It is at the back, hopefully north, since south is mainly where one normally enters. There will be a light, but depending on your current possition, the treasure sound might occur twice. The first time, the one nearest to the coast, is wrong. I got a tire or a shoe or something weird, but the one you're looking for is near one of the wrecked parts northwest when coming out of the small passage between the two big parts supposedly having once be the island itself. Roam around a little if you do not hit the place on the spot. Eventually, you'll get it. Good luck.
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