Cammeray yacht deaths: Peter Ray mysteriously found dead on luxury $250,000 boat alongside his brothel madam lover Lixin Wang

A boat owner found dead on his $250,000 yacht alongside the body of a brothel madam has been identified as a Sydney tradesman.

The lifeless bodies of Peter Ray, 56, and his on-and-off lover Lixin Wang, aged in her 60s, were found in the cabin of his boat docked in Cammeray on Sydney's lower north shore at about 9pm on Wednesday. 

Mr Ray was a registered plumber while Ms Wang is listed as a massage therapist out of Hunters Hill, but she is also the registered owner of an eastern suburbs brothel.

A friend of Mr Ray alerted police after the pair weren't heard from since Monday and he found the boat shrouded in darkness.

Firefighters initially entered the 56-foot yacht, named Taloha, wearing breathing equipment over concerns of noxious gases on board the vessel.

Police boarded the boat shortly after and found a number of items of interest including illegal drugs, the Daily Telegraph reports.

The couple are understood to not have had any physical injuries however a gas leak is one of the lines of inquiry police will investigate.

Mr Ray was preparing to enter Taloha into Airlie Beach Race Week - starting next Thursday - and had spent the past 18 months renovating the boat as a 'love project'.

He had purchased the boat in 2022 for $250,000.

His ex-wife Andrea remembered Mr Ray as a devoted father of three children aged 29, 27 and 19.

She revealed he was planning to move up to Queensland next Wednesday to 'start afresh' and had prepped the boat for the trip.

Detective Inspector Siobhan Munro said police are still probing if 'foul play was involved' in the 'hours-old' investigation.

'Nothing has been discounted at this time,' she said.

'We don't know what has happened. We're still making inquiries.'

According to one boating expert with personal knowledge of Taloha, the concern over fumes suggests either a gas leak from the galley's cooking equipment, or carbon monoxide from the engine or a heater.

'Each vessel requires a gas certificate which needs to be renewed every 10 years,' he said.

'(A gas leak) is not unheard of. It has happened before and [especially] if the boat was completely closed up because it was cold. What a terrible tragedy.'

A number of items identified on the boat were taken away by police for forensic examination as the two bodies were seen being stretchered off the vessel.

A post-mortem examination will be conducted in the coming days to confirm the identity of the man and woman and to determine the cause of death.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000.