Sydney-to-Hobart line honours winner Nicorette took all that storm-tossed Bass Strait could throw at it only to break its mast in moderate conditions just off the Gold Coast.

The 27-metre maxi yacht was about 1km out from the entrance to the Gold Coast Seaway around 3.30pm (AEST) on Monday when it snapped its mast near the boom.

The yacht was making about 10 knots in what the crew described as moderate winds of 18 knots.

Police said there were no injuries and the yacht, which has been on corporate sailings, will be towed back to the Southport Yacht Club at high tide.

The mast and sails are in 20 metres of water and the total bill is expected be around $1 million.

A Nicorette spokeswoman said the crew had returned to the marina.

"Unfortunately these boats are a bit like F1 racing cars," she said.

"You can race them through Bass Strait and nothing happens to them and then in very moderate conditions we break a mast."

She said an early assessment fixed the blame on an engineering failure.

"But until our mast builder gets up there to have a look at it we certainly are not able to make any call as to why it happened and how it happened in very mild conditions," she said.

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