Police say they are not looking for anyone else in connection with the murder in Kingsteignton on Sunday.
Emergency services were called to a property on Chockland Road at 9.20pm to reports of a local man having received multiple stab wounds.
The 73-year-old victim was taken to Torbay Hospital where he was later pronounced deceased. Formal identification has not yet taken place.
Following the incident in Kingsteignton, at around 11am on Monday 10 June, police were made aware of a body of a 42-year-old local man found deceased within a car near Labrador Bay, Shaldon; his death is not being treated as suspicious.
Detective Superintendent Mike West, Head of Major Crime and Serious and Organised Crime, said: “The man found deceased within a car near Labrador Bay is our only suspect in relation to the murder and we are not looking for anyone else in connection with the death, which we are treating as an isolated incident.
“This has come as a huge shock to the family and loved ones of those involved. The family are being supported by specialist family liaison officers and relatives have asked that they are left alone and given the space they need to come to terms with what has happened.
“A number of police officers and specialist resources will continue to remain in the area as enquiries on behalf of the coroner continue. We would like to thank the local community for their assistance and support throughout this tragic case.”
A file will be prepared for the coroner and the matter will now be progressed by them in relation to the cause of the two deaths.
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