Forrest Fenn, a controversial Santa Fe art dealer with a murky past in artifact trafficking, hid a bronze chest containing over $1 million in gold and antiquities somewhere in the Rocky Mountains in 2010. He embedded nine clues in a cryptic 24-line poem, sparking a decade-long hunt that drew 350,000 searchers and caused at least five deaths. Jack Stuef finally discovered it in Wyoming on June 6, 2020, after two years of analysis, though legal disputes and questions about Fenn’s contradictory hints continue to cloud the treasure’s story and his true motivations.
Key Takeaways
- Forrest Fenn, a Santa Fe art dealer and Vietnam veteran, hid a bronze chest containing gold and artifacts worth over $1 million in the Rocky Mountains.
- He announced the treasure hunt in 2010 with a 24-line poem containing nine clues published in his memoir *The Thrill of the Chase*.
- Approximately 350,000 people searched across four states over a decade, with at least five deaths occurring during the pursuit.
- Jack Stuef discovered the chest in Wyoming on June 6, 2020, after analyzing Fenn’s interviews and searching for two years.
- The treasure’s contents were auctioned in December 2022 for $1.3 million, concluding the hunt amid legal disputes and controversy.
The Man Behind the Mystery: Forrest Fenn’s Life and Legacy
Born on August 22, 1930, in Temple, Texas, Forrest Fenn lived a life that reads almost too adventurously to believe—yet most of it checks out.
Forrest Fenn’s extraordinary life straddled the line between documented military heroism and controversial artifact collecting—a cowboy’s truth stranger than fiction.
You’ll find documented evidence of his Air Force service as a Major, including being shot down over Vietnam and evading capture alone in the jungle.
He later built an art dealership in Santa Fe with his wife Peggy, operating Fenn Galleries while raising two daughters.
His cowboy lifestyle included collecting Indian artifacts throughout his career—a passion that’d eventually entangle him in 2009’s Operation Cerberus Action, where he faced indictment alongside 24 others for trafficking sacred artifacts worth $335,000.
He achieved exoneration in 2013, proving his purchases were lawful or made before relevant statutes took effect.
When terminal cancer struck in 1988, he planned something extraordinary, though remission changed everything.
His desire to create adventure and leave a lasting legacy would eventually lead him to hide a treasure chest containing gold and valuables worth at least $1 million somewhere in the Rocky Mountains.
From Fighter Pilot to Art Dealer: Building an Empire in Santa Fe
When Fenn retired from the Air Force in the early 1970s after nearly two decades of service, he didn’t ease into civilian life—he jumped straight into Santa Fe’s art world with the same aggressive energy he’d shown as a fighter pilot. His path from decorated Vietnam veteran to gallery owner reveals an unconventional approach to building wealth:
- Art forging: Sold copies of Modigliani, Monet, and Degas works alongside authentic pieces
- Gallery partnerships: Co-founded Arrowsmith-Fenn Gallery with Rex Arrowsmith in 1972
- Trading mentality: Bartered bronze sculptures for Indian artifacts, swapped Winchester rifles for paintings
- Self-education: Learned bronze casting by negotiating with foundry owners
- Annual revenue: Built a $6 million business from a 17-room adobe compound
His methods raise questions about authentication standards in 1970s Santa Fe’s nascent art market. The partnerships ended amid controversy involving looting cases and legal disputes over artifacts, though Fenn maintained his gallery operations independently. Eventually operating as Fenn Galleries Ltd., his establishment at 1075 Paseo De Peralta became known for hosting prominent figures including Jackie Kennedy.
A Bronze Chest Worth Millions: What Lay Hidden in the Rockies
The bronze chest measured just 10 by 10 by 5 inches yet contained 242.4 troy ounces of gold among its treasures—265 gold coins, precious gemstones, and artifacts spanning centuries of history.
Fenn’s original valuation exceeded $1 million. A figure later substantiated when finder Jack Stuef auctioned 476 items for $1.3 million in December 2022.
You’ll find the 19-kilo contents included everything from pre-Columbian gold animal figures to a 17th-century Spanish emerald ring (though this specific ring went missing) and a ladies’ bracelet adorned with 254 rubies. The chest itself featured a bas-relief carving depicting knights and princesses on its surface.
The 13th-century Romanesque bronze chest was hidden somewhere in the Rocky Mountains north of Santa Fe, where it remained undiscovered for over a decade.
Contents of the Chest
Buried somewhere in the Rocky Mountains for a decade, Forrest Fenn’s bronze chest contained an assemblage of artifacts that’d challenge even seasoned appraisers to authenticate.
