This Is Who Really Owns The Money Pit On Oak Island

Longtime fans of History's treasure-hunting series "The Curse of Oak Island" will know that essentially the entire mystery of Oak Island revolves around a specific spot known as the "Money Pit." As we previously reported, the Oak Island Money Pit is rooted in enduring lore. The story goes that, sometime in the 18th century, a young man and his friends uncovered what appeared to be a 100-foot man-made shaft after embarking on an intense dig. Per the legend, what the Oak Island residents uncovered is the original Money Pit, which is said to hold mysterious treasure. Indeed, over the years the pit has been rumored to contain everything from the Holy Grail to the jewels of Marie Antoinette.

Throughout the series, brothers Rick and Marty Lagina have repeated time and time again that finding what's at the bottom of that pit is an essential part of solving the mystery of the island as a whole. Completing that task has been made extra difficult due to the constant flooding on the island, which has plagued treasure hunters ever since it was first discovered. It's clear the Money Pit is essential to the search for Oak Island's treasure but who actually owns the land where this legendary pit is located?

According to Oak Island Society (via History's page on the Money Pit), a group consisting of Ricky and Marty Lagina, plus several other partners, owns the Money Pit along with 78% of the rest of the island. The other 22% belongs to Oak Island's seasonal residents. Unfortunately, by the Lagina brothers' admission, there is a good chance that they might be in the wrong spot, despite whatever they may claim about owning the original pit.

History's Money Pit explainer also reveals that, allegedly, a botched excavation to the island in the 1960s caused the original pit location and all of the surrounding dig sites to collapse into a single giant pile of mud and stone. Since then, the original location has been lost to treasure seekers. Therefore, the truth is that the Laginas actually own a general area that's theoretically meant to include the Money Pit. However, they have no clue whether they are digging in the correct spot or if they even own the correct pit at all.

This claim about owning the Money Pit is yet another aspect of "The Curse of Oak Island" that makes the show so frustrating yet intriguing to watch since the Laginas have no clue where the original pit is, and it could be located on that slim 22% of the island they don't yet own.