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News of Dan's passing spread when Friends of Oak Island's Facebook page posted about the loss.
"It is with heavy hearts that we share the news of the passing of Daniel Blankenship," the post read.
"A true Oak Island legend, Dan was a respected and admired man. His perseverance, ingenuity and passion inspired all. Safe Journey, Dan. We will all miss you, and your legacy will be a part of us, always."
Dan began searching for Oak Island's alleged treasure in 1965 after he read about it in an issue of Reader's Digest while he was living in Florida.
The legend reportedly began in 1795 when teenage boys began digging at the site for a pirate's alleged buried treasure.
Dan eventually moved to Nova Scotia, Canada in 1970 to search full-time for Oak Island's legendary fortune and spent over 50 years searching, drilling and digging for treasure.
"It is way too late [to turn back]," Dan said in his bio on the show's official website.
"It's been too late for a good many years. I had a good contracting business in Florida. I had friends, a good reputation and I shucked it all to come up here and make a gamble."