RedactedNarrative: An Auxiliary Sailing Vessel was underway in the area of Cornfield Point, LIS off of Old Saybrook. The gauges lost power and smoke was coming from the electrical cabinet. An occupant retrieved a fire extinguisher and pointed it in the direction of the smoke. The Operator called 911.  Old Saybrook and Westbrook Fire Departments responded to the Vessel and extinguished the fire on the water. Another nearby vessel  picked up all four occupants and SeaTow towed the Vessel to Oak Leaf Marina. PFD's were used by occupants. No injuries reported. Vessel total loss.