The Unfinished Chase: 7 Shocking New Revelations About Forrest Fenn’s $2 Million Treasure And Its Controversial Aftermath

The decade-long hunt for Forrest Fenn's legendary bronze chest came to an end in 2020, but the story is far from over. As of December 15, 2025, the saga continues to unfold with new legal revelations, public disputes, and a deeper look into the controversial legacy of the eccentric Santa Fe art dealer. The discovery of the $2 million trove of gold and jewels was just the beginning of a complex legal and ethical fallout that has redefined the meaning of "The Thrill of the Chase."

The quest, which drew an estimated 350,000 searchers to the Rocky Mountains, resulted in both triumph and tragedy, inspiring a global community while also leading to multiple deaths and environmental damage. The most recent updates focus less on the hunt itself and more on the messy, post-discovery reality, including the unmasking of the finder and the ongoing lawsuits alleging fraud and conspiracy.

The Life and Times of Forrest Fenn: Art Dealer, Pilot, and Treasure Master

Forrest Fenn (1930–2020) was an American art dealer, author, and decorated military veteran whose decision to hide a treasure chest in the wilderness captivated the world. His life was as colorful and multifaceted as the artifacts he collected.

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• Full Name: Forrest Burke Fenn
• Born: August 22, 1930, in Temple, Texas
• Died: September 7, 2020, in Santa Fe, New Mexico (Age 90)
• Military Service: Served 20 years in the U.S. Air Force, achieving the rank of Major. He was a decorated fighter pilot who flew hundreds of combat missions during the Vietnam War.
• Career: After retiring from the military, he became a highly successful and controversial art and antiquities dealer in Santa Fe, New Mexico. He ran the Fenn Galleries, specializing in Native American artifacts and Western art.
• Motivation for the Hunt: In the late 1980s, after a cancer diagnosis, Fenn conceived the idea of hiding a treasure to inspire people to get off the couch, explore the beauty of the Rocky Mountains, and leave a legacy.
• The Book: He authored the 2010 memoir, The Thrill of the Chase, which contained a 24-stanza poem with nine cryptic clues leading to the treasure's location.

The Nine Clues and the Contents of the Bronze Chest

The centerpiece of the entire saga was Fenn's 24-line poem, which contained nine hidden clues. These clues, such as "Begin it where warm waters halt" and "The home of Brown," became the subject of intense scrutiny, debate, and obsession for a decade. The poem, published in his memoir, was the only key to finding the treasure.

The $2 Million Treasure Trove

The treasure itself was housed in a small, 10 x 10 x 5-inch 12th-century bronze chest. Its contents, valued at over $2 million, were a personal collection of artifacts and wealth that Fenn had accumulated over his lifetime. The sheer variety of items inside added to the allure and mystery of the find.

• Gold Nuggets: Over 265 gold coins and hundreds of gold nuggets, including one the size of a chicken egg.
• Rare Artifacts: Pre-Columbian artifacts, including ancient figurines and pottery.
• Jewels: Rubies, emeralds, diamonds, and other rare gemstones.
• Coins: Numerous 19th-century gold coins.
• Personal Items: A small jar containing Fenn's autobiography on microfilm, a copy of his memoir, and a personal note.

The chest's discovery in June 2020 by Jack Stuef, a then-32-year-old medical student, marked the end of the treasure hunt but the beginning of a new chapter of controversy.

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7 Shocking Updates and Controversies That Define Fenn’s Legacy

The most recent information surrounding the Forrest Fenn treasure focuses heavily on the fallout from its discovery, revealing a contentious and legally fraught ending to the great chase. These ongoing developments keep the story fresh and relevant today.

1. The Finder Was Unmasked Due to a Lawsuit

The man who found the treasure, a Michigan medical student named Jack Stuef, initially wished to remain anonymous, referring to himself only as "an anonymous finder from back east." However, his identity was revealed in December 2020 after a federal judge ordered him to unmask for a lawsuit filed by a fellow treasure hunter. Stuef stated he only came forward because he was accused of theft. His revelation confirmed that the treasure had been found in Wyoming.

2. The Exact Location Was Revealed in a Legal Battle

For years, the treasure’s location was a closely guarded secret. However, as part of the legal proceedings and public pressure, the general location was revealed to be a spot in Wyoming, near the Yellowstone National Park border. This revelation was a direct result of the lawsuits filed against Fenn’s estate and Stuef, proving that even after the treasure is found, the secrets can be forced into the open through legal means.

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3. Multiple Lawsuits Allege Fraud and Conspiracy

Since the treasure was found, several lawsuits have been filed against both Forrest Fenn’s estate and Jack Stuef. These civil suits allege everything from fraud—claiming the treasure never existed or that Fenn retrieved it himself—to conspiracy and theft. While many have been dismissed, the sheer number of legal challenges highlights the deep distrust and dissatisfaction among a segment of the treasure-hunting community.

4. Treasure Hunters Faced Federal Sentences for Park Damage

A dark side of the hunt was the damage caused by desperate searchers. In a significant recent update, a treasure hunter named Rodrick Dow Craythorn received a federal sentence, including six months in prison, for excavating and damaging archaeological resources in Yellowstone National Park. This case, and others like it, solidified the controversial legacy of the hunt, showing the real-world consequences of the obsession.

5. The Legacy of Deaths and Rescues

The hunt was not without tragedy. At least five people died while searching for the bronze chest in the rugged Rocky Mountains terrain. These deaths, often involving falls or drownings, prompted calls for Fenn to end the hunt early. The human cost remains a significant and somber part of the Fenn treasure narrative, a factor that continues to fuel the debate over the ethics of the chase.

6. New Media and Documentaries Keep the Story Alive

The story's enduring popularity is evidenced by new media coverage, ensuring the topical authority remains strong. A major Netflix documentary and a New York Magazine feature titled “The Great 21st-Century Treasure Hunt” have been released, introducing the controversial saga to a new generation. This continuous flow of content proves that the public's curiosity about Fenn and his motivations is far from satisfied.

7. The Treasure's True Value Remains a Subject of Debate

While Fenn estimated the value at $2 million, the true worth of the bronze chest is likely much higher due to the historical and provenance value of the artifacts—especially the pre-Columbian pieces—and the massive increase in value due to its notoriety. The "Fenn Treasure" is now a brand, and the artifacts are priceless historical objects tied to one of the 21st century's greatest adventures.

The Enduring Thrill and the Unresolved Questions

Despite the treasure being found, the Forrest Fenn saga remains a potent cultural phenomenon. The hunt inspired thousands to explore nature, learn geography, and engage in a communal puzzle. However, the controversy surrounding the legal battles, the allegations of fraud, and the criminal consequences for reckless hunters have left an indelible stain on the "thrill" of the chase.

The unresolved questions—was the location too dangerous? Did Fenn handle the aftermath correctly? What will become of the artifacts?—ensure that the story of Forrest Fenn, the eccentric art dealer who hid a fortune, will continue to be a subject of intense public discussion for years to come. His legacy is now a complex tapestry woven with threads of adventure, obsession, and bitter legal dispute.