I can't see it. The FAQ says there is one.

Anyhow, I'm looking for the old Pirates Treasure.
The Map say's sail west of his boat.
But there's only land west. The water is to the
East. Anyhow, if there is only articles and gold
to get and nothing needed to finish the game I
won't bother looking for it as I have heaps of
money anyhow.

The Enchanted Sea is the one that pirate is referring to. The Enchanted Sea is the other sea across, and you have to resurrect Anephas first before you can reach this area. There's a door in the Shrine that won't open (across the collapsed pillar) until you resurrect Anephas. And the door leads to an elevator that emerges to the Enchanted Sea, and here's where you find Bloodbeard. Here's where you follow the map that pirate gave you.

Welcome to the board, PhilM13!!!

Search - I doubt that we will see it up again until Ziroc gets the new server installed which shouldn't be too much longer.

Talrik's treasure is found in the LOST SEA, pretty much in the middle of that sea and not far from Collasium, the underwater city. There isn't anything significant in it really but since it is so close to someplace you do need to go, you might as well find it. BTW, the "entrance" to Collasium that you will find near the treasure is not an entrance at all. It is the back door and you can only exit from that door. Look for another entrance to actually get into the city.

Wyv

West of his old boat? I thought it was east of the old cart he'd left on the shore.

In any case, it's in the next sea.