Cautionary Tales with Tim Harford The Treasure Hunt that Broke America (Part 2)
Nov 14, 2025
Forrest Fenn's treasure hunt sparks a nationwide obsession, drawing adventurers into the Rocky Mountains. As excitement transforms into dangerous obsession, the hunt leads to tragic losses, including the disappearance of Eric Ashby. The community forms around shared theories, yet criminal behavior emerges amidst fierce dedication. After the treasure is allegedly found, skepticism grows, and unresolved questions linger, leading to renewed hunts and ongoing speculation about the treasure's true fate.
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The Fenbury Gathering
- Fenbury was a festival where treasure hunters swapped theories, maps and a shrine to Forrest Fenn called the Golden Fen.
- Devotion ran deep, with attendees treating the hunt like a communal pilgrimage and trading elaborate 'solves.'
Tragedy Didn't Deter The Hunt
- Treasure hunting attracted devoted individuals like Randy Bilyeu who later died searching, yet interest grew after his death.
- Many searchers consumed Fenn's memoirs and interviews obsessively to refine their solves.
People Sought Purpose, Not Just Gold
- The Hurst family and Eric Ashby show how the hunt gave people renewed purpose and hope for a better life.
- Eric moved west to be nearer the search despite legal and personal risks, hoping the treasure would change his life.
