Holt loved the ocean, particularly spearfishing, and had holiday homes at Portsea, Victoria, and Bingil Bay, Queensland. On 17 December 1967, while Holt was spending the weekend at Portsea, he and four companions decided to drive to Point Nepean to watch sailor Alec Rose pass through The Rip on his solo circumnavigation attempt. On their way back to Portsea, Holt convinced the group to stop at remote Cheviot Beach for a swim before lunch – he had spearfished there on many previous occasions, and claimed to "know this beach like the back of my hand". Because of the rough conditions, only one other person, Alan Stewart, joined Holt in the water. Stewart kept close to shore, but Holt swam out into deeper water and was seemingly caught up in a rip, eventually disappearing from view. One of the witnesses, Marjorie Gillespie, described it as "like a leaf being taken out [...] so quick and final."