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How The Curse Of Oak Island's Money Pit Really Got Its Name

One of the oddest things about "The Curse of Oak Island" is the fact that, despite not finding anything in their nine seasons on air, brothers Rick and Marty Lagina remain convinced that they know exactly where the island's legendary treasure is supposed to be. This location is dubbed the "Money Pit," and it is (supposedly) the spot where several teenagers first began searching for treasure over 200 years ago, when they discovered a mysterious man-made shaft dug over 100 feet into the earth. The Laginas claim to own this elusive "Money Pit," despite the fact that the pit's exact location has been lost for decades due to a disastrous series of prior expeditions to the island.

Much of the series is devoted to the team's efforts to excavate in and around the alleged location of this pit, and considering the fact they don't even know where the real pit actually is, it's no wonder the team hasn't made any progress after nine seasons of searching. The irony of calling a location "The Money Pit" and never finding anything there is apparently not lost on Marty Lagina, who recently revealed where the Pit's name actually came from.

The name refers to the money they put into the pit, not what they take out

During a recent interview on "The Late Show with Stephen Colbert," Colbert bluntly asked the Lagina brothers how they can call the location "The Money Pit" when they haven't actually found any money in it. Marty Lagina quickly replied, "because the money, figuratively, has been going into the Money Pit." 

Indeed, the excavation equipment the team uses regularly costs the Laginas hundreds of thousands of dollars to rent and operate –- and that's not even including whatever it might cost to pay their excavation crew. Considering how much time the team has spent excavating The Money Pit specifically, it's no surprise that Marty has such a pessimistic view of the mysterious pit's nickname, especially after he and his brother have spent so much of their lives searching for it.

All signs seem to point to The Money Pit as being the key to unlocking the mystery of Oak Island and discovering its legendary hoard of treasure –- though it seems like the brothers' quest for treasure is going to cost them a lot more money before they finally find what they're looking for.