His yacht, Patricia Mary, is believed to have broken free from its moorings in rough seas early last week.

Mr Joiner had spent 7000 hours working to restore the 30 tonne vessel.

"All my dreams have been shattered," he said.

Mr Joiner said the vessel, which he estimates is valued at $500,000, wasn't insured.

He said he was trying to put a plan in place to remove it from the rocks.

"We're going to try and take it off the rocks on Tuesday," he said.

Mr Joiner said he was hoping someone with the means to help him may come forward.

He said he was extremely upset because he had planned to set up a business, giving people the opportunity to sail on the vessel.

"I put a lot of work into it," Mr Joiner said.

"I was about 100 hours off finishing it."

The black yacht disappeared out the back of the Warrnambool breakwater at 7.50pm on Monday, March 25.

Acting Sergeant Lana Roberts said security camera footage showed the yacht drifted away in rough seas.