Like many before them, the group came to the Catskills looking for its most elusive, or illusory, attraction. Millions of dollars were supposedly hidden near the Esopus Creek by Schultz before he was mowed down in a New Jersey tavern in 1935.

Usually the tales go something like this: Fearing a prison sentence during a tax evasion trial, Schultz stuffed $5 million of his fortune in a metal box and had henchman Lulu Rosenkrantz bury it during a trip to Phoenicia, marking a nearby tree with an "X." Schultz and Rosenkrantz were rubbed out before they could make a withdrawal.
http://www.recordonline.com/archive/2005/07/17/catw.htm