November 14, 2025 • 40 mins
Forrest Fenn’s legendary treasure hunt ignites a nationwide obsession. The thrill of adventure, the promise of gold, and the call of the wild entice many seekers into the quest. Over time, excitement gives way to conspiracy and resentment, as treasure hunters stray into increasingly dangerous or aggressive interpretations of the clues. As the body count climbs, even Forrest begins to fear for his safety.
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Speaker 1 (00:15):
Pushkin. This is the second of two episodes about Forest
Fens Treasure. Last episode, an eccentric art dealer hid a
box containing at least a million dollars worth of treasure
(00:35):
somewhere in the mountains north of Santa Fe, New Mexico.
Then he published a series of cryptic clues that sparked
a global quest for the riches. If you haven't heard
part one yet, go back and listen to that first.
(00:57):
Someone is closing in on Forest Fens Treasure. It's summer.
Golden sun slants through the branches of towering pines, catching
on ancient bark. The searcher has been circling and scouring
(01:17):
this part of the forest for weeks. Now this is
the place to get here. They've methodically solved a series
of clues in a poem, and they've crossed canyons and
pastures where bison and elk roam behind them. Glints the
(01:40):
broad silver sweep of the river ahead. The trees press
in almost as if they're guarding something. The searcher first
learned about this quest a few years ago. Since then,
they've thought about it each and every day and thralled.
(02:06):
They've consumed everything they can about the life of Forest Fen,
the enigmatic art dealer who hid the prize, looking for
details that might help them solve the puzzle. At times,
they've resented Fenn, fearing that the elusive treasure chest would
haunt them forever. They're looking forward to getting their hands
(02:31):
on nuggets of gold and precious gems, not because they
want to keep the riches, but because they have debts
to pay. Forest Fen's fortune will help the searcher make
a fresh start. They're far from the beaten track now,
(02:53):
and the forest is quiet and still. They're nearly there.
They can feel it. I'm Tim Harford, and you're listening.
Cautionary Tales twenty seventeen. Deep in Wooded Hyde State Park,
(03:43):
New Mexico, a festival was in full swing. At first glance,
it might have resembled any other summer gathering. Decorated pavilions,
picnic tables laden with burgers, beers, and boxed wine, and
a campsite where revelers chatted as they pitched their tents.
On closer inspection, between the burgers and beers and weathered
(04:08):
matt swighted down with coffee mugs, you might have spotted
dog eared copies of a memoir the thrill of the chase.
Everyone at the gathering was interested in the same thing,
a bronze lock box about ten by ten by five inches,
(04:30):
stuffed with gold gems and rare artifacts hidden somewhere in
the rocky mountains. For this was Fenburye, the annual celebration
of Forest Fens famous treasure hunt. In twenty ten, Fenn
(04:52):
had published a six stanza poem containing nine clues to
the location of the treasure, a siren call that set
thousands of boots on the trail. As I have gone
alone and there, and with my my treasure's bold I
can keep my secret wear and hint of riches new
(05:14):
and old. 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
drawing ever nigh. There'll be no paddle up your creek,
(05:38):
just heavy loads and water high. At Fenbury, searchers tentatively
debated their theories about where the treasure was stashed. They
were reluctant to reveal too much, but were also keen
to flaunt the complexity of their solutions or solves, as
(06:02):
every searcher called them. Some were convinced that the fortune
was close by in Fen's home state of New Mexico.
Others believed that it was in Wyoming or Montana, but
it was generally agreed that the chest was somewhere in
the Rocky Mountains. In one of the pavilions was a
(06:23):
Captain America action figure painted gold with a large F
embossed on his chest. There were offerings at his feet, maps,
and other keepsakes. This was the Golden Fen, a shrined
the mastermind who united the searchers, and a mark of
(06:46):
the devotion he inspired in them. Near the Golden Fen
was another tribute. This one was to former salesman Randy
bill Yu, who disappeared after wandering into the bush in
the bitter midwinter with only his dog Leo for company.
(07:07):
He had been hoping to retrieve Eve the hidden Fortune
by rafting down the Rio Grande, but had been unprepared
for rugged terrain and dangerous weather. A few months later,
his body was found. Curiously, bill Yu's death did nothing
(07:29):
to quell enthusiasm for the treasure. If anything, media coverage
of his tragic demise brought in even more treasure tourists,
which in turn up the ante for those already on
the trail. One guy dies, and now there's fifty thousand
(07:49):
more people that year going out into the mountains, not
knowing what the hell they're doing, and risking their lives,
lamented Cynthia Meecham, a former engineer in her sixties. Cynthia
was revered by her fellow searchers and widely regarded as
one of the best. She lived in New Mexico and
(08:11):
had developed a friendship with Fen. I tried to pay
attention to every word, he says, She remarked, just in case.
Cynthia was sharp and logical, but the mystery also appealed
to her for its romance. She relished the chance to
(08:32):
go out and beat Indiana Jones. Lots of the searchers
were emotionally invested in the hunt, and at times the
treasure felt like a burden. A trainee doctor called Jack
Stouffe described days when exhausted, covered in scratches and bites
(08:55):
and sweat, nearing the end of my day's water supply,
I sat down and just cried alone in the woods
in sheer frustration for the hearsts. A father and two sons,
self declared rednecks from Wyoming. The Fenn Treasure was a
(09:16):
chance at a better life. Forrest did this for a purpose,
said father Chris Hurst. He wanted to bless people like us. Sudden.
Christopher Hurst hoped to buy himself a house. He also
wanted to look after his mother and his little sister, Angelina,
who had down syndrome. The Hearsts couldn't afford a copy
(09:40):
of the Thrill of the Chase. These were rare, and
some of them sold for hundreds of dollars, so Christopher
photocopied the whole of Fenn's memoir at the local library.
During his shifts at Burger King, he listened to every
Forest Fen interview he could find. Forrest lived in my head,
(10:02):
rent free for twenty four hours of the day. He mused.
