Cayo Cubagua was the first European settlement in America in 1492, known as Nueva Cadiz and was known for its pearls. At the height of the pearling industry they exported 820 pounds of pearls. On Christmas day 1541 an earthquake and a tidal wave destroyed Nueva Cadiz. Today it is uninhabited safe for a small research station and a few fishing camps. In ideal weather there is good diving on a wreck of a car ferry that sunk in the late seventies. Unfortunately, this anchorage tends to be rolly as the swell comes around the western tip of Margarita and into the bay. After two days of this it was time to move on.