You’re looking at 242.4 troy ounces of gold spanning multiple civilizations and centuries, each piece demanding rigorous verification of metal purity and artifact craftsmanship.
The documented contents included:
- 265 gold coins and nuggets requiring individual provenance research
- Pre-Columbian cast animal figures from Mesoamerican cultures
- Dragon bracelet featuring 254 rubies, emeralds, and Ceylon sapphires
- Carved jade Chinese faces and Tairona necklaces dating to 500–1000 B.C.E.
- Fenn’s 20,000-word autobiography serving as primary documentation
That 13th century Romanesque bronze container held approximately 22 pounds of metals and gemstones—all demanding independent authentication before accepting Fenn’s inventory claims.
The chest’s total weight reached 42 pounds when combining the 20-pound bronze container with its 22 pounds of precious contents.
The contents were auctioned in December 2022, bringing the decade-long treasure saga to its commercial conclusion.
Estimated Value Breakdown
Before accepting Forrest Fenn’s $2 million valuation at face value, you’ll need to reconcile some troubling discrepancies in the public record.
The 242.4 troy ounces of gold alone commanded $363,000 intrinsic value at 2020 rates—that’s your baseline for gold valuation.
Heritage Auctions generated $1,307,946 from 476 artifacts, but Tesorou Sagrado Holdings retained the $25,000 bronze chest and high-value items like the dragon bracelet.
Ancient artifacts fetched modest prices: pre-Columbian figures pulled $2,000–5,000 each, while the millennium-old Frog Pendant bid just $2,500.
Jack Stuef confirmed the treasure exceeded $1 million, yet complete appraisals remain undisclosed.
The finder transported the approximately 42-pound chest safely from the discovery site to secure storage before proceeding with authentication and valuation processes.
The auction drew 1,643 bidders who competed for pieces of the legendary cache when Heritage Auctions closed the online sale on December 13, 2022.
Without transparent documentation of retained items, establishing whether Fenn’s upper estimate held true becomes impossible—you’re left extrapolating from incomplete data.
The Poem and the Clues: Decoding The Thrill of the Chase
At the heart of Fenn’s treasure hunt lies a 24-line poem published on page 132 of *The Thrill of the Chase*.
It which he claimed contained nine sequential clues leading directly to the chest’s location.
You’ll find the poem structured across six stanzas, each allegedly providing specific geographic markers—from “where warm waters halt” to “the home of Brown” to a final “blaze”—that thousands of searchers interpreted with varying degrees of credibility.
The challenge in verifying these clues is that Fenn himself offered contradictory hints over the years, making it difficult to distinguish between legitimate guidance and deliberate misdirection.
The Nine-Line Poem
Fenn confirmed critical details worth verifying:
– The first clue begins at “where warm waters halt,” skipping the introductory stanza entirely.
- Nine distinct clues exist within the 36 lines, though they don’t align with nine sentences.
- “Home of Brown” was later linked to Nine-Mile Hole—a verifiable geographic location.
- “If you’ve been wise and found the blaze” directs you to look quickly down.
- The final stanza offers title to the gold, not additional navigational information.
- Tens of thousands physically searched the Rockies while 300,000 participated nationwide
- Some quit jobs and abandoned relationships for the pursuit
- At least five men died, prompting New Mexico’s police chief to demand the hunt’s end
- Search and rescue teams deployed repeatedly across dangerous terrain
- Finder retrieved the chest Saturday morning, June 6, 2020
- Photos sent to Fenn showed weathered chest at discovery site
- Finder drove from Wyoming to Santa Fe that same day
- Fenn physically inspected the $2 million cache in New Mexico
- Anonymous male requested identity and location remain confidential
- https://www.youtube.com/watch?v=64-DrMxglRw
- https://www.popularmechanics.com/adventure/a43061508/forrest-fenn-treasure-hunt/
- https://www.youtube.com/watch?v=2Ev2kvZGJKA
- https://mysteriouswritings.com/mws-forrest-fenn-timeline-the-events-shaping-forrest-fenns-life-and-the-thrill-of-the-chase-treasure-hunt/
- https://www.themeateater.com/conservation/public-lands-and-waters/location-of-forrest-fenns-treasure-finally-revealed
- https://www.outsideonline.com/outdoor-adventure/exploration-survival/forrest-fenn-treasure-jack-stuef/
- https://en.wikipedia.org/wiki/Fenn_treasure
- https://timharford.com/2025/11/cautionary-tales-the-treasure-hunt-that-broke-america-part-two/
- https://www.esquire.com/news-politics/a65170561/forrest-fenn-treasure-hunt/
- https://www.metaldetector.com/pages/learnbuying-guide-articlesresearchforrest-fenn-treasure
Each phrase demanded scrutiny before committing to any search route.