For thirty one one year old Eric Ashby, the treasure
was a light in the dark. Eric had been raised
by a single father, Paul, in rural Tennessee. Father and
son enjoyed hiking and rafting together, and Eric also loved
(10:25):
fantasy books and puzzles. He was bright, had a ready laugh,
and made friends easily. He never had much money, but
material possessions weren't very important to him. In twenty fourteen,
Eric had to run of bad luck. He was injured
in a motorcycle accident and prescribed oxycodone for his immensely
(10:48):
painful injuries. Eventually he recovered, but according to Paul, Eric
couldn't get away from the pills. He developed an addiction.
Then Eric tried to punch a police officer. He was
sentenced to seven years probation. Eric's luck seemed to change
(11:11):
after he found out about Fenn's treasure. He enjoyed turning
the puzzle over in his mind and working through the clues.
The mystery was intoxicating, and it seemed to give him
a sense of purpose. He longed to be closer to
the search area so that he could go on regular
expeditions in the mountains. Moving would mean violating the terms
(11:35):
of his probation, but he reasoned that if he stayed
in Tennessee, he'd end up in jail anyway. In twenty sixteen,
Eric took the leap. He packed up his belongings and
headed west. Cautionary tales will return. Eric settled into life
(12:07):
in Colorado, Spring, a city at the foot of the Rockies.
He started dating, managed to quit the oxy codone and
found a job at a restaurant, where he also made
a group of friends. He stayed up late after his shifts,
marking up maps as he methodically assembled his solves for
the poem. Eric's father, Paul knew little about the Fen treasure,
(12:32):
but he was pleased his son was once again spending
time outdoors, hiking and rafting in the mountains. In twenty seventeen,
Eric made a breakthrough. He zeroed in on a stretch
of the Arkansas River where warm waters halt and everything
(12:54):
fell into place. A physician, doctor Brown, had once lived nearby.
This had to be the home of Brown. Fenn's poem
mentioned something called a blaze that mark the location of
the treasure, and Eric's soul had once been scorched by fire.
(13:16):
Eric made a few trips to the Arkansas River, but
poor weather and high waters blocked his progress. By some
of those conditions had improved, and Eric prepared for what
he hoped would be his final expedition. His girlfriend was
worried would he be safe, But unlike the fallen searcher
(13:42):
Randy bill U, Eric wouldn't be alone. His friends from
the restaurant were going with him. On June the twenty eighth,
Eric Ashby posted on his Facebook page, I hope today
turns out to be the success I've hoped for. Then
he headed out into the wilderness. As Eric Ashby was
(14:07):
sidestepping the terms of his probation, treasure hunters up and
down the rockets were risking it all for fortune and glory.
Some of them were plowing their life savings into the quest.
Searchers who'd never been camping before were now repelling into
the Grand Canyon, sometimes without enough rope to reach the ground.
(14:31):
Fen reminded the treasure hunters that the loot was hidden
somewhere an eighty year old man could reach on his own,
and he encouraged them to keep things simple. But bizarre
and shocking reports continued to roll in. One searcher was
caught digging up a grave in Yellowstone National Park. He
(14:55):
received a prison sentence for excavating and damaging archaeological resources
at a historic national landmark and had to pay over
thirty thousand dollars in restitution. My obsession with the treasure
clouded my judgment, he apologized. There were other more sinister
(15:18):
incidents too. A man called Francisco Chavez turned up at
Fen's gate, bearing cookies and asking to be let in.
It became clear that he was convinced the treasure was
Fenn's granddaughter, a young woman in her twenties, and he
(15:38):
meant to claim his prize. When Fen repeatedly sent the
man away, Chavez mailed him a package. Inside was a
picture of a large knife. He sent threats to Fenn's
granddaughter too. Eventually, the police arrested the stalker, but the
(16:00):
young woman was so scared that she moved out of state.
Fen too was shaken. I anticipated crazy people, but not
vicious crazy, he told journalist Daniel Barbarisi. Barbarisi found himself
reflecting that there were thousands of people looking for the treasure,
(16:23):
but it could only be found once. Would the failed
searchers consider the hunt over at that point or would
they merely alter their target. Francisco Chavez and the Yellowstone
Gravedigger weren't alone in reaching elaborate solves. One searcher was
(16:46):
convinced that they could see the letter F engraved in
satellite images of the Rockies, confirmation that their solution to
the poem was the correct one. There was even speculation
on Reddit that decorated war hero Fen was part of
the CIA, and the whole hunt was a covert psychological
(17:10):
experiment forst Fenn had reminded his followers that simplicity was key,
So why did they continue to reach such outlandish conclusions?
For one thing, the poem was vague, where warm waters, halt,
(17:33):
and the canyon were the most general of descriptors, and
the rockies were full of snakes, bears, wild rivers, and
steep crevices, so no place for the meek could be
almost anywhere to filter through the immense set of possibilities,
(17:54):
searchers instinctively used mental shortcuts, but those shortcuts weren't necessarily helpful.
Medical student Jack Stouffe published a YouTube essay about the
cognitive biases observed among his fellows.
Speaker 2 (18:11):
We have a tendency to find patterns in things even
where there are no real connections. We're very bad at
appreciating coincidence and the likelihood of coincidence.
Speaker 1 (18:26):
Stuff was talking about confirmation bias, a tendency to focus
on information that seems to confirm our existing beliefs and
to disregard anything that contradicts them. Once you've fixed on
a place where warm waters Halt, For example, confirmation bias
(18:47):
might lead you to value any local connection with Brown,
even though the name is a common one. Something called
the mere exposure effect also played a role in how
searchers approach the clues. This is our tendency to prefer
what we're already familiar with. When Chris Hurst Senior first
(19:11):
heard Fenn's poem, he was convinced it pointed to a
place he already knew, the ghost town of Kerwin, an
abandoned mining settlement close to the Hurst family home in Wyoming.
Son Christopher used synonyms to decode the poem, translating where
(19:31):
warm Water's halt into Lower Sunshine Reservoir, a nearby body
of water. Searchers tended to overcook the poem in a
bias towards complexity Seattle. Sullivan was convinced that the key
to the treasure lay in a series of anagrams and
(19:52):
a reference to the Last Supper, but Fenn had revealed
that the poem should serve as a set of directions
that the souls was connected to his biography. He had
never mentioned any interest in biblical illusion or word games.
