Local lore holds that pirate ships sailed the waters of this area, where the bay and its coves provided hiding places for repairing ships and letting battle-weary men recuperate. The area's most legendary pirate was, and remains, Billy Bowlegs. One account says Billy retired from active piracy in 1828 after serving as a lieutenant to Jean Lafitte and brought his retirement fund, a fortune in gold and silver, to this area. In the early 1900s, people spent countless hours searching for his treasure. Others connect the Billy Bowlegs name to William Augustus Bowles (1763-1805), who sailed the waters of the Gulf of Mexico in the very early 1800s. Fort Walton Beach holds an annual Billy Bowlegs Pirate Festival celebrating the pirate legend.