Officials say his lifeless body was pulled from the rip current, and he was rushed to Jersey Shore University Medical Center in Neptune, where he was pronounced dead.
Witnesses reported seeing another man in the rough rip, leading to the search.
Some 50 lifeguards formed a search line, while the Coast Guard had two boats and a helicopter participate in the search. Authorities finally concluded that there was no second victim.
Rip currents from the remnants of Hurricane Hanna were still causing trouble at the Jersey Shore and the storm whipped up waves as high as 10 feet on Monday.
Walsh's death was the second drowning in Spring Lake in two weeks.
WEB PRODUCED BY: Bill King