Go to the middle of the island, where it is kind of divided in half. There should be a palm tree on the west bank. Dig while standing to the north west of it.
There is an odd depression in the ground here; as if animals had been digging...
You found a small box with a magnificent Pearl Necklace of perfectly matching pearls and $5,000 inside!
Dollarahead- Bay server
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Nobody knows where it is.
Wrong. Unless my name is 'nobody', that's true. Go to the 'welcome' sign where it leads to his house, Stand above it. There should be a palm tree vsible, not to the west, not to the east, but to north. Go to it. Stand next to it, to the west side, then go up, and dig. It should have a little caption saying ' There is an odd depression in the ground here; as if animals had been digging... '
Hope I helped.
-Penance, bay server.
It is near a palm tree in a corner, a middle corner. You have to give it to King Phil though! But be wise and give him it don't say "I'll give it to you for 20,000!"