Archaeology & History

'Holy grail of shipwrecks' worth $20 billion to be raised from the seabed

By T.K. Randall
November 6, 2023 ·  5 comments

Nobody can agree on who actually owns the gold. Image Credit: CC-BY-SA-3.0 / Samuel Scott Discovered in 2015 off the coast of Colombia, the 62-gun galleon San Jose went down on June 8, 1708 along with 600 members of its crew while engaged in a battle with the British during the War of Spanish Succession.

The wreck of the San Jose was a particularly significant find because it was thought to be carrying a treasure trove of gold and jewels worth around $20 billion in today's money.

Now, three centuries after it fell beneath the waves, the ship is set to be raised by the Colombian government before President Gustavo Petro ends his current term in office in 2026.

The move, however, has generated an ongoing dispute between the Colombian government, the Spanish government and various other third parties over who actually owns the gold.US-based salvage firm Sea Search Armada is suing for half the value of the treasure on the basis that it was the first to find the shipwreck, while the Colombian government disputes this claim, instead insisting that its own navy divers found it at a different location.

Spain, meanwhile, also disputes Colombia's claim to the treasure owing to the fact that the San Jose is a Spanish vessel, while the Qhara Qhara indigenous people of Bolivia have also entered the ring on the basis that its people were forced to mine the gold and jewels that the ship was carrying.

Others, again