OAK ISLAND, Nova Scotia – It’s known around the world as the burial place of either Captain Kidd’s treasure or the Holy Grail.

But anyone who travels to Oak Island on Nova Scotia’s south shore is greeted by a sign that reads: “Private causeway and island – no trespassing.”

A local group dedicated to promoting Oak Island’s tourism potential says the Tory government blew an opportunity to buy the mysterious property this year.

The Oak Island Tourism Society hopes the province will at least try to work with the new owners to secure visitors’ access to the site of the so-called money pit.

“If they moved a little bit faster, the province might have made a good offer for Oak Island,” spokesman Danny Hennigar said. “But everything died with the election and the leadership race.”

A large share in Oak Island went up for sale in 2005. Former premier John Hamm said last summer he thought the property would have value for the province. Hennigar said government officials told him they were working on a bid earlier this year.

But instead of becoming a public property, Oak Island remains in private hands. A group of American treasure hunters bought a share in it earlier this year.

Captain Kidd is said to have buried some of his treasure on Star Island on the Isles of Shoals, which straddle the Maine-New Hampshire border.

Nova Scotia’s Oak Island has been the scene of excavations going back to 1795, when a local boy supposedly found an unusual depression in the ground. Digging in the following decades reportedly turned up a series of platforms going down more than 50 feet.

Strange objects including a gold chain and a stone inscribed with runes are said to have appeared in the pit. But water flooded in and frustrated further excavations.

Dan Blankenship and David Tobias bought more than three-quarters of Oak Island, including the money pit, in 1969. Their company dug extensively, but their partnership soured. Tobias sold his stake this year. Hennigar said the owners expect digging to begin again in 2008.

Even if there is no gold under Oak Island, there’s probably money to be made off its mysterious reputation, which has been fueled by books and TV shows.

The Oak Island Tourism Society would like to turn the island into a tourism destination. It held Explore Oak Island Days the last two summers. On the weekend of Aug. 11-13, it guided more than 600 people on the island for $5 each.

Hennigar said the society has to pay for insurance. The owners will only consider public access if they are not liable for visitors.

“It’s private property, and the owners would rather not assume responsibility of having people on their island,” Hennigar said.

Hennigar said the owners are prepared to consider allowing more extensive tours on Oak Island. The tourism society would like to see the island open all summer.

Hennigar envisions an interpretive center and guided tours over a newly landscaped site, which would require millions of dollars in public investment.

Tourism Minister Len Goucher said he doesn’t know if his department is prepared to invest in Oak Island, but he thinks it would be a great draw for tourists.

“My own personal opinion is that Oak Island is a wonderful part of Nova Scotia history,” Goucher said. “If there was ever a way to make it happen I think it would be a great tourist destination.”