No. It's just a story to trick gullible Americans into visiting an otherwise dull town.
The most famous picture is actually the arm of the photographer who snapped it.
The BBC is better off by an orange journalist because of it, though!
Nicholas Witchell left school and camped onthe shore of Loch Ness to try to see the monster. Of course he failed, but he did land his prize of joining the Beeb as an orange journalist!