Fenn's poem was the mysterious generative core at the heart
(20:14):
of the hunt and an engine of chaos. It lent
itself to unfettered interpretation, and cognitive bias rushed in to
harness the possibilities. In July twenty seventeen, ten days after
Eric Ashby set out to retrieve the treasure, his father
(20:38):
received a call from an unknown number. Mister Ashby, it
was a young woman. Yes, your son is dead. He
fell out a raft and drowned, she said, then she
hung up. At first, Paul wondered if this was a
(21:00):
horrible prank, but as time passed he grew uneasy. He
hadn't heard from Eric for some time. His phone went
straight to voicemail, and he didn't know his son's new
friends from the restaurant. Paul rang the local sheriff's office
in Colorado. Someone had called in about a drowning, but
(21:23):
no one had filed a missing person's report. That was odd.
Why hadn't the friends told the authorities that Eric had vanished,
and why had they waited ten days to reach out
to his family. Eric's half sister, Lisa, began to investigate.
She drove from her home in Florida to Colorado's Springs
(21:47):
and retraced Eric's steps, she found her brother's car. It
was parked outside one friend's apartment. Inside the car was
his backpack, and in it were some moldy sandwiches, a
couple of cell phones, a notebook, and a contract. Lisa
(22:11):
scanned the crumpled handwritten document. If the group found the treasure,
Eric Ashby was to receive fifty one percent and the
others would be entitled to the remainder. The contract declared
Eric Ashby will be the executor documented of the selling
(22:34):
and distribution of assets regarding said quest. Lisa raced to
join the dots. Had the group killed her brother for
his share of the riches. She reported her discovery to
a Colorado Springs detective. A month later, the river returned
(22:59):
Eric Ashby's body. The Colorado detective was eventually able to
reconstruct what had happened to him. On the twenty eighth,
Eric had led the group to an angry, whirling stretch
of the Arkansas River known as Sunshine Falls. He was
convinced that the fen fortune lay just across the rapids,
(23:23):
and he needed his friend's help to cross. Eric had
tied a rope around his body and handed the other
end to his friends, asking them to hold onto it
while he traversed the river. He wasn't wearing a helmet
or a life vest, but he assured the group that
he knew what he was doing. After all, his father
(23:43):
had taken him rafting as a boy. As Eric careened
across the rapids, his raft began bucking at a pitcher.
He was tossed into the churn, and as his terrified
friends watched on the rope that slid from his waist,
Eric disappeared, then rose to the surface again, faced down.
(24:10):
He was swept away on the current. A couple of
people had witnessed the incident and called nine one one,
but Eric's group disappeared before the police arrived. They told
the detective that they didn't report Eric missing because they
didn't want to get him into trouble with the law.
(24:31):
Perhaps so, although it's hard to imagine what trouble they
thought a drowned man might get into, cautionary tales will
be back. Over the years. At least another three men
(24:56):
perished in search of Forest Fenn's treasure. Paris Wallace, a
pastor drowned and the Rio Grande, fifty three year old
Jeff Murphy plummeted down steep slope in Yellowstone National Park,
and Michael Sexson, also fifty three, froze to death in
(25:17):
the Mountains of Colorado. After Wallace's death, a police chief
implored Fenn to call off the hunt. Journalists probed him
on his responsibility for these deaths too, but Fenn's answer
was always the same. Nine people die at the Grand
(25:38):
Canyon every year, but they're not talking about shutting down
the Grand Canyon. In twenty eighteen, a man called Robert
Miller broke into Forest Fenn's property. It had flown to
New Mexico from Pennsylvania, and was apprehended trying to polloin
a wooden chest filled with linens. Fenn's family held Miller
(26:04):
at gunpoint until the authorities arrived. Body worn camera footage
didn't show an aggressive intruder, but instead a man who
looked baffled and sad. Miller thought the poem directed him
to Fenn's home. He said he only had one hundred
(26:25):
and thirty dollars in his bank account and he needed
the treasure to provide for his family. In twenty nineteen,
a searcher called David Hanson sued eighty nine year old
Fen for one point five million dollars, accusing him of
making fraudulent statements about the treasure. Fen filed a counter
(26:49):
claim Hanson was trying to extort him and gain information
about the chest. Hanson's lawsuit eventually evaporated, but it underlined
a growing disillusionment with the hunt and with its creator.
Women started coming forward alleging that Fenn had behaved inappropriately
(27:12):
with them, requesting nude photographs. Fenn denied everything. These searchers
were angry because he wouldn't reveal the location of the treasure,
he said. The stalker, Francisco Chaves, also returned. He was arrested,
but Fenn was understandably disturbed. Journalist Daniel Barbarisi asked Fenn
(27:38):
had it all been worth it? He replied, knowing everything
I know now, I wouldn't do it again. In June
twenty twenty, a decade into the hunt Forrest, Fenn posted
on his website it was under the canopy of stars
(28:01):
and had not moved from the spot where I hid
it more than ten years ago. He wrote, someone had
found the treasure. I congratulate the thousands of people who
participated in the search and hope they will continue to
be drawn by the promise of other discoveries. Just like that,
(28:26):
the hunt had come to an end. Forrest kept the
finder's identity a secret at their request, and while he
revealed that the chest had been hidden in Wyoming, he
refused to disclose its precise location. The searchers were shocked
(28:46):
and grief stricken. It was all over? Or was it?
Suspicion set in. Fen didn't offer any proof why. Maybe
he was lying. Maybe ninety years old and approaching death,
he had taken the treasure back. Some wondered if it
(29:07):
ever really hidden the tree measure in the first place.
Perhaps it had all been a ruse for attention. I
don't think he realized the stink it would cause, said
Cynthia Meetcham. Fenn had spent his life persuading people to believe,
to follow, to trust and trust. They did because they
(29:30):
liked the story he told. But ultimately that trust proved fragile,
and when the story ended in disappointment, it shattered. In
the midst of all this outcry forst Fenn collapsed. It
(29:52):
was September seventh, twenty twenty. He was rushed to hospital,
but he never regained consciousness. The Treasure Hunt Mastermind had
secured his legacy, but he had left behind gaps and silences.
