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The Five Shocking Facts About The Forrest Fenn Treasure Found: What Happened To The $2 Million Hoard In 2025?

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The decade-long mystery that captivated America finally ended in 2020, but the story of the Forrest Fenn treasure is far from over. As of December 22, 2025, the saga of the $2 million hoard, hidden in a Romanesque bronze chest somewhere in the Rocky Mountains, continues to unfold through high-stakes auctions and lingering legal disputes. The ultimate goal of the hunt—to inspire people to get off the couch and explore nature—has been overshadowed by the very real drama of the discovery, the identity of the finder, and the fate of the priceless artifacts.

Forrest Fenn, an eccentric art dealer from Santa Fe, New Mexico, sparked a modern-day gold rush when he published his memoir, The Thrill of the Chase, in 2010. The book contained a cryptic, 24-line poem with nine clues that, if solved correctly, would lead searchers directly to his hidden treasure. Over the next ten years, tens of thousands of people, known as "Fennboree," dedicated their lives and fortunes to solving the puzzle, leading to multiple tragic deaths and endless speculation.

The Finder, The Hoard, and The Secret Location

The discovery of the treasure on June 6, 2020, brought the chase to an abrupt end, but immediately ignited a new firestorm of controversy. The finder, who initially remained anonymous, was eventually forced to reveal his identity.

1. The Finder Was a Former Journalist Forced to Reveal His Identity by Lawsuits

The man who successfully solved Fenn's elusive nine-line poem was identified as Jack Stuef, a 32-year-old medical student and former journalist from Michigan. Stuef spent two years intensely dedicated to the hunt before his successful retrieval of the bronze chest in 2020.

Stuef initially chose to remain anonymous to protect his privacy from the immense scrutiny and potential danger associated with a multi-million-dollar find. However, the secrecy was short-lived. He was compelled to reveal his name after multiple lawsuits were filed against Forrest Fenn and the anonymous finder.

One notable lawsuit, filed by a woman named Barbara Andersen, alleged that the treasure was found using her solution and that Stuef had committed fraud. Stuef vehemently denied these charges, stating that he had never met Andersen and that the treasure was found in Wyoming, nowhere near New Mexico, which was central to Andersen's claim.

2. The Treasure Was Found in Wyoming, Not New Mexico or Montana

Forrest Fenn only ever specified that the treasure was hidden "somewhere in the mountains north of Santa Fe" in the Rocky Mountains, at an elevation above 5,000 feet. This vast search area covered parts of New Mexico, Colorado, Wyoming, and Montana. The ambiguity fueled years of searching, with many focusing on the areas closest to Fenn's home in Santa Fe.

Jack Stuef finally confirmed the location was in Wyoming. The exact spot remains a secret, a decision Stuef made to respect Forrest Fenn's initial wish for the chest to remain where it was found, and to prevent the area from being overrun and potentially damaged by future treasure hunters or tourists.

The revelation that the treasure was in Wyoming dismissed countless theories that focused on landmarks in other states, proving that Stuef's interpretation of the nine clues—which included phrases like "home of Brown" and "Blaze"—was the correct one.

The Contents, The Value, and The Legal Aftermath

The contents of the bronze chest were as spectacular as the legend suggested, estimated by Fenn to be worth approximately $2 million. However, the true value lies in the history and rarity of the items, many of which are now being dispersed.

3. The Hoard's Contents Are Now Being Sold at Auction in 2025

The legendary bronze chest, which measured 10 by 10 by 5 inches, was filled with a staggering array of valuables. The hoard included:

  • Over 265 American gold coins, including rare double eagles and eagles.
  • Hundreds of gold nuggets, some as large as chicken eggs.
  • Prehistoric figures and artifacts.
  • Spanish emeralds and vintage jewelry.
  • A 17th-century gold ring with green jade.
  • Rubies, diamonds, and sapphires.

In a major development in 2025, the contents are no longer a single, unified treasure. Heritage Auctions (HA) has taken on the task of selling a significant portion of the collection. The auction, featuring 476 distinct items once nestled inside the chest, allows collectors to own a piece of the "Last Great American Hunt." This dispersion of the treasure marks the final stage of the saga, transitioning the hoard from a modern legend to a collection of individual, high-value artifacts.

4. Lawsuits Against Fenn and Stuef Continued Long After the Discovery

The controversy surrounding the treasure was not limited to the identity of the finder. The hunt itself was plagued by legal disputes, which escalated after the discovery. Multiple individuals filed lawsuits against Forrest Fenn and, later, Jack Stuef, with claims ranging from fraud to conspiracy.

The legal pressure was so intense that it is widely believed to have contributed to Fenn's decision to announce the treasure had been found, just a few months before his death in September 2020. The lawsuits alleged that Fenn had moved the treasure or that the entire chase was a hoax.

In a significant legal victory for the finder, a judge dismissed a request by the Federal Government (Feds) to intervene in one of the lawsuits, an action that could have complicated the ownership of the treasure, especially if it had been found on federal land. While some smaller disputes have been resolved or dismissed, the legal implications of the hunt—including claims related to search expenses and alleged stolen solutions—have created a complex and costly legal aftermath for Stuef and the Fenn family.

5. The Poem's Solution Was Far Simpler Than Experts Believed

For a decade, self-proclaimed experts, professional cryptographers, and passionate amateurs analyzed every word of Fenn's poem, using complex ciphers, historical maps, and deep literary analysis. The poem's nine clues were endlessly debated:

  • Begin it where warm waters halt
  • And take it in the canyon down
  • Not far, but too far to walk
  • Put in below the home of Brown
  • From there it’s no place for the meek
  • The end is ever drawing nigh
  • There’ll be no paddle up your creek
  • Just heavy loads and water high
  • If you are brave and in the wood
  • I give you title to the gold

Jack Stuef's successful solution, while never fully disclosed, has been described as a "straightforward" reading of the poem, focusing on the literal interpretation of the geographical place names and landmarks indicated by the clues. The solution was reportedly a sequence of nine specific locations in the Wyoming wilderness that, when followed, led directly to the chest. The ultimate irony is that the simplest, least-complicated interpretation of the poem was the correct one, a testament to Fenn's desire for the hunt to be accessible to anyone with a map and a sense of adventure, not just those with advanced degrees in code-breaking.

The Lasting Legacy of Forrest Fenn and The Thrill of the Chase

While the physical treasure is now being dismantled and sold, the legacy of the Forrest Fenn treasure hunt, often referred to as "The Chase," endures. It successfully ignited a passion for adventure in an estimated 350,000 searchers, fostering a unique community of treasure hunters who explored the vast, beautiful wilderness of the Rocky Mountains.

The story of the bronze chest, the nine-line poem, the eccentric art dealer, and the lucky medical student continues to be a powerful modern myth. It serves as a potent reminder that even in the age of GPS and instant information, there is still room for genuine mystery, real-world adventure, and the enduring allure of a hidden fortune. The fact that the treasure was found in 2020, yet its contents and the controversies surrounding it are still making headlines in 2025, proves that the true value of the hoard was always the thrill of the chase itself.

The Five Shocking Facts About The Forrest Fenn Treasure Found: What Happened to the $2 Million Hoard in 2025?
forrest fenn treasure found
forrest fenn treasure found

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