A second version deals with treasure. Seekers had determined that pirates put into shore just at the point of land that is Victoria Park, and buried their riches in the woods. Years later the site was founded, and treasure hunters began to dig a huge hole in hopes of finding the chest of gold. When they got down so deep the sky was just a pinprick above them, the side of their hole suddenly burst and water poured in the Gulf. Storytellers state that this was the curse of the pirates working to protect the treasure.
There is another version which may be a little more believable. In the early days of settlement on the Island, the Governor threw a gala New Year's Eve ball. A woodcutter, a poor, but honest and trustworthy man, loaded his sleigh with the best burning wood and drove it to the Governor's house to ensure the warmth for the revelers. The Governor, grateful for the thoughtfulness of the woodcutter, gave him an extra stipend of gold as an award. Unfortunately, he was murdered and robbed for this gold and his body was thrown in Dead Man's Pond.