Set 19km (12 miles) northwest of Green Turtle Cay, this island was named after a pair of Spanish galleons that sank offshore in the 17th century. Originally owned by Queen Elizabeth II, the island was purchased in the 1960s by Texas-based investor (and former owner of the Dallas Cowboys) Clint Murchinson. After his death in the early 1980s, two successive Florida conglomerates poured time, money, and landscaping efforts into developing the island as a site for upscale private homes. Today, visitors and locals putter along the island's paved roads in electric golf carts.

Most visitors arrive by private boat or chartered aircraft from Fort Lauderdale. You can also fly from West Palm Beach to Treasure Cay on Bahamasair (tel. 242/377-8451; and have the resort arrange water transportation. Two daily flights arrive from Nassau as well.