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Assuming you mean "Treasure Island" by Robert Louis Stevenson, the treasure was put there by Captain Flint and his men. Flint being dead, it belongs to the crew. But, the treasure wasn't their property. It was stolen plunder. With the real owners being unable to trace, it would be considered abandoned property. With the lack of a local authority to accept the forfeit of all or part of the abandoned property (called "escheat"), it belongs to the finder. If you were to find a treasure nowadays, you would have to share it with the state if it is on state land or within three miles of the coast.

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