 She carried a fortune in gold bullion which has since been recovered.In 1911, the Santa Rosa ran aground at Saddle Rock, just north of the lighthouse after the Third Officer mistook railroad construction lights for the lighthouse.In 1923 what has been called the U.S. Navy's greatest peacetime disaster, the Honda Point Disaster, occurred off the Point when seven 4—stacker destroyers mistook Point Arguello for Point Conception and sank, with 22 sailors lost.