The remains of missing elderly man Ronald McMaster have been found in Moornapa.

Police and emergency services were called to Freestone Creek Road shortly after 9am after passers-by spotted a vehicle down an embankment.

An elderly man, deceased, was located near the vehicle and police believe it to be the 95-year-old Toorak grandfather of seven.

Ronald McMaster was driving his car to Bermagui in New South Wales. (Supplied)

He was driving his light grey 1967 Vanden Plas sedan. (Supplied)

Mr McMaster had been on his way to Bermagui, New South Wales and was due to arrive on May 5 to attend a vintage car meet.

The alarm was raised by family members after he failed to arrive.