Balloonist Rescued In S. Pacific

Downed U.S. balloonist Steve Fossett was rescued by an Australian yachtsman on Monday from a life raft drifting in the South Pacific, an Australian rescue official said.

Australian Search and Rescue officer Arthur Heather says Fossett was picked up by the ketch Atlanta Monday. His helium balloon fell thousands of feet into the Coral Sea Sunday after being hit by a thunderstorm, ending his fourth attempt at circumnavigating the world non-stop in a balloon.

Fossett is in good condition, CBS News Correspondent Bill Vitka reports.

Fossett had completed two-thirds of his latest attempt to fly around the world when he ran into trouble and lost contact with mission control.

Authorities say Fossett was spotted in a raft off the Australian coast. Eight hours after Fossett's balloon crashed in the sea, members of his support team expressed relief that he had been spotted alive by a French rescue plane.

The plane, sent from New Caledonia, was guided to the raft by emergency locator beacons whose signals were picked up by satellite. Once spotted in the shark-infested waters, the plane dropped emergency supplies to Fossett, including food, water, and a 15-man life raft.

The millionaire adventurer had traveled more than 15,000 miles in his balloon since taking off from Argentina on Aug. 7. Fossett had at least another five days of travel in his fourth attempt to become the first balloonist to circle the world non-stop.