The searchers felt they'd been robbed of closure, even as
(30:15):
they mourned him. As in life, so in death, Forest
Fenn remained elusive. In the days that followed Fenn's death,
an anonymous eulogy appeared on the website medium. It claimed
(30:36):
to be written by the successful treasure Hunter. They revealed
little about who they were, disclosing only that they were
a millennial with student loans to pay off. They wrote
instead of Fen's immense generosity and of his ambiguous relationship
with the ending of the Treasure Hunt, I could tell
(30:57):
there was some eagerness in finally sharing this secret with someone,
but there was also melancholy. The Finder described too, how
their self belief had been shattered in the years before
they began their search, and the role this had played
in their approach to the treasure Hunt. Without any self
(31:20):
confidence in my abilities, I had to stick to the
evidence and not stray into speculation and its close cousin
confirmation bias. The comments poured in. Some searchers were thrilled
for the finder, offering their heartfelt congratulations. Others were wary,
(31:43):
even outraged. Sorry, but you didn't find anything, said one commenter.
I found every hint and clue there was. I'm calling
you out. As time passed and there were no more answers,
the outrage swelled. An attorney called Barbara Anderson filed a
(32:05):
lawsuit against the Finder, alleging that they'd hacked into her
phone and stolen her solve. Realizing that Anderson's lawsuit would
make their name a matter of public record, the Finder
decided to come forward on their own terms. In December
twenty twenty, another article appeared on Medium. My name, wrote
(32:32):
the finder is Jack Stouff. I now own the treasure Chest.
Thirty two year old Jack Stouffe was a medical student.
He was the searcher who'd posted a YouTube essay on
cognitive bias in the hunt tendency to For six months,
(32:52):
he had remained anonymous, not because he had anything to hide,
he said, but to protect his family's safety as well
as his own. Jack had carefully studied friend's biography, and
in twenty eighteen he'd homed in on a broad area
of significance to the art dealer. He believed that this
(33:15):
was where Fenn had wished to die when he had
planned to take his own life all those years ago.
After that, it took Jack some time to narrow his
search further. In the summer of twenty twenty, his search
came to an end. There it was the legendary lock box,
(33:38):
coated in dirt and pine needles. After so many years
in the wilderness, Jack was stunned, but he managed to
wrap the treasure in a blue Ikea bag, place it
inside his backpack, and carry it from the woods back
(33:59):
in his car. He began to sob and then laugh.
The hunt had been the most straiting experience of his life.
At times he thought it would torment him forever. Jack
set off on the long drive to New Mexico, where
(34:21):
he planned to visit Fenn. On the way, he spent
the night in a hotel where he unwrapped the treasure
and cleaned it. When he had finished, the hotel towels
were brown with dirt, and he made a mental note
to leave the staff a decent tip. Surveying his gold coins,
(34:44):
precious gems, and ancient artifacts, Jack was awe struck by
his tiny place in the sweep of human history, and
he felt he understood a little more about what made
Forest Fenn tick Jack Stuff has remained silent on the
(35:05):
location of the treasure. It's a special place, he says,
and he doesn't want it to be trampled by treasure tourists.
But another searcher, Justin Posey, believes he's matched location to
the photo that Jack published. It's in the woods close
to Madison River in Wyoming, where warm water's halt. Forest
(35:32):
Fenn spent blissful summers here as a boy, fishing for
brown trout in fast flowing streams. The home of brown
Two young men went in search of fens famed treasure chest.
(35:53):
The quest helped them find purpose. But while Jack Stouff
became a treasure hunting legend, Eric Ashby drowned alone in
the Arkansas River, abandoned by his friends. The treasure hunt
was intended to help people. The puzzle would serve as
(36:14):
a morale booster, Fenn reasoned, but the hunt was in
its way also cruel, and it became a source of obsession.
Paul Ashby initially blamed Fenn for his son Eric's death,
but eventually he made his peace with the old man,
(36:37):
and he campaigned to make sure that by law, no
one in Colorado or Tennessee could walk away when a
life was in danger. Barbara Anderson and David Hanson, who
both took legal action against Fenn, were unsuccessful in their lawsuits.
(36:58):
They seemingly grew so attached to the fortune that they
believed it was rightfully theirs, even though they hadn't laid
their hands on it. Some searchers wondered if Jack Stuff
was even real, and when Fenn's family confirmed his identity,
they surmised that they were in on the hoax. Others
(37:20):
still were simply disappointed, but when their grief abated, they
were also grateful. Forest Fenn gave me the best eight
years of my life, said Cynthia Meecham. Father and sons.
The Hearsts were devastated when they failed to find the treasure,
(37:42):
but they later reflected that the quest had brought them together.
The treasure is where you find it, said Christopher. I've
got my family right here next to me. We're all alive.
My treasure is my family. In twenty twenty two, Jack
(38:03):
Stuff sold the Fen Treasure at auction for roughly one
point three million dollars. I no longer own any part
of the treasure and have no financial interest in its
future on the collectible's market, he declared. Two years later,
(38:24):
an adventure lover called John Collins Black announced his own
treasure hunt. He's hidden five boxes across the United States.
They contain gold and other precious metals, shipwreck bounty, rare,
Pokemon cards, bitcoin, and some of Forrest Fens original treasure.
(38:50):
The hunt is once more afoot. Treasure it seems, never
stays put for long. Daniel Barbarisi is the author of
(39:13):
Chasing the Thrill, Obsession, Death and Glory in America's Most
Extraordinary Treasure Hunt, published in twenty twenty one. This episode
also relied on David Kushner's twenty eighteen article for Wired,
A Deadly Hunt for Hidden Treasure Spawns and Online Mystery.
(39:35):
For a full list of sources, see the show notes
at Timharford dot com. Cautionary Tales is written by me
Tim Harford with Andrew Wright, Alice Fines, and Ryan Dilly.
It's produced by Georgia Mills and Marilyn Rust. The sound
design and original music are the work of Pascal Wise.
(39:55):
Additional sound design is by Dan Jackson Bender. DAPFH. Haffrey
edited the scripts. The show also wouldn't have been possible
without the work of Jacob Weisberg, Greta Cohne, Sarah Nix, Axandler,
Christina Sullivan, Kira Posey, and Owen Miller. You can support
Cautionary Tales by joining My Cautionary Club at Patreon dot
(40:19):
com slash Cautionary Club for exclusive bonus episodes, newsletters, ad
free listening, and other exciting perks. Alternatively, you can join
Pushkin Plus on our Apple show page for continued benefits
from our show and others across the Pushkin network.
