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He disappeared on 17 December 1967 while swimming at Cheviot Beach, Victoria on Point Nepean (near Portsea). He was presumed dead two days later by the Australian government. Apparantly, the surf was heavy that day (with strong currents and rips) and Holt had a medical history that suggested he could not have survived the water if he was hurt. Many strange rumours were spread after Holt's dissapearance, such as the rumour that he was picked up by Russian (or Chinese) submarines or abducted by a UFO. On the 2nd of September, 2005, a coroner found Holt drowned in an accident on the 17th of December, 1967.

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