small boats and a helicopter to assist with the rescue, but an America’s Cup support boat was able to recover the 12 people aboard.
The San Francisco Fire Department said the crew member died after being trapped under the boat for between 10 and 15 minutes, spokeswoman Mindy Talmadge said.
An America’s Cup chase boat pulled the crew out of the water and raced to shore. They attempted CPR, but the sailor was pronounced dead when they reached shore at the nearby St. Francis Yacht Club.