A tragic discovery in Lake Benmore this morning's ended the search for Canterbury man George Agnew.

The 66-year-old retired Methven man had been missing since Saturday, after failing to return from a camping trip.

His yacht, his dog and his truck were found abandoned near the lake.

Around 50 people have helped search for Agnew since.

Family friend Duane Schroeder says a local farmer in his helicopter noticed the body in the lake.

It's since been identified as George Agnew.

"[The farmer] spotted it as he was flying back to Black Forest Station and he flew over to the boats and pointed them in the direction, [where] he was discovered."