Marine Troopers with the New Jersey State Police located the "Smith Brothers" boat using sonar equipment in the waters off Point Pleasant Beach in Bay Head.
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The accident happened on May 21st during a preliminary event for the Grand Prix Race Off.
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Officials say a race was ongoing when the boat "Repeat Offender" crossed in front of the "Smith Brothers," which caused it to go airborne and land on top of "Repeat Offender."
38-year-old David Raabe was tragically killed after he sustained serious head injuries.