In 1715, a fleet of Spanish ships known as the Treasure Fleet were lost to a storm off the shore of the Treasure Coast. It is estimated that only a small portion of the treasure (valued at an estimated at over $500 million USD) has been recovered. The town of Sebastian was a fishing village as early as the 1870s. Sebastian was officially founded in 188 and named St. Sebastian, after the Catholic Saint Sebastian. Later, “St.” was removed from the name of the town, but not from the river.