Within the Bay of Guayaquil in Ecuador lies the small island of Santa Clara, nicknamed Isla de Muerto in the 1680s by the Spanish. Isla de Muerto (Island of the Dead) was often a routine stopover for the Armada del Mar del Sur, the Galleons carrying treasure from Spain to Chile and Peru to Panama.
A delay in getting its silver coins from the mint in Potosi prevented the Santa Maria de la Consolacion from sailing with the rest of the armada from Callao, Chile. When the lone ship met with the pirates, the captain decided to ground the Consolacion on Isla de Muerto, but because the vessel hit the reef, it was evacuated and intentionally set on fire to stop any stealing. Neither pirates nor returning Spaniards were able to recover all of the treasure.
Santa Maria de la Consolacion sank in 1681.