Yosemite Sam abducts Bugs because he needs his help finding the treasure on Aku Island. Two other pirates overhear Sam talking about it and they follow him. Sam tries to lose them but they stay on his trail. They are there when Bugs digs up a giant snapping turtle that startles them and makes them drop their guns. Sam picks up their guns and the other two pirates run away. Bugs continues to dig all over the island looking for the treasure but he can't find it. Finally they lift up the stone head of Aku and find the treasure underneath, which turns out to be rare and shiny seashells.
Yosemite Sam's boat is about to be repossessed because he can't make the payments. He takes it out for one last sail and almost runs into a yacht whose owner doesn't know how to sail (which really makes Yosemite mad). Later, they come upon a dog in a life preserver and he points the way to where that yacht has crashed. Yosemite and Bugs rescue the people on the yacht and the reward plus the money the man pays Yosemite for sailing lessons should pay off Yosemite's boat loan.
Bugs and Yosemite are in the Harbor Tour Business and show the mansion of the wealthy art collector Maurice Muxloot to two robbers. The two robbers take over their ship and force them to sail to the mansion. Along the way they think that Bugs falls overboard and drowns but he really sneaks back on the ship. The robbers steal priceless art treasures and leave Yosemite tied up on the ship. They plan to sink the ship but Bugs gets the drop on them by shooting bread dough at them. Bugs says he hopes that the dough that they get for the reward is a different kind.