It is in Ghostlands, about 49 steps south-east of the spot the map marks with that name.

And 4 down from the surface once you are there.

• 1 — Ghostlands, as the map itself names it
• 2 — the ground above the treasure

The people you need are in Carlin, which also lists the boats that get you there and the words to say to the captain.

• 1 — the temple of Carlin, where you land and where you come back if you die

• Something for giant spider, demon skeleton and beholder — they live down there.

• In Carlin: Costello

• 1 — Costello, in Carlin

Step is the number this world keeps for the quest, which is how the game itself knows how far you are — so that is the real order, not a guess. The answers are the words the NPC really says.

The chest is 4 floors under the surface. Going down over it, this is what each floor uses:

1. Ground: down through stairs.
2. 1 down: down through stairs.
3. 2 down: down through stairs.
4. 3 down: down through stairs.

• 1 — the way in: stairs, ground
• → — the treasure lies this way

• 2 — stairs, 1 down
• → — the treasure lies this way

• 3 — stairs, 2 down
• → — the treasure lies this way

• 4 — stairs, 3 down
• → — the treasure lies this way

• 1 — the chest
• 2 — something to use
• → — the white arrow points to the side you come in from, towards Carlin

The strongest 14 of 15 kinds whose nests reach this place.

One chest, one reward.