There are two folklore stories that explain the genesis of the name “Lockwood Folly”. The first states that a man by the name of Lockwood began building the “boat of his dreams” along the banks of the river. Working tirelessly for many months, Lockwood finally completed his sailing ship, but when he tried to float the boat, he discovered that he had made the draft too deep to clear the sandbar at the inlet. So with no way to sail the ship out of the river, Lockwood disappointedly left the ship to rot. The locals began calling the ship “Lockwood’s Folly” and according to the story, eventually the name was applied to both the river and inlet.
The second tale tells the story of a group of settlers led by a man named Lockwood that decided to colonize the banks of the river. Lockwood supposedly did not bring enough supplies or got into a dispute with the local Indian tribe and the colony had to be disbanded. According to the story, the remains of the colony were named “Lockwood’s Folly” and later the name came to encompass the nearby river and inlet.