Family Breaks Silence After Billionaire's Son Died in Accident Trying to Save Fiancée: 'Tremendous Loss'

Juan Carlos Escotet Alviarez died on Saturday after being hit by a boat propeller while trying to rescue his fiancée, Andrea Montero, who fell overboard

Juan Carlos Escotet Alviarez. Photo: Banesco USA

The family of Juan Carlos Escotet Alviarez has issued a statement following his death over the weekend.

"During a fishing tournament, Juan Carlos Escotet Alviarez's fiancée fell into the water and he jumped in to save her," the family says in a statement obtained by PEOPLE. "While she was able to return to the boat safely, Juan Carlos was hit by the propeller and did not survive the injury."

"His family asks for privacy and respect from the press during this very difficult time as they grieve this tremendous loss. Thank you," the statement concluded.

Escotet Alviarez is the son of Juan Carlos Escotet Rodriguez, the founder of of the Caracas-based banking group Banesco. Per Forbes, the 62-year-old banking executive has a net worth of $3.5 billion.

Escotet Alviarez is listed on the company's website as a director of Banesco, which has not commented on the incident.

Juan Carlos Escotet Alviarez, Andrea Montero and others. Otoro Fishing Instagram

The accident occurred on Saturday in North Key Lago, Florida, according to a report released by the Florida Fish and Wildlife Conservation Commission, which was obtained by PEOPLE.

That afternoon, Andrea Montero, 30, fell overboard from their 60-foot boat while fishing during a tournament, the report states. In an attempt to rescue her, Escotet Alviarez, 31, "voluntarily jumped out of the vessel off the starboard stern" and was then "struck with the vessel's propellers and died from his injuries."

FWC spokesperson Jason Rafter previously told The Miami Herald that Montero hit her head but was not seriously injured.

"Rough as it was, she couldn't say whether it was when she went over or coming back in. She doesn't remember when it happened," Rafter said, clarifying that the timing of her injury was not immediately clear.

Escotet Alviarez and Montero were catching sailfish as part of an event hosted by the Ocean Reef Club, according to the Herald.

Saturday marked the final day of the tournament. Logs show the pair caught five fish on Saturday, prior to the accident.

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Earlier this week, Troy Hall — who was also on the boat at the time of the accident, per the FWC's report — shared that he was still trying to "wrap my head around what happened."

In a social media post, Hall reflected on how the day had started off great and "in seconds" everything was "taken away."

"Seeing what some of us crew members saw really makes you appreciate life and the loved ones that stick by your side," Hall wrote. "I really appreciate everyone that has reached out to me, the crew we had, and the family, as we are all devastated."