In 1508, Juan Ponce de León founded the original Spanish settlement in Puerto Rico at Caparra, named after the abandoned ancient Roman village of Cáparra in the province of Cáceres, Spain, the birthplace of then-governor of Spain's Caribbean territories Nicolás de Ovando.,[3] Today it is known as the Pueblo Viejo barrio of Guaynabo, just to the west of the present San Juan metropolitan area.

[6] According to Floyd, "Ponce built the only stone house in the village, which for years functioned additionally as the Casa de Contratación, the archive, and the arsenal."

[7] The Caparra Site was first identified as important during a survey in 1936, as part of a program to develop tourist facilities on the island.

[9] The property was acquired by the Puerto Rican government in 1948, which relocated the northern section of the house ruins in order to widen the road.

[10] Good friends, they elaborated a plan to travel to a hard to reach, secret place in order to excavate and find gold for themselves and their own fortunes.