diff --git a/Library/Homebrew/cmd/list.rb b/Library/Homebrew/cmd/list.rb
index d2eebb5f1b..43a03829e0 100644
--- a/Library/Homebrew/cmd/list.rb
+++ b/Library/Homebrew/cmd/list.rb
@@ -106,7 +106,11 @@ module Homebrew
     names = if ARGV.named.empty?
       Formula.racks
     else
-      ARGV.named.map { |n| HOMEBREW_CELLAR+n }.select(&:exist?)
+      racks = ARGV.named.map { |n| HOMEBREW_CELLAR+n }
+      racks.select do |rack|
+        Homebrew.failed = true unless rack.exist?
+        rack.exist?
+      end
     end
     if ARGV.include? "--pinned"
       pinned_versions = {}