Officials said in a statement Monday, the boat found north of Wall Beach, actually contained more than $2 million in marijuana.
Vandenberg Air Force Base personnel stumbled upon the 20-foot metal boat around 1 p.m. Thursday.
Vandenberg also said 75 bricks of the drug were wrapped in plastic, found buried in the sand and placed in shrubs along the beach.
The bricks weighed more than 1,000 pounds.
Authorities are looking for multiple suspects. Vandenberg, the third-largest Air Force base in the world, imposed higher security measures at portions of the base.
All base personnel are being asked to stay out of the area and report all suspicious people or activity to Vandenberg Security Forces at 805-606-3911.