Not as told in the stories, but I believe that there may have been more than the great civilisations that we know about that were destroyed by some natural disaster.
As to where, I don't know, I have read convincing arguments that earlier layouts of Troy fit the bill.
The story of mid-Atlantic, there are European legends that take Europeans westward, and South American legends off the great civilisation (the Atlans) to the east, so who knows.
Ceaser, when invading Britain, believed that the blue warriors (Hypoboreans) were the last vestiges of the Anlanteans and that the isles were all that remained of the vast civilisation.
I supose, that really, it is a tale that has been blown out of proportion by travelling, story-tellers to pay for their suppers.