Legend has it that the wreck of a Spanish galleon, laden with gold, lies somewhere in the mud at the bottom of Tobermory Bay—although the ship's true identity, and cargo, are in dispute. By some accounts, the "Florencia" (or "Florida", or "San Francisco"), a member of the defeated Spanish Armada fleeing the English fleet in 1588, anchored in Tobermory to take on provisions. Following a dispute over payment (or possibly, according to local folklore, a spell cast by the witch Dòideag), the ship caught fire and the gunpowder magazine exploded, sinking the vessel. In her hold, reputedly, was £300,000 worth of gold bullion.