Dive teams located the 71-year-old's body around 10 a.m. Wednesday near the boat dock of the lake.
"Wilson County sheriff's dive team members, along with the emergency management coordinator were able to locate the body of Mr. Winstead," Wilson County Sheriff Calvin Woodard said. "We made the family aware and we're definitely sorry and the family will be in our prayers."
Emergency officials were searching both in the lake and on the ground for Winstead, because initially they were not sure if he drowned or wandered off.
Winstead's tackle box and fishing gear were found on one side of the lake, while his boat was found on the other side of the water.
At this point officials say there are no signs of foul play.
His family says they believe Winstead may have fallen in the water while trying to get in his boat and was unable to swim his way out.
They say Winstead fished all the time and he loved the lake, but he did have some health problems including a stroke a while back.