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Sannikov Land (????? ????????? in Russian) was a phantom island in the Arctic Ocean that had supposedly been "observed" by some explorers to the north of the New Siberian Islands. Yakov Sannikov was the first one to report the sighting of the this island in 1811 (hence, the name "Sannikov Land"). In 1886 and 1893, another Russian explorer Eduard Toll reported observing the island. Despite the intensified search, it was finally established in the first half of the 20th century that the Sannikov Land didn't exist.
Some scholars, judging from other successes of Sannikov, believe that the Sannikov Land indeed existed, but was destroyed by water and disappeared from the face of the ocean like many other islands, formed either of fossilized ice or of permafrost. This process of disappearing of Arctic islands, e.g., of the New Siberian Islands archipelago continues.
http://en.wikipedia.org/wiki/Sannikov_Land