By Lesley Kennedy When Michigan brothers Rick and Marty Lagina bought a 50 percent stake in the company that owns the famed Oak Island in 2006, they became the latest in a long line of treasure hunters who have spent more than 220 years trying to unearth untold riches suspected of being hidden in its confines. Where Is Oak Island Located? Located on the south shore of the Atlantic coast of Nova Scotia, Canada, Oak Island is one of the 300-plus islands that make up Mahone Bay. Many believe a massive treasure is buried in the 140-acre forest-covered area due to the legends and stories that have emerged about the island since the late 18th century.