A man has died after he was attacked and mauled to death by a Great White Shark despite heroic surfers dragging him out of the water in a frantic attempt to save his life.

The horrific incident, in which a 46-year-old tragically died, happened at Greenmount Beach in Coolangatta, Australia, just after 5pm on Tuesday.

Around 40 other surfers were also in the water when the shark attacked the man, with one eye witness saying the man's leg was "pretty much all taken" from below his knee.

At least six people, some in wetsuits and carrying surfboards, were seeing carrying the man out of the water and onto the beach.

Emergency services rushed to the scene

Emergency services rushed to the beach and treated the man at the scene, but he later died as a result of his injuries.

Jade Parker was on the beach when attempts to pull the man from the water began.

“I spotted a board floating in the (surfing) line up, and a body was next to it,” Parker told 7NEWS.

“I just presumed he might have got knocked out, because he wasn’t moving in the water.

There has not been a shark attack on the Gold Coast since 2012 (file photo)

“I ran down to the beach, dropped my board and sort of trudged through the line up to get to him.

“There were probably about three other people in the water trying to pull him in by then ... in waist-deep water.”

Parker said the man was in surf lifesavers’ hands as soon as he reached the beach.

He was transported off the beach on a buggy.

Around 40 other surfers were also in the water when the shark attacked (file photo)

“He was pretty much already gone by then,” Parker said.

“(The wound) was from the groin area down, just below his knee, was pretty much all taken.

“There was nothing there.”

Local surfer Leo Cabral was filming his 13-year-old son in the water at the time of the incident.

"I was focused on my son with a camera and I heard people yelling 'shark, shark, shark'," Mr Cabral told 9News.com.au.

"I looked around and thought maybe it's a dolphin. I looked again at my son and with my camera, I zoomed in next to him to his left and I saw a board and the guy was laying down in the water.

"The first thing that came to my mind was that I just wanted my son and his friends to be out of the water ... I couldn't feel my body at all, I was completely frozen, I was blank.

"I started screaming to my son to get out of the water."

Mr Cabral, who has lived in the area for 12 years, said panic broke out on the beach.

"Everyone was running around, there were kids crying on the sand ... A few people were standing by and were watching and couldn't believe what they were seeing," he said.

"It was so sad, it was really sad."

The beach was evacuated and all other beaches north and south of Greenmount were closed after the attack.

Beaches further afield on the Gold Coast are expected to be closed on Wednesday.

The police helicopter was deployed, searching for any sign of the shark.

There has not been a shark attack on the Gold Coast since 2012, when a 20-year-old surfer was bitten off Nobby Beach, further north from Coolangatta.