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The author, Miles Mathis, expresses his strong belief that Forrest Fenn’s treasure hunt was a fraud. His primary reasons include the lack of a convincing solution from Fenn or the alleged finder, Jack Stuef, and Stuef’s vague explanation for not revealing the location, citing Yellowstone’s inability to handle foot traffic. Mathis argues that Yellowstone is too far north to align with Fenn’s initial clue of hiding the treasure “north of Santa Fe” and that the treasure was not meant to require long treks. He also points out a discrepancy between the clues suggesting a wet location (like a creek edge) and reports of the box being found half-buried in dirt.
Mathis previously believed he had solved the puzzle in 2018, leading him to a spot near Ojo Caliente that fit the clues. However, the box was not there, leading him to realize that Fenn’s clues lacked sufficient specificity, allowing for thousands of potential solutions without insider knowledge. He contrasts this with his own experience in the art world, where he encountered dishonest practices, particularly at Fenn Galleries. He recounts how these galleries, including those run by Nedra Matteucci and her directors, and others like Gerald Peters and Parsons Gallery, were more interested in profit and power plays than in supporting artists. Mathis also notes his dealings with Jan Ballew and Dassin Galleries in Los Angeles.
The author highlights Fenn’s admitted focus on money over art and draws parallels to the alleged fraudulent practices of galleries, including selling fake Old Master paintings, specifically Fechin fakes. Mathis, an artist himself, familiar with Nicolai Fechin’s work, could have even faked such pieces. He criticizes Fenn for being among the “nasty” and fraudulent people in the art world, a sentiment echoed by accusations from The Guardian and Newsweek regarding Fenn’s alleged illegal tomb raiding and using the treasure hunt to solicit nude pictures from women.
Further fueling his suspicion, Mathis questions the auction of the treasure box, particularly the sale of a manuscript autobiography for $48,000 and the overall million-dollar valuation of the box, which he suggests was inflated. He finds it suspicious that Fenn died within three months of the box being found, especially after a long illness, leading him to consider the possibility of a faked death. The auction’s structure, run by Heritage Auctions for a mysterious entity called Tesouro Sagrado Holdings rather than directly for Stuef, also raises red flags, as “Tesouro Sagrado” means “Sacred Treasure.” He questions why Stuef would sell such valuable items and why they would need to be auctioned rather than sold for their inherent value.
Mathis identifies Justin Posey as the man behind Tesouro Sagrado Holdings, noting Posey’s extravagant language and the lack of biographical detail, suggesting he might be a “front” or even an AI. He finds Posey’s claims about the treasure hunt’s significance and reverence questionable, especially since some coins were counterfeit and many items remained unsold. He also investigates Jack Stuef’s identity, finding discrepancies in his listed age and name. Mathis attempts to link Stuef to Fenn through extensive genealogical research, exploring names like John Michael Stuef, David Stuef, Maria Stuef, Dallas Houston Gipson, Petroffs, Rogers, Bartlett, Tammy Wolfe, Ghoneim, Mcauley, Walker, steiner, Vollmer, Renee Wood, Ableson, English, Mapletoft, Karavite, Bowman, Piper, Bridges, Hayes, Declue, Denton, Voyce, King, Gardiner, Donovan, and Cauvin.
He delves into Forrest Burke Fenn’s family tree, connecting him to various surnames, including Peggy Proctor, Warnken, Pope, McCluskey, Pearce, Hancock, Austin, Baker, Simpson, Crayton, Longden, Davis, Loften, McElwain, Staleys, Stewarts, Stanley, Kirkpatricks, Todds, Balls, lincoln, Washington, Kennedy, Presleys, Elnora McElwaine Kinkead, Whitaker, Cordon, Orrviller, Irwin, Rockwell, Carnegie, Robinson, Rybolt, Laughlin, Fisher, Eck, Kemp, McCulloch, Lafayette, Curtis, Hamiltons, Montagues, Greys, Woodvilles, Edward V, George Washington, Bippy (his dog), Jackie Onassis, Ethel Kennedy, Suzanne Sommers, June Heath, Bess Sommers Heath, Willie May Smith, Billi Smith, Ken Rogers, Dallas, Miriam Ferrell, Kelly Fenn, Zoe Fenn, Kelly Sparks, Barbara Ressino, John Stuff, Stauf, Jonathan Staff, Jonathan Steuf, and Steufen. He also mentions Shiloh Forrest Old, Mika Old, Noah Old, David Old, Linda Spier, Patricia Old, Zoe Old, Maria Quarles, Onans, Breazeals, Ferrells, Hawleys, Michelle Langdon, Edward Mayo, and Laurie Sue. Mathis is particularly interested in proving a prior connection between Stuef and Fenn. He also explores potential links through Justin Martin Posey’s family, including Jennie Rose, Curcio, Frank Lesperance, Lorri (likely Laurie Sue Posey), Lu Ann Posey, Dryden, Lorraine Dryden, Dennis Posey, Joy Thacker, Jennifer Thacker, Gary Monteleone, Keoghs, Mazureks, Stoners, Yonkers, and Parrecos. He notes that Dennis Posey’s background in oil and gas and gold mining adds another layer of suspicion regarding his son’s involvement with the treasure.