Pushkin. This is the second of two episodes about Forest
Fens Treasure. Last episode, an eccentric art dealer hid a
box containing at least a million dollars worth of treasure
(00:35):
somewhere in the mountains north of Santa Fe, New Mexico.
Then he published a series of cryptic clues that sparked
a global quest for the riches. If you haven't heard
part one yet, go back and listen to that first.
(00:57):
Someone is closing in on Forest Fens Treasure. It's summer.
Golden sun slants through the branches of towering pines, catching
on ancient bark. The searcher has been circling and scouring
(01:17):
this part of the forest for weeks. Now this is
the place to get here. They've methodically solved a series
of clues in a poem, and they've crossed canyons and
pastures where bison and elk roam behind them. Glints the
(01:40):
broad silver sweep of the river ahead. The trees press
in almost as if they're guarding something. The searcher first
learned about this quest a few years ago. Since then,
they've thought about it each and every day and thralled.
(02:06):
They've consumed everything they can about the life of Forest Fen,
the enigmatic art dealer who hid the prize, looking for
details that might help them solve the puzzle. At times,
they've resented Fenn, fearing that the elusive treasure chest would
haunt them forever. They're looking forward to getting their hands
(02:31):
on nuggets of gold and precious gems, not because they
want to keep the riches, but because they have debts
to pay. Forest Fen's fortune will help the searcher make
a fresh start. They're far from the beaten track now,
(02:53):
and the forest is quiet and still. They're nearly there.
They can feel it. I'm Tim Harford, and you're listening.
Cautionary Tales twenty seventeen. Deep in Wooded Hyde State Park,
(03:43):
New Mexico, a festival was in full swing. At first glance,
it might have resembled any other summer gathering. Decorated pavilions,
picnic tables laden with burgers, beers, and boxed wine, and
a campsite where revelers chatted as they pitched their tents.
On closer inspection, between the burgers and beers and weathered
(04:08):
matt swighted down with coffee mugs, you might have spotted
dog eared copies of a memoir the thrill of the chase.
Everyone at the gathering was interested in the same thing,
a bronze lock box about ten by ten by five inches,
(04:30):
stuffed with gold gems and rare artifacts hidden somewhere in
the rocky mountains. For this was Fenburye, the annual celebration
of Forest Fens famous treasure hunt. In twenty ten, Fenn
(04:52):
had published a six stanza poem containing nine clues to
the location of the treasure, a siren call that set
thousands of boots on the trail. As I have gone
alone and there, and with my my treasure's bold I
can keep my secret wear and hint of riches new
(05:14):
and old. 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
drawing ever nigh. There'll be no paddle up your creek,
(05:38):
just heavy loads and water high. At Fenbury, searchers tentatively
debated their theories about where the treasure was stashed. They
were reluctant to reveal too much, but were also keen
to flaunt the complexity of their solutions or solves, as
(06:02):
every searcher called them. Some were convinced that the fortune
was close by in Fen's home state of New Mexico.
Others believed that it was in Wyoming or Montana, but
it was generally agreed that the chest was somewhere in
the Rocky Mountains. In one of the pavilions was a
(06:23):
Captain America action figure painted gold with a large F
embossed on his chest. There were offerings at his feet, maps,
and other keepsakes. This was the Golden Fen, a shrined
the mastermind who united the searchers, and a mark of
(06:46):
the devotion he inspired in them. Near the Golden Fen
was another tribute. This one was to former salesman Randy
bill Yu, who disappeared after wandering into the bush in
the bitter midwinter with only his dog Leo for company.
(07:07):
He had been hoping to retrieve Eve the hidden Fortune
by rafting down the Rio Grande, but had been unprepared
for rugged terrain and dangerous weather. A few months later,
his body was found. Curiously, bill Yu's death did nothing
(07:29):
to quell enthusiasm for the treasure. If anything, media coverage
of his tragic demise brought in even more treasure tourists,
which in turn up the ante for those already on
the trail. One guy dies, and now there's fifty thousand
(07:49):
more people that year going out into the mountains, not
knowing what the hell they're doing, and risking their lives,
lamented Cynthia Meecham, a former engineer in her sixties. Cynthia
was revered by her fellow searchers and widely regarded as
one of the best. She lived in New Mexico and
(08:11):
had developed a friendship with Fen. I tried to pay
attention to every word, he says, She remarked, just in case.
Cynthia was sharp and logical, but the mystery also appealed
to her for its romance. She relished the chance to
(08:32):
go out and beat Indiana Jones. Lots of the searchers
were emotionally invested in the hunt, and at times the
treasure felt like a burden. A trainee doctor called Jack
Stouffe described days when exhausted, covered in scratches and bites
(08:55):
and sweat, nearing the end of my day's water supply,
I sat down and just cried alone in the woods
in sheer frustration for the hearsts. A father and two sons,
self declared rednecks from Wyoming. The Fenn Treasure was a
(09:16):
chance at a better life. Forrest did this for a purpose,
said father Chris Hurst. He wanted to bless people like us. Sudden.
Christopher Hurst hoped to buy himself a house. He also
wanted to look after his mother and his little sister, Angelina,
who had down syndrome. The Hearsts couldn't afford a copy
(09:40):
of the Thrill of the Chase. These were rare, and
some of them sold for hundreds of dollars, so Christopher
photocopied the whole of Fenn's memoir at the local library.
During his shifts at Burger King, he listened to every
Forest Fen interview he could find. Forrest lived in my head,
(10:02):
rent free for twenty four hours of the day. He mused.
For thirty one one year old Eric Ashby, the treasure
was a light in the dark. Eric had been raised
by a single father, Paul, in rural Tennessee. Father and
son enjoyed hiking and rafting together, and Eric also loved
(10:25):
fantasy books and puzzles. He was bright, had a ready laugh,
and made friends easily. He never had much money, but
material possessions weren't very important to him. In twenty fourteen,
Eric had to run of bad luck. He was injured
in a motorcycle accident and prescribed oxycodone for his immensely
(10:48):
painful injuries. Eventually he recovered, but according to Paul, Eric
couldn't get away from the pills. He developed an addiction.
