‘The Curse of Oak Island’: Who Owns the Money Pit on Oak Island?

The Money Pit on Oak Island is one of the most fascinating places to both treasure hunters and historians alike. But, who owns the Money Pit on Oak Island? Up ahead, we take a closer look at the various owners of Oak Island, including those that own the Money Pit.

The Money Pit on Oak Island could hold long-lost treasure. | History Channel

What is the Money Pit on Oak Island?

Ever wonder where the phrase “money pit” comes from? Some believe it originates from the infamous treasure buried on Oak Island. However, the words were allegedly used long before the area on the island earned its name. What is the Money Pit on Oak Island? In short, it’s where historians and treasure hunters believe many priceless items are buried — but its history is so much more detailed (and complicated) than that.

Since the 1850s, Oak Island — particularly its Money Pit — has been a popular area of interest for treasure hunters. The Money Pit has been excavated many times over, as many believe that’s where the most prized artifacts — including the Ark of the Covenant and Holy Grail — are. The pit allegedly consists of a large wooden depository and tunnels that, in the past, have flooded the digging site when treasure hunters got close to the wooden structure. Because of its mystery, some argue that there is no actual treasure, but instead, a natural phenomenon. Nevertheless, many (including Marty and Rick Lagina of The Curse of Oak Island) believe the money pit is home to long-lost riches.

Do the Laginas own Oak Island?

Oak Island has seen a handful of owners over the years. Rick and Marty Lagina have a business partnership with some of the other The Curse of Oak Island stars, including Craig Tester, Alan K. Kostrzewa, and Dan Blankenship. (Fun fact: Blankenship has owned a portion of the island since before the Laginas and their partners purchased it in 2005.) The business is called Oak Island Tours Incorporated and amounts for 78% of the island.

Who owns the Money Pit on Oak Island?

Rick and Marty Lagina’s company owns 78% of Oak Island, but who owns the Money Pit? As it turns out, Oak Island Tours Incorporated does. The business — and stars of History Channel’s The Curse of Oak Island — own the most sought-after part of the island and continue excavation efforts to find the mysterious treasure hidden beneath.

Who is paying for the Oak Island treasure hunt?

Oak Island Tours Incorporated doesn’t just own the Money Pit — they pay for much of the excavations, too. That said, Marty Lagina is likely their most prominent inside financial backer and some suggest they could have outside investors, too. In addition, History Channel could cover some of the costs (after all, they are making money off the top-rated show) and the Laginas often partner with drilling and research companies and likely either receive a discount or free service for doing so.

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