SANTA FE, N.M. — In 2010, an eccentric millionaire named Forrest Fenn allegedly placed gold coins, precious metals, jewels and artifacts in a treasure chest and hid it somewhere in the Rocky Mountains. Fenn claimed the loot is worth at least $1 million.

To help adventurers hone in on the treasure's location, Fenn included a handful of clues in his published memoirs. Among the nine hints are cryptic references such as "warm waters" and "the home of Brown."

What does it mean? That depends on who you talk to. There are hundreds of theories that more or less line up with the clues. Eager treasure hunters have traversed the western states in search of the chest, and they often compare notes and share tips on websites like dalneitzel.com.

But the treasure may have already been recovered.

A recent article from the Santa Fe New Mexican gives a glimpse into the frenzy that has surrounded the treasure. It also raises the possibility that the treasure has been found.

Related:

Utah adventurers believe they located multimillion dollar treasure

A New Mexico millionaire has made news by hiding a treasure of gold coins, diamonds and rubies. He also provided clues to the location, which two Utah adventurers believe they've solved. And they think most people are looking in the wrong place.

With so many dedicated people hunting for it over the years, it's certainly plausible that someone succeeded. And according to James Boley, an Eagle Mountain resident who has researched the treasure, there are compelling reasons why someone might keep the discovery secret.

"First of all," says Boley, "it might have been hidden on private property. So if you found the treasure you wouldn't want to make a big deal about it. Also, you might have to deal with some strange characters if you announced that you had all those valuables in your possession."

As reported in the Santa Fe New Mexican article, Fenn is already dealing with some aggressive and unpleasant people seeking the treasure.

"Fenn has called 911 three times for unwelcome visitors who have tried to gain access to his home without permission or made threats," according to the article. "One time, a man in a car with tinted windows tried to follow Fenn when he left, forcing Fenn to circle around and return home behind his security gate."

If you think the treasure is still out there and you'd like to take a crack at finding it, the best place to start is the original poem that Fenn wrote in his book. Here it is:

As I have gone alone in there

And with my treasures bold,

I can keep my secret where,

And hint of riches new and old.

Begin it where warm waters halt

And take it in the canyon down,

Not far, but too far to walk.

Put in below the home of Brown.

From there it's no place for the meek,

The end is ever drawing nigh;

There'll be no paddle up your creek,

Just heavy loads and water high.

If you've been wise and found the blaze,

Look quickly down, your quest to cease,

But tarry scant with marvel gaze,

Just take the chest and go in peace.

So why is it that I must go

And leave my trove for all to seek?

The answers I already know,

I've done it tired and now I'm weak.

So hear me all and listen good,

Your effort will be worth the cold.

If you are brave and in the wood

I give you title to the gold.

If you have any theories for the location of the treasure, feel free to share them in the comments section. Of course, if you think you've got the perfect match for the clues, you may want to keep it to yourself.

Grant Olsen joined the KSL.com contributor team in 2012. He covers outdoor adventures, travel, product reviews and other interesting things. You can contact him at grantorrin@gmail.com.