Then Eric tried to punch a police officer. He was
sentenced to seven years probation. Eric's luck seemed to change
(11:11):
after he found out about Fenn's treasure. He enjoyed turning
the puzzle over in his mind and working through the clues.
The mystery was intoxicating, and it seemed to give him
a sense of purpose. He longed to be closer to
the search area so that he could go on regular
expeditions in the mountains. Moving would mean violating the terms
(11:35):
of his probation, but he reasoned that if he stayed
in Tennessee, he'd end up in jail anyway. In twenty sixteen,
Eric took the leap. He packed up his belongings and
headed west. Cautionary tales will return. Eric settled into life
(12:07):
in Colorado, Spring, a city at the foot of the Rockies.
He started dating, managed to quit the oxy codone and
found a job at a restaurant, where he also made
a group of friends. He stayed up late after his shifts,
marking up maps as he methodically assembled his solves for
the poem. Eric's father, Paul knew little about the Fen treasure,
(12:32):
but he was pleased his son was once again spending
time outdoors, hiking and rafting in the mountains. In twenty seventeen,
Eric made a breakthrough. He zeroed in on a stretch
of the Arkansas River where warm waters halt and everything
(12:54):
fell into place. A physician, doctor Brown, had once lived nearby.
This had to be the home of Brown. Fenn's poem
mentioned something called a blaze that mark the location of
the treasure, and Eric's soul had once been scorched by fire.
(13:16):
Eric made a few trips to the Arkansas River, but
poor weather and high waters blocked his progress. By some
of those conditions had improved, and Eric prepared for what
he hoped would be his final expedition. His girlfriend was
worried would he be safe, But unlike the fallen searcher
(13:42):
Randy bill U, Eric wouldn't be alone. His friends from
the restaurant were going with him. On June the twenty eighth,
Eric Ashby posted on his Facebook page, I hope today
turns out to be the success I've hoped for. Then
he headed out into the wilderness. As Eric Ashby was
(14:07):
sidestepping the terms of his probation, treasure hunters up and
down the rockets were risking it all for fortune and glory.
Some of them were plowing their life savings into the quest.
Searchers who'd never been camping before were now repelling into
the Grand Canyon, sometimes without enough rope to reach the ground.
(14:31):
Fen reminded the treasure hunters that the loot was hidden
somewhere an eighty year old man could reach on his own,
and he encouraged them to keep things simple. But bizarre
and shocking reports continued to roll in. One searcher was
caught digging up a grave in Yellowstone National Park. He
(14:55):
received a prison sentence for excavating and damaging archaeological resources
at a historic national landmark and had to pay over
thirty thousand dollars in restitution. My obsession with the treasure
clouded my judgment, he apologized. There were other more sinister
(15:18):
incidents too. A man called Francisco Chavez turned up at
Fen's gate, bearing cookies and asking to be let in.
It became clear that he was convinced the treasure was
Fenn's granddaughter, a young woman in her twenties, and he
(15:38):
meant to claim his prize. When Fen repeatedly sent the
man away, Chavez mailed him a package. Inside was a
picture of a large knife. He sent threats to Fenn's
granddaughter too. Eventually, the police arrested the stalker, but the
(16:00):
young woman was so scared that she moved out of state.
Fen too was shaken. I anticipated crazy people, but not
vicious crazy, he told journalist Daniel Barbarisi. Barbarisi found himself
reflecting that there were thousands of people looking for the treasure,
(16:23):
but it could only be found once. Would the failed
searchers consider the hunt over at that point or would
they merely alter their target. Francisco Chavez and the Yellowstone
Gravedigger weren't alone in reaching elaborate solves. One searcher was
(16:46):
convinced that they could see the letter F engraved in
satellite images of the Rockies, confirmation that their solution to
the poem was the correct one. There was even speculation
on Reddit that decorated war hero Fen was part of
the CIA, and the whole hunt was a covert psychological
(17:10):
experiment forst Fenn had reminded his followers that simplicity was key,
So why did they continue to reach such outlandish conclusions?
For one thing, the poem was vague, where warm waters, halt,
(17:33):
and the canyon were the most general of descriptors, and
the rockies were full of snakes, bears, wild rivers, and
steep crevices, so no place for the meek could be
almost anywhere to filter through the immense set of possibilities,
(17:54):
searchers instinctively used mental shortcuts, but those shortcuts weren't necessarily helpful.
Medical student Jack Stouffe published a YouTube essay about the
cognitive biases observed among his fellows.
Speaker 2 (18:11):
We have a tendency to find patterns in things even
where there are no real connections. We're very bad at
appreciating coincidence and the likelihood of coincidence.
Speaker 1 (18:26):
Stuff was talking about confirmation bias, a tendency to focus
on information that seems to confirm our existing beliefs and
to disregard anything that contradicts them. Once you've fixed on
a place where warm waters Halt, For example, confirmation bias
(18:47):
might lead you to value any local connection with Brown,
even though the name is a common one. Something called
the mere exposure effect also played a role in how
searchers approach the clues. This is our tendency to prefer
what we're already familiar with. When Chris Hurst Senior first
(19:11):
heard Fenn's poem, he was convinced it pointed to a
place he already knew, the ghost town of Kerwin, an
abandoned mining settlement close to the Hurst family home in Wyoming.
Son Christopher used synonyms to decode the poem, translating where
(19:31):
warm Water's halt into Lower Sunshine Reservoir, a nearby body
of water. Searchers tended to overcook the poem in a
bias towards complexity Seattle. Sullivan was convinced that the key
to the treasure lay in a series of anagrams and
(19:52):
a reference to the Last Supper, but Fenn had revealed
that the poem should serve as a set of directions
that the souls was connected to his biography. He had
never mentioned any interest in biblical illusion or word games.
