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Treasure Believed To Be Buried By NY Mobster 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 in the 1930s in upstate New York could be worth tens of millions of dollars.

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

After Schultz was shot in Newark, New Jersey in 1935, he said odd phrases on his deathbed that many believed were coded references to the town of Phoenicia in the Catskills, the Times Union 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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