On the 10th November, 1556, the great English explorer Richard Chancellor foundered at Rosehearty in the tempest-torn seas.

Aboard his ship, the Edward Bonaventure, was the newly appointed Russian Ambassador Osip Napea, who was heading for the English court. Heavily laden with valuable gifts from Ivan IV, Tsar of Russia, for the English queen Mary Tudor - known as Bloody Mary - stressed the great importance in the Chancellor's mission.

In all probability Chancellor was attempting the anchorage of Pitsligo - later known as Broadhaven and latterly Port Rae - which was in existance by 1509. Chancellor made a dramatic rescue attempt to save the Russian and his attendants, but lost his own life in the action. Oral tradition states the ship was finally driven west to the Longcraigs where she was reduced to driftwood.

Miraculously the Ambassador reached London safely, but nothing was ever heard of the treasures although a hearald arms was sent to threaten and retrieve them from the locals.