And they sailed to the nearest safe port to blow it all on an orgy.

Of course, once in a blue moon they buried or hid the valuables they got from one ship while they went after another.

And if they chanced to sink or be captured and hanged during such a raid the treasure remained hidden.

If they survived, they blew it.
That's the one off-chance of there ever being any buried pirate treasure.

And there would be precious little of it.
at that.