Fenn's poem was the mysterious generative core at the heart
(20:14):
of the hunt and an engine of chaos. It lent
itself to unfettered interpretation, and cognitive bias rushed in to
harness the possibilities. In July twenty seventeen, ten days after
Eric Ashby set out to retrieve the treasure, his father
(20:38):
received a call from an unknown number. Mister Ashby, it
was a young woman. Yes, your son is dead. He
fell out a raft and drowned, she said, then she
hung up. At first, Paul wondered if this was a
(21:00):
horrible prank, but as time passed he grew uneasy. He
hadn't heard from Eric for some time. His phone went
straight to voicemail, and he didn't know his son's new
friends from the restaurant. Paul rang the local sheriff's office
in Colorado. Someone had called in about a drowning, but
(21:23):
no one had filed a missing person's report. That was odd.
Why hadn't the friends told the authorities that Eric had vanished,
and why had they waited ten days to reach out
to his family. Eric's half sister, Lisa, began to investigate.
She drove from her home in Florida to Colorado's Springs
(21:47):
and retraced Eric's steps, she found her brother's car. It
was parked outside one friend's apartment. Inside the car was
his backpack, and in it were some moldy sandwiches, a
couple of cell phones, a notebook, and a contract. Lisa
(22:11):
scanned the crumpled handwritten document. If the group found the treasure,
Eric Ashby was to receive fifty one percent and the
others would be entitled to the remainder. The contract declared
Eric Ashby will be the executor documented of the selling
(22:34):
and distribution of assets regarding said quest. Lisa raced to
join the dots. Had the group killed her brother for
his share of the riches. She reported her discovery to
a Colorado Springs detective. A month later, the river returned
(22:59):
Eric Ashby's body. The Colorado detective was eventually able to
reconstruct what had happened to him. On the twenty eighth,
Eric had led the group to an angry, whirling stretch
of the Arkansas River known as Sunshine Falls. He was
convinced that the fen fortune lay just across the rapids,
(23:23):
and he needed his friend's help to cross. Eric had
tied a rope around his body and handed the other
end to his friends, asking them to hold onto it
while he traversed the river. He wasn't wearing a helmet
or a life vest, but he assured the group that
he knew what he was doing. After all, his father
(23:43):
had taken him rafting as a boy. As Eric careened
across the rapids, his raft began bucking at a pitcher.
He was tossed into the churn, and as his terrified
friends watched on the rope that slid from his waist,
Eric disappeared, then rose to the surface again, faced down.
(24:10):
He was swept away on the current. A couple of
people had witnessed the incident and called nine one one,
but Eric's group disappeared before the police arrived. They told
the detective that they didn't report Eric missing because they
didn't want to get him into trouble with the law.
(24:31):
Perhaps so, although it's hard to imagine what trouble they
thought a drowned man might get into, cautionary tales will
be back. Over the years. At least another three men
(24:56):
perished in search of Forest Fenn's treasure. Paris Wallace, a
pastor drowned and the Rio Grande, fifty three year old
Jeff Murphy plummeted down steep slope in Yellowstone National Park,
and Michael Sexson, also fifty three, froze to death in
(25:17):
the Mountains of Colorado. After Wallace's death, a police chief
implored Fenn to call off the hunt. Journalists probed him
on his responsibility for these deaths too, but Fenn's answer
was always the same. Nine people die at the Grand
(25:38):
Canyon every year, but they're not talking about shutting down
the Grand Canyon. In twenty eighteen, a man called Robert
Miller broke into Forest Fenn's property. It had flown to
New Mexico from Pennsylvania, and was apprehended trying to polloin
a wooden chest filled with linens. Fenn's family held Miller
(26:04):
at gunpoint until the authorities arrived. Body worn camera footage
didn't show an aggressive intruder, but instead a man who
looked baffled and sad. Miller thought the poem directed him
to Fenn's home. He said he only had one hundred
(26:25):
and thirty dollars in his bank account and he needed
the treasure to provide for his family. In twenty nineteen,
a searcher called David Hanson sued eighty nine year old
Fen for one point five million dollars, accusing him of
making fraudulent statements about the treasure. Fen filed a counter
(26:49):
claim Hanson was trying to extort him and gain information
about the chest. Hanson's lawsuit eventually evaporated, but it underlined
a growing disillusionment with the hunt and with its creator.
Women started coming forward alleging that Fenn had behaved inappropriately
(27:12):
with them, requesting nude photographs. Fenn denied everything. These searchers
were angry because he wouldn't reveal the location of the treasure,
he said. The stalker, Francisco Chaves, also returned. He was arrested,
but Fenn was understandably disturbed. Journalist Daniel Barbarisi asked Fenn
(27:38):
had it all been worth it? He replied, knowing everything
I know now, I wouldn't do it again. In June
twenty twenty, a decade into the hunt Forrest, Fenn posted
on his website it was under the canopy of stars
(28:01):
and had not moved from the spot where I hid
it more than ten years ago. He wrote, someone had
found the treasure. I congratulate the thousands of people who
participated in the search and hope they will continue to
be drawn by the promise of other discoveries. Just like that,
(28:26):
the hunt had come to an end. Forrest kept the
finder's identity a secret at their request, and while he
revealed that the chest had been hidden in Wyoming, he
refused to disclose its precise location. The searchers were shocked
(28:46):
and grief stricken. It was all over? Or was it?
Suspicion set in. Fen didn't offer any proof why. Maybe
he was lying. Maybe ninety years old and approaching death,
he had taken the treasure back. Some wondered if it
(29:07):
ever really hidden the tree measure in the first place.
Perhaps it had all been a ruse for attention. I
don't think he realized the stink it would cause, said
Cynthia Meetcham. Fenn had spent his life persuading people to believe,
to follow, to trust and trust. They did because they
(29:30):
liked the story he told. But ultimately that trust proved fragile,
and when the story ended in disappointment, it shattered. In
the midst of all this outcry forst Fenn collapsed. It
(29:52):
was September seventh, twenty twenty. He was rushed to hospital,
but he never regained consciousness. The Treasure Hunt Mastermind had
secured his legacy, but he had left behind gaps and silences.
The searchers felt they'd been robbed of closure, even as
(30:15):
they mourned him. As in life, so in death, Forest
Fenn remained elusive. In the days that followed Fenn's death,
an anonymous eulogy appeared on the website medium. It claimed
(30:36):
to be written by the successful treasure Hunter. They revealed
little about who they were, disclosing only that they were
a millennial with student loans to pay off. They wrote
instead of Fen's immense generosity and of his ambiguous relationship
with the ending of the Treasure Hunt, I could tell
(30:57):
there was some eagerness in finally sharing this secret with someone,
but there was also melancholy. The Finder described too, how
their self belief had been shattered in the years before
they began their search, and the role this had played
in their approach to the treasure Hunt. Without any self
(31:20):
confidence in my abilities, I had to stick to the
evidence and not stray into speculation and its close cousin
confirmation bias. The comments poured in. Some searchers were thrilled
for the finder, offering their heartfelt congratulations. Others were wary,
(31:43):
even outraged. Sorry, but you didn't find anything, said one commenter.
I found every hint and clue there was. I'm calling
you out. As time passed and there were no more answers,
the outrage swelled. An attorney called Barbara Anderson filed a
(32:05):
lawsuit against the Finder, alleging that they'd hacked into her
phone and stolen her solve. Realizing that Anderson's lawsuit would
make their name a matter of public record, the Finder
decided to come forward on their own terms. In December
twenty twenty, another article appeared on Medium. My name, wrote
(32:32):
the finder is Jack Stouff. I now own the treasure Chest.
Thirty two year old Jack Stouffe was a medical student.
He was the searcher who'd posted a YouTube essay on
cognitive bias in the hunt tendency to For six months,
(32:52):
he had remained anonymous, not because he had anything to hide,
he said, but to protect his family's safety as well
as his own. Jack had carefully studied friend's biography, and
in twenty eighteen he'd homed in on a broad area
of significance to the art dealer. He believed that this
(33:15):
was where Fenn had wished to die when he had
planned to take his own life all those years ago.
After that, it took Jack some time to narrow his
search further. In the summer of twenty twenty, his search
came to an end. There it was the legendary lock box,
(33:38):
coated in dirt and pine needles. After so many years
in the wilderness, Jack was stunned, but he managed to
wrap the treasure in a blue Ikea bag, place it
inside his backpack, and carry it from the woods back
(33:59):
in his car. He began to sob and then laugh.
The hunt had been the most straiting experience of his life.
At times he thought it would torment him forever. Jack
set off on the long drive to New Mexico, where
(34:21):
he planned to visit Fenn. On the way, he spent
the night in a hotel where he unwrapped the treasure
and cleaned it. When he had finished, the hotel towels
were brown with dirt, and he made a mental note
to leave the staff a decent tip. Surveying his gold coins,
(34:44):
precious gems, and ancient artifacts, Jack was awe struck by
his tiny place in the sweep of human history, and
he felt he understood a little more about what made
Forest Fenn tick Jack Stuff has remained silent on the
(35:05):
location of the treasure. It's a special place, he says,
and he doesn't want it to be trampled by treasure tourists.
But another searcher, Justin Posey, believes he's matched location to
the photo that Jack published. It's in the woods close
to Madison River in Wyoming, where warm water's halt. Forest
(35:32):
Fenn spent blissful summers here as a boy, fishing for
brown trout in fast flowing streams. The home of brown
Two young men went in search of fens famed treasure chest.
(35:53):
The quest helped them find purpose. But while Jack Stouff
became a treasure hunting legend, Eric Ashby drowned alone in
the Arkansas River, abandoned by his friends. The treasure hunt
was intended to help people. The puzzle would serve as
(36:14):
a morale booster, Fenn reasoned, but the hunt was in
its way also cruel, and it became a source of obsession.
Paul Ashby initially blamed Fenn for his son Eric's death,
but eventually he made his peace with the old man,
(36:37):
and he campaigned to make sure that by law, no
one in Colorado or Tennessee could walk away when a
life was in danger. Barbara Anderson and David Hanson, who
both took legal action against Fenn, were unsuccessful in their lawsuits.
(36:58):
They seemingly grew so attached to the fortune that they
believed it was rightfully theirs, even though they hadn't laid
their hands on it. Some searchers wondered if Jack Stuff
was even real, and when Fenn's family confirmed his identity,
they surmised that they were in on the hoax. Others
(37:20):
still were simply disappointed, but when their grief abated, they
were also grateful. Forest Fenn gave me the best eight
years of my life, said Cynthia Meecham. Father and sons.
The Hearsts were devastated when they failed to find the treasure,
(37:42):
but they later reflected that the quest had brought them together.
The treasure is where you find it, said Christopher. I've
got my family right here next to me. We're all alive.
My treasure is my family. In twenty twenty two, Jack
(38:03):
Stuff sold the Fen Treasure at auction for roughly one
point three million dollars. I no longer own any part
of the treasure and have no financial interest in its
future on the collectible's market, he declared. Two years later,
(38:24):
an adventure lover called John Collins Black announced his own
treasure hunt. He's hidden five boxes across the United States.
They contain gold and other precious metals, shipwreck bounty, rare,
Pokemon cards, bitcoin, and some of Forrest Fens original treasure.
(38:50):
The hunt is once more afoot. Treasure it seems, never
stays put for long. Daniel Barbarisi is the author of
(39:13):
Chasing the Thrill, Obsession, Death and Glory in America's Most
Extraordinary Treasure Hunt, published in twenty twenty one. This episode
also relied on David Kushner's twenty eighteen article for Wired,
A Deadly Hunt for Hidden Treasure Spawns and Online Mystery.
(39:35):
For a full list of sources, see the show notes
at Timharford dot com. Cautionary Tales is written by me
Tim Harford with Andrew Wright, Alice Fines, and Ryan Dilly.
It's produced by Georgia Mills and Marilyn Rust. The sound
design and original music are the work of Pascal Wise.
(39:55):
Additional sound design is by Dan Jackson Bender. DAPFH. Haffrey
edited the scripts. The show also wouldn't have been possible
without the work of Jacob Weisberg, Greta Cohne, Sarah Nix, Axandler,
Christina Sullivan, Kira Posey, and Owen Miller. You can support
Cautionary Tales by joining My Cautionary Club at Patreon dot
(40:19):
com slash Cautionary Club for exclusive bonus episodes, newsletters, ad
free listening, and other exciting perks. Alternatively, you can join
Pushkin Plus on our Apple show page for continued benefits
from our show and others across the Pushkin network.
Host
Tim Harford
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