A man fitting his description, captured on CCTV footage, was seen getting off the train at Liskeard station a few hours later at 9.50am.
The police concentrated their search to the south west of the station, combing fields, undergrowth, railway viaducts and empty buildings.
PC Neil Miles, from Tiverton police, said the search was unsuccessful and Mr Prescott, from Burlescombe in Devon, is now listed as an 'inactive' missing person. 'We are extremely worried about him and on Monday we were looking for a body,' said PC Miles.
'We have exhausted every lead, but we believe he got off the train and walked in the wrong direction looking for the town centre and got lost somewhere down the lanes.
'He is not the sort of man who would have asked anyone for help. He had no mobile phone and was not on social media, so there is nothing to track him down with. He lived at home with his mother and his family are distraught. This was out of character.'
Mr Prescott is described as 5ft 9in tall, of slim build with collar-length grey to light brown hair and a moustache. He was last seen wearing black trousers and a distinctive white and black checked quilted shirt/jacket. He was carrying a plastic Morrisons shopping bag.
PC Miles said the Devon and Cornwall Search and Rescue Team was being asked to search the area again when it is next out on a training exercise. Anyone who thinks they have seen Mr Prescott is asked to contact PC Miles on 01884 233825 or dial l0l.