The mysterious money pit up for sale

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The mysterious money pit up for sale

It may look like a fixer-upper at first glance, but what is buried beneath scrubby little Oak Island might just make its estimated $7 million price tag worth the investment.

Oak Island, in Nova Scotia, is famous for its Money Pit, a mystery that has endured two centuries, claimed six lives and swallowed up millions in life savings.

The Pit was discovered in 1795 by a local boy named Daniel McGinnis who, spotting an unusual clearing in the earth under one of the island's oak trees, was prompted to start digging. The discovery of layered planks, mysterious stone slabs, and mats made of coconut fibers descending deep into the ground turned his casual afternoon dig into an all-out excavation.

Investors and thrill-seekers would eventually jump in and continue the work, kicking off one of the world's longest running treasure hunts.

Looking across Smith's Cove from Oak Island. Coconut fiber found here is thought to have been used as a drainage mechanism to supply the flood tunnels with the sea water necessary to flood the Money Pit. The flood tunnels reach the sea, just beyond the beach.

Much more on site, really interesting.
By netchicken: posted on 8-11-2005

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