What Is the Money Pit on Oak Island?

History Channel’s hit reality series, The Curse of Oak Island gives viewers an inside look at the centuries-long treasure hunt — specifically the Money Pit. What is the Money Pit on Oak Island? Up ahead, we take a closer look at one of the main points of interest for Rick and Marty Lagina and the rest of The Curse of Oak Island cast.

The Money Pit is the main point of interest for treasure hunting on Oak Island. | History Channel

What is the Money Pit on Oak Island?

On Oak Island, there are several places of interest — aka areas where the treasure is likely buried. However, the most enticing area is known as the Money Pit. If you watch The Curse of Oak Island, the Money Pit is where Rick and Marty Lagina (as well as other cast members) have been drilling and surveying since the show’s beginning. But, what is the Money Pit?

The Money Pit is where many historians and treasure hunters believe priceless items are buried. However, it’s history is so much more detailed (and intriguing!) than that. In the 1850s, the promise of treasure was discovered on Oak Island — near what is now called the Money Pit — and, since then, it has become a popular digging sight for treasure hunters and historians alike. The pit allegedly consists of tunnels that flood the digging site every time treasure hunters got close to what is believed to be a large wooden depository (where some think the Ark of the Covenant and Holy Grail are buried).

However, with so much mystery surrounding the structure, some argue that there is no treasure to be found. Instead, the Money Pit on Oak Island is believed to be a natural phenomenon, if anything.

Who owns the Money Pit?

Oak Island has had several landowners in the past. But, today, Ricky and Marty Lagina, as well as their partners at the Oak Island Tours Incorporated (which consists of Craig Tester, Alan K. Kostrzewa, and Dan Blankenship) own a decent amount of the island, including the Money Pit. Oak Island Tours Incorporated owns 78 percent of the island. The remaining 22 percent belong to private owners.

What is buried in the Money Pit and on Oak Island?

What makes the Money Pit on Oak Island interesting is the potential treasure to be found. In addition to the Ark of the Covenant and Holy Grail, some believe that the Money Pit (and other parts of the island) is littered with pirate treasure. Others think Marie Antoinette’s lost crown jewels could lie deep within the money pit and other areas of Oak Island. Rumor has it, she gave her jewels to her lady-in-waiting during the French Revolution. According to some accounts, the woman fled to Nova Scotia not long after.

Another potential “treasure” to be found? An allegedly sunken Viking ship. Some say the Viking ship rests in the Money Pit area. According to the History Channel, the ship sank in the island’s quicksand-like surface. Those that back this theory say the ship was sucked inward and then turned vertically. They also say that the wooden planks — which are found at regular intervals in the pit — were backrests for rowers.

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