the contents of the chest have enchanted deadric armour and 5 deadric war axes that absorb 25 points of health with each hit.there is 1000 of each ingot  and soul gem. there is 100 sweet rolls that heal 500 point of health and ale that heal 500 of each stat.so yeah its a extremely overpowered chest. IT IS LOCATED BEHIND THE FIRST SMELTER YOU SEE IN WHITERUN