A group of Astoria, Oregon kids facing their last days together before a development paves over their homes stumble onto evidence of a pirate (One Eyed Willy's) treasure, They find a dabloon with a hole in it which they match up to an island to find the entrance. Chunk one of their friends gets kidnapped by a family of criminals who then pursue them.

Lord of the Rings fans will be shocked to find a young Samwise Gamgee, AKA Sean Astin as Mikey. Watch out for the Truffle Shuffle by Chunk (Jeff Cohen) and the crazy gadgets by Data played by Ke Huy Quan (Short Round from Indiana Jones and the Temple of Doom). Cory Feldman of The Lost Boys also makes one of his landmark appearances.