Treasure Of The Ghost Pirate represents a side quest in Fable Anniversary that is available once you unlock the Oakvale town. As the name implies, it is about a pirate ghost and his hidden treasure.
If you speak to him he demands you to return the buried treasure to his widow.
There are many ways to mess up the quest and never complete it.
Therefore it is best that you follow the next Fable Anniversary walkthrough as it is.
If you want to be sure you complete the Treasure Of The Ghost Pirate side quest go and talk with the ghost pirate the first time you enter Oakvale and without doing anything else.
You can find him on the eastern beach (next to the Chicken Kicking arena). He tells you that he buried a treasure and asks you if you want to search for it and give it to his wife.
From the conversation you understand that the treasure is buried on the western beach, on the left side of the docks. You should have a spade by now, so go and find the treasure.
When you have it you can choose to give it to his wife who is on the same beach, a little further to the west, or if youre evil you can keep the treasure for yourself. Next, go back to the ghost and tell him about your deed. In return he tells you about a hidden treasure buried under a statue in the cemetery.
The cemetery entry is on the north-east side (Memorial Garden). There is statue in the center depicting a man holding an axe. Dig at its base to get a Silver Key and the Obsidian Greataxe.
It is important to do the quest one way or another, because the ghost must disappear in order to play the Chicken Kicking Competition that can get you another Silver Key.