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NARRATOR: Phoenicia, upstate New York.
This quaint town at the base of the Catskills
is primarily known for being a popular vacation destination.
But it is also known as the hiding place
of an incredible lost fortune.
Because according to legend, somewhere in this area,
a safe was buried that contains tens of millions
of dollars in cash, bonds, and jewelry
that belonged to a gangster named Dutch Schultz.
SCOTT BURNSTEIN: Dutch Schultz was
one of the most iconic, early 20th century
mobsters in America.
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He was someone that had a name and a reputation
that spread across the country as a real tough guy.
And he became a millionaire during Prohibition
on bootlegging and various other rackets.
BRUCE ALTERMAN: Dutch Schultz became
what was known as the Beer Baron of the Bronx
because during Prohibition, it was hard to get beer.
And if you wanted beer, you had to get it from Dutch Schultz
because he controlled everything above 57th Street
and in the Bronx.
NARRATOR: In the early 1930s, the FBI
started building a case against Dutch
Schultz in an effort to crack down on organized crime.
The investigation was led by US attorney Thomas Dewey.
BRUCE ALTERMAN: Thomas Dewey was a very smart prosecutor.
He went methodically after all of the criminals.
So Dutch became so paranoid that he wanted to bury his wealth
before they could take it.
SCOTT BURNSTEIN: Supposedly, while he was under indictment,
Dutch Schultz had a customized safe constructed
for him that was airproof, soundproof, weatherproof.
Him and his bodyguard put what was thought
to be anywhere between $5 and $10 million in that safe
as well as jewelry and bonds.
And they allegedly took that safe up to the Catskills
and buried it somewhere.
NATE HENDLEY: The Dutch Schultz treasure
is an intriguing notion because one
of the items allegedly put into the treasure box
were Liberty Bonds.
And these are simply bonds that could
be redeemed at a future date for more than the value
you paid for them.
But no Liberty Bond associated with Dutch
Schultz or any of his accomplices
has ever been redeemed.
This is used as one of the clues that this treasure
is still at large.
NARRATOR: If it's true that the lost treasure of Dutch Schultz
does, in fact, exist, then where could it be hidden?
Well, according to many researchers,
the most likely place is somewhere along an old brook
named Stony Clove Creek.
BRUCE ALTERMAN: Even though Dutch was a city kid,
he knew the Catskills well because that's where he had
his stills making the whiskey.
He'd stay at the Phoenicia Hotel and then drive up
and look at all of his stills.
Back in 1935, there was a train that went from New
York City up to the Catskills.
It went through this area near Stony
Clove Creek and Phoenicia.
One station was called Lanesville,
which was really nothing more than a little shack.
At that time, Dutch was afraid of being nabbed in a checkpoint
with the treasure.
So treasure hunters have theorized that he got off
the train at Lanesville, buried the treasure somewhere
along the banks of the Stony Clove Creek
because it's extremely remote.
NARRATOR: Is it possible that the lost treasure of Dutch
Schultz is buried somewhere along the banks
of Stony Clove Creek?
We may never know for sure because in 1935,
a rival gangster named Charlie "Lucky"
Luciano ordered a hit on Dutch Schultz.
BRUCE ALTERMAN: Dutch Schultz had set up his operation
at the Palace Chophouse, the small restaurant bar
establishment in Newark, New Jersey.
And two assassins, Charles "The Bug" Workman and Mendy Weiss,
walk into the bar.
Charles shoots Dutch twice.
And there's that famous picture of Dutch
Schultz with his head on the table
after he's been shot twice.
He's grievously injured, but not dead.
NARRATOR: Dutch Schultz was immediately rushed
to the New York Hospital.
And some researchers believe that on his deathbed,
Dutch left a final clue as to where
his treasure vault is buried.
NATE HENDLEY: During his deathbed rant,
he's giving little tidbits of possible information
about his treasure.
At one point, he says, "Don't let Satan draw you too fast."
That could just be a ramble, but some treasure hunters
believe this line could be a reference
to a geological formation in the town of Phoenicia
called the Devil's Rock.
BRUCE ALTERMAN: There have been scores of treasure hunters
trying to find this treasure up in the Catskills
around Phoenicia.
It is worth so much that today, you could probably
buy a fleet of jumbo jets with just
what's in that treasure box.
And that's why everyone's looking for it.