Mobster’s $130 Million Treasure May Be Hidden in Upstate New York

The search continues in the Hudson Valley and Upstate New York for a treasure worth around $130 million.

Reader's Digest recently highlighted the "15 Hidden Treasures Rumored to Be Somewhere in the United States" which included one treasure that could be in the Hudson Valley.

Hidden Mobster's Treasure Might Be Buried In Hudson Valley, Upstate New York

Rumor has it, legendary mobster Dutch Schultz may have burned a fortune somewhere in Upstate New York.

"One of the world’s most perplexing hidden treasure mysteries is that of the gangster Dutch Schultz, who may or may not have hidden a fortune somewhere in the Catskill Mountains of New York. Schultz feared the law was catching up with him, as he was being investigated for tax evasion. He had a special waterproof and airtight safe built, and placed $7 million in cash and bonds into it—over $130 million in today’s money," Readers Digest reports.

Legend has it Schultz ran the largest bootlegging operation ever found in Dutchess County at Harvest Homestead Farm in Pine Plains.

Some believe Shultz hid a box, waterproof safe, or suitcase that was full of gold coins, jewelry, paper money and bonds near Phoenicia in Ulster County.

"The safe was buried at an undisclosed location in upstate New York, and it has remained there ever since," Reader's Digest adds.

Schultz was killed in Newark, New Jersey in 1935, shortly after he returned from Phoenicia.

His dying words may give clues about the location of his hidden treasure, according to John Conway who wrote the book "Dutch Schultz and his Lost Catskills' Treasure."

"Don’t let Satan draw you too fast," Schultz told police, which was recorded by a police stenographer, according to Conway.

It's believed Schultz was talking about his hidden treasure in Phoenicia because Ulster County town has many landmarks that reference the devil.

Treasure Could Be Buried In Yonkers Or Lake George

Other rumored burial spots include Yonkers, New York and Lake George.

There are other rumored burial spots in Yonkers or Lake George, according to Conway.

"No one knows for sure,” Conway told the Times Union. “There are so many versions of the legend and story. It’s one of the reasons why people become fascinated by it. They’re challenged to find the right version, and then challenged to find the treasure.”

Pine Plains Business Is Named After Dutch Schultz

In September 2020, Dutch's Spirits opened on Harvest Homestead Farm in Pine Plains, at the site of New York's original bootlegging distillery, according to Dutch's Spirits.

For all the news that the Hudson Valley is sharing make sure to follow Hudson Valley Post on Facebook, download the Hudson Valley Post Mobile App and sign up for the Hudson Valley Post Newsletter.

"First 'organized' in 1932 during the twilight of Prohibition, our land was the site of an extensive bootlegging operation financed by the iconic mobster, Dutch Schultz. Now, almost 90 years later, Dutch’s Spirits is reviving the distillery foundations and revitalizing the property into a world-class distillery, tasting room, and event venue," Dutch's Spirits writes on Facebook.

On October 10, 1932, federal agents found a massive underground concrete bunker containing two 2,000-gallon stills, 10,000 pounds of sugar, and 1,000 gallons of Sugar Wash Moonshine at the Pine Plains farm, according to Dutch's Spirits.

A network of tunnels spread throughout the farm made it "one of the most extensive and elaborate layouts ever found."

Read More: 'Upstate New York' Restaurant Once Owned By Richard Gere Closes

The film "Billy Bathgate" was a movie made about Dutch Shultz. Dustin Hoffman plays Schultz in the 1990 film that also stars Nicole Kidman and Loren Dean.