Cal Fire says a spear fisherman was diving at the Stillwater Cove area of the resort in Monterey County when he was attacked by a shark.
The man suffered a serious bite to his leg nearly severing it but two off-duty sheriff's deputies were at the beach at the time and were able to pull the man from the water.
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The beach was evacuated while crews treated the victim and gathered more information on the shark involved.
The victim was taken to a local hospital and taken into surgery.
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There is no word yet on his condition.
The area has been the site of several shark attacks in the past.