The remoteness of the crash scene, along with thick fog and low cloud, hampered the search.
Police confirmed the body of a man was found after the aircraft was located about 3.40am today.
It's understood that rescuers stayed with the wreckage through the night.
Inquiries into the incident are ongoing and the Civil Aviation Authority (CAA) has been advised.
Two CAA accident investigators from Wellington have already arrived at the crash scene.
"Initially they will gather information from first responders and liaise with police, then undertake a thorough scene evaluation, including taking photographs," a CAA spokesman said.
"It is too early to comment on possible causes of the accident."
CAA safety investigators look at aviation accidents and incidents – called "occurrences" – to find the causes, and to prevent them happening again.
Police thanked the "tireless work" of the Wakatipu and Central Otago Search and Rescue volunteers and Otago Helicopters staff who had worked throughout the night.
Pullar is a well-known farmer from the Southland region.
But in recent years it's understood that had spent more time in Bannockburn, Central Otago, where he has a wine business, Hawksburn Vintage Wines Ltd.
Pullar's family was also involved in Camp Columba – a popular camp site in Southland used by school camps, churches and community groups.
His father, Gordon Pullar, gifted land for Camp Columba in 1957 when it opened as the permanent home for the Mataura District Bible Class Easter Camp.
