Pallestrelli's descendants became the ancient seafaring family of Perestrelo, with respected positions in the Portuguese court, and having their own coat of arms.
The Perestrelo family controlled much of the private trade in Goa, Cochin, Ormus and Malacca, a lucrative trade in spices, condiments, carpets and clothes, realising great profits in the markets of Lisbon, Genoa and Venice.
He was one of only 64 survivors who reached Inhambane on foot - the ship had carried a total of 473 crew members and passengers - only 23 were finally picked up.
Perestrelo wrote an account of the disaster, "Naufragio da não São Bento", published in Coimbra in 1564, which was subsequently included in História trágico-marítima, a collection of Portuguese shipwreck narratives by Bernardo Gomes de Brito.
His report includes 8 panoramas of the horizon viewed from sea, starting with Cape Agulhas.