Interpreting Fenn’s Hints
However, you’ll find Fenn’s hints often contradicted each other, creating intentional ambiguity.
“Heavy loads and water high” spawned countless interpretations, from geological formations to waterfall coordinates.
His cryptic comments about being “brave” and “in the wood” fueled speculation about spiritual contracts and devilish pacts rather than straightforward wooden chest references.
This deliberate vagueness kept searchers perpetually uncertain whether they’d decoded genuine breadcrumbs or chased elaborate misdirection.
A Decade of Searching: Thousands Pursue the Dream
When Forrest Fenn announced his hidden treasure in 2010, he triggered what would become one of the largest amateur treasure hunts in American history.
You’d witness an estimated 350,000 people searching across four states—New Mexico, Colorado, Wyoming, and Montana—drawn by ancient legends reimagined for modern adventurers.
The scale proved staggering:
The chest remained hidden for a full decade until June 2020.
The hunt captured international attention, ultimately inspiring Netflix’s 2025 documentary “Gold & Greed” examining this obsessive pursuit of freedom and fortune.
Jack Stuef’s Journey: Two Years to Crack the Code
You’ll find no cryptic symbols or hidden messages decoded his solution—just careful analysis of Fenn’s interviews and memoir.
After determining the Wyoming location in 2018, Stuef spent 25 days searching over two years. On June 6, 2020, he found the chest.
Conspiracy theorists claimed Fenn planted the discovery, but independent verification by Fenn’s family confirmed authenticity.
Stuef remained anonymous until December 2020, later auctioning contents for $1.3 million—tangible proof the treasure existed.
June 6, 2020: The Day the Treasure Was Found
After more than a decade of searching, the hunt ended on June 6, 2020, when an anonymous finder contacted Forrest Fenn with photographic evidence of the treasure chest’s recovery.
You’ll find no treasure map existed—only Fenn’s cryptic poem guided the East Coast searcher to Wyoming’s wilderness. His search strategies proved successful where thousands failed.
The documented timeline reveals:
Verification came through Fenn’s June 6 blog post, followed by photos with his lawyer on June 16.
The precise Wyoming location stayed secret until court proceedings forced disclosure.
Controversy and Lawsuits: The Aftermath of Discovery
The treasure’s discovery unleashed a torrent of litigation that challenged the hunt’s legitimacy and exposed the fractious nature of the searcher community.
You’ll find four notable legal disputes emerged: David Hanson’s $1 million fraud claim alleged Fenn provided misleading clues, though procedural errors led to dismissal.
Barbara Anderson, a Chicago attorney, claimed hacking robbed her of victory—despite incorrectly placing the chest in New Mexico.
Brian Erskine sought recognition of his Colorado solution, filing before Fenn’s announcement.
Bruno Raphoz’s $10 million suit accused Fenn of relocating the treasure to thwart his discovery.
These treasure litigation cases invoked trove law protections, with plaintiffs targeting Fenn, his estate, and finder Jack Stuef. None succeeded in stripping Stuef of his prize.
Frequently Asked Questions
What Happened to Forrest Fenn’s Brother Skippy in 1978?
You’ll find conflicting information about Skippy Fenn’s 1978 death. While some sources cite this year, verifiable records confirming specific family history details and childhood experiences remain scarce. Always cross-reference claims about the Fenn brothers independently.
Did Forrest Fenn Ever Move the Treasure Chest After Hiding It?
No credible evidence supports treasure relocation claims. You’ll find Fenn’s hiding strategy remained constant—lawsuits alleging movement were dismissed. Treasure recovery photos and ranger verification confirm the chest stayed put exactly where originally hidden in 2010.
How Did Forrest Fenn Win the Silver Bracelet in 1965?
Fenn won the turquoise bracelet in a pool game against Bryon Harvey in 1965, according to his memoir. While treasure hunting enthusiasts search for hidden clues about this artifact, you’ll find the story documented on page 130 of TTOTC.
What Archaeological Methods Did Fenn Use at San Lazaro Pueblo?
You won’t find documented evidence of Fenn using proper excavation techniques at San Lazaro Pueblo. He collected ancient pottery and artifacts as a hobbyist, not through systematic archaeological methods. His surface collecting preceded modern preservation standards.
Why Did Jack Stuef Request Photos Before Taking Possession?
You’d think treasure security mattered most, but Stuef’s permission requests for photos actually aimed to verify the chest’s authenticity *before* possession—protecting himself from potential fraud while silencing conspiracy theorists doubting Fenn’s legitimacy through documented proof.
