Emergency services responded after several people were reported struggling in large waves, with Mr Upham and another man in his sixties subsequently reported missing on Thursday morning.
An extensive search operation was concluded on Thursday afternoon, and neither man has been located as of Boxing Day.
Mr Upham's family released a statement saying they were “heartbroken,” adding he was "deeply loved and will be forever missed," and extended thanks to the emergency services.
The incident occurred during a Met Office yellow weather warning for wind, and Devon and Cornwall Police described it as a "truly tragic incident," advising the public to avoid swimming.