In Search Of... Season 3 # 16, THE MONEY PIT MYSTERY

In 1795 three boys found a deep pit built a century before. On Oak Island near Canada Captain Pit is believed to have hidden his treasure. A century ago two fishermen vanished after they had approached the island. Since then Oak Island is considered taboo - until the boys set out to discover the island. After weeks of digging they discovered several layers of stones and wood they could not get on by their own. They convinced neighbors that what they have found could make them rich and they came along to help. Later a major excavation was necessary with the help of a doctor who raised the money for it. After 8 years of hard labor the 98 feet deep pit was filled with water over night and they had to give up. Only when the inscription of a stone had been deciphered half a century later the search was on again. It said: "40 feet below two million pounds are buried."

By now the pit has claimed 6 lives and a company took over. They have reached 230 feet.