The Three Buyers: Who Really Acquired Forrest Fenn's Million-Dollar Treasure?

The decade-long, multi-million-dollar hunt for Forrest Fenn’s legendary bronze chest finally ended in 2020, but the story of the treasure's ownership was only just beginning. As of December 2025, the final resting place of the gold, jewels, and artifacts is not in a single vault, but rather dispersed among a network of private collectors.

The "who bought Forrest Fenn's treasure" question is not a simple one; it involves a complex chain of custody that moved from a lone treasure hunter to a mysterious Limited Liability Company (LLC), and finally to the public auction block. The ultimate buyers are the collective of enthusiasts who secured individual pieces of the 476-item cache, ensuring that the legacy of The Thrill of the Chase lives on across the globe.

The Finder: Jonathan "Jack" Stuef Biography

The man who successfully solved Fenn's cryptic nine-stanza poem and ended the hunt was an individual who sought anonymity before eventually revealing his identity amidst controversy.

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• Full Name: Jonathan "Jack" Stuef
• Age (at time of finding): 32
• Hometown/State: Michigan
• Education: Georgetown University (Undergraduate), Medical Student (at the time of the find)
• Date of Find: June 6, 2020
• Location of Find: Wyoming wilderness, though the specific location remains undisclosed by Stuef to protect the site.
• Claim to Fame: The sole person to solve the clues in Forrest Fenn's memoir, The Thrill of the Chase, and locate the treasure chest.
• Post-Find Activities: Sold the entire treasure to a private LLC in 2022.

Stuef, a former editor-in-chief at his university, initially remained anonymous, referring to himself only as "The Finder." He confirmed his identity in December 2020 after the death of Forrest Fenn, stating that he wanted to protect his privacy and the location of the find. His success, however, did not come without immediate legal challenges.

The First Corporate Buyer: Tosuro Sagrado Holdings, LLC

After finding the treasure, Jack Stuef held onto the chest and its contents for over two years. The gold, jewels, and artifacts, which Fenn had estimated to be worth around $2 million, were a legal and logistical challenge.

The first major sale occurred in September 2022, when Stuef sold the entire collection to a private entity named Tosuro Sagrado Holdings, LLC. This transaction immediately shifted the treasure from a personal artifact of a treasure hunter to a corporate asset.

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The Veil of Anonymity and the LLC's Purpose

The name "Tosuro Sagrado" is Spanish for "Sacred Treasure," a fitting, if slightly dramatic, title for the new owner. The LLC was reportedly formed for "basic legal protection and temporary anonymity" by one of its members. While the principal owner of the LLC has not been publicly identified, the formation of the company served two key purposes:

• Legal Shield: To manage the ongoing legal battles and controversies surrounding the treasure.
• Preparation for Auction: To professionally catalog, appraise, and prepare the 476 individual items for a wider sale.

The sale from Jack Stuef to Tosuro Sagrado Holdings, LLC was a necessary step to transition the treasure from a single, controversial object into a collection of authenticated, marketable antiquities. This move essentially removed Stuef from the direct line of fire of the numerous lawsuits that had plagued the hunt for years.

The Ultimate Buyers: Heritage Auctions and Global Collectors

The final chapter in the treasure's ownership saga began when Tosuro Sagrado Holdings, LLC partnered with Heritage Auctions, one of the world's largest auction houses. This move signaled the end of the treasure as a single unit and its transformation into hundreds of collectibles.

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The Dispersal of the Treasure

Heritage Auctions acquired the collection and began the process of selling the 476 items individually to collectors. The auction of the main chest and its contents was a massive event, with the total sale price for the main chest reaching $1.3 million.

The "ultimate buyers" of the treasure are therefore the hundreds of collectors, museums, and enthusiasts from around the world who successfully bid on the individual lots. This dispersal has created a new legacy for the treasure, allowing a piece of the legendary hunt to be owned by many, rather than just one.

What Was in the Chest? The Contents and Value

The treasure chest itself was a 10" x 10" x 5" bronze lockbox that was said to weigh 42 pounds when full. The contents were a dazzling array of gold and artifacts, confirming Fenn's original claims and fueling the imagination of millions of "Fennboree" searchers for a decade.

Key contents of the Forrest Fenn treasure included:

• Gold Coins: Over 265 gold coins, including a mix of American, Mexican, and South African issues.
• Gold Nuggets: Hundreds of gold nuggets, some weighing over an ounce.
• Jewelry: A Spanish 17th-century gold ring set with a large emerald, necklaces, and ancient jade carvings.
• Artifacts: Pre-Columbian artifacts, ancient Chinese faces, and various small gemstones.

The sale through Heritage Auctions allowed individual buyers to acquire specific items, such as a 28-gram gold nugget for $1,800 or specific gold coins like the 1959 Mexico G 20P Restrike.

The Enduring Controversies and Lawsuits

The treasure's sale did not entirely settle the controversies. The hunt, which captivated the world and led to multiple deaths, sparked a series of lawsuits that continue to be a part of the treasure's history.

• David Hanson: Sued Fenn, alleging fraudulent statements and misleading clues that caused him to spend large sums of money.
• Barbara Andersen: A Chicago real estate attorney who sued Stuef, claiming the finder had hacked her personal communications to get the final clue.
• Bruno Raphoz: A French treasure hunter who sued Fenn's estate for $10 million, claiming Fenn had moved the chest after Raphoz had located the spot.

These legal battles are a crucial part of the Fenn treasure lawsuit legacy, highlighting the intense, sometimes dangerous, nature of the hunt. The sale of the treasure to Tosuro Sagrado Holdings, LLC, and its subsequent auction, was a strategic move to compartmentalize the financial assets from the legal liabilities.

Conclusion: The Legacy of a Dispersed Fortune

The answer to "who bought Forrest Fenn's treasure" is a three-part answer that reflects the treasure's journey: Jack Stuef found it, Tosuro Sagrado Holdings, LLC consolidated it, and a global collective of collectors ultimately purchased its components. The treasure chest, once a single, coveted prize hidden in the Rocky Mountains, is now a dispersed fortune, its pieces scattered across the world in the hands of those who cherish its history.

The hunt, which began with the publication of a poem in The Thrill of the Chase, has ended, but the story of the gold coins, the emerald ring, and the bronze chest continues. The buyers, whether the anonymous LLC or the individual collectors, have all become a part of the legendary tale of Forrest Fenn, the eccentric art dealer who gave the world one last great adventure.