Scotch,
I think you're referring to the "spindle" that is located on Sugar Reef. I'm not sure what the exact story is on the wreck but I know it's a great spot to fish and dive. I once had a striper -- only a little 5 pound sweetheart -- leap out of the water, nearly three feet in the air, to eventually land on a Habs three ounce, pink squid, popper. That would have been a "money shot" , but NO, I had to fish...I just couln't resist all the stripers that were stacked up just on the far side of the rip line.
Here's a look at the infamous stick:
