Police hope salvaging three 40-foot luxury yachts worth millions of dollars, destroyed by fire at a Gold Coast marina, may yield clues to the blaze.

Queensland police hope recovering luxury yachts worth a reported $5 million will unravel what caused the fire on the Gold Coast in which they sank.

Four yachts were damaged in the blaze at the Palazzo Versace marina in the early hours of Wednesday, with three sinking due to the damage sustained.

Police are yet to determine how the fire began but hope salvaging the wrecked boats on Thursday will help bring them answers.

“We’ve got three large vessels underwater at the moment and until we can raise them and have a good look, we’ve got no answers at this stage,” Queensland Water Police Senior Sergeant Lucas Young told reporters.

Sandy Savage’s $1.5 million Mustang was among the vessels destroyed, as was John Turner’s Riviera-brand yacht.

“At four o’clock in the morning, when you get a phone call and they tell you your boat’s on fire, you don’t feel real well,” Mr Turner told reporters.

The damage bill could have been even higher without the quick actions of a pair of boaties and winds ensuring the fire was directed away from neighbouring boats.

Ross McCallum and his friend pulled three boats away from the flames and were being hailed by owners for their heroic actions.

“Decided to pull a couple of boats out otherwise it was just going to be a domino effect along the jetty and more boats would’ve gone down,” Mr McCallum told the Nine Network.

A fourth yacht, which suffered fire damage but didn’t sink, was towed away from the marina in the hope it could be repaired.