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Treasure Believed Buried By Mobster Shot In NJ Could Be Worth $100 Million, Report Says

The Times Union reported that Dutch Schultz, whose real name was Arthur Flegenheimer, was a known bootlegger and racketeer in the Hudson Valley and Catskills area.
The Times Union reported that Dutch Schultz, whose real name was Arthur Flegenheimer, was a known bootlegger and racketeer in the Hudson Valley and Catskills area. Photo Credit: Wikipedia

A legendary treasure that was believed to be buried by a mobster shot in New Jersey in the 1930s could be worth tens of millions of dollars, new reports say.

Dutch Schultz, whose real name was Arthur Flegenheimer, was a well-known bootlegger and racketeer in the Hudson Valley and Catskills area, the Times Union reports.

He muttered odd phrases on his deathbed after the 1935 shooting in Newark, that many believed were coded references to the town of Phoenicia in the Catskills, NY, the outlet said.

Schultz is believed to have hidden a combination of paper money, gold coins, bonds and jewelry that is estimated to be worth between $50 million and $100 million. 

The legend has inspired many treasure hunters to travel to Phoenicia and search for it. 

The treasure is also rumored to be buried in Lake George and Yonkers, a Sullivan County historian told the news outlet. 

However, he said it's possible the treasure may have already been found, or it may never have existed.

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