From MIwiki
Guybrush finds himself inside Pegnose Pete's booty showcase
is the location on
Lucre Island in which
Pegnose has hidden the loot from his hundreds of crimes. It is an underground chamber beneath a shallow pond. A viewing chamber can be reached by descending a ladder concealed on one bank of the river, and consists of a small room with a well-stocked bar, various piles of junk, and numerous skulls. At one wall of the viewing chamber is a table, chair, and a large circular window. This looks out onto a wet underground cave, with stalactites descending from the roof, and a wide rocky platform illuminated by shafts of light from above. This platform holds Pegnose's loot from the bank robbery, including the Marley heirlooms.
Pegnose Pete discloses the location of the viewing chamber of the booty showcase to Ozzie Mandrill, and Guybrush is able to find it by trailing Ozzie. To retrieve the actual treasure Guybrush has to dive into the pond and find the passage through to the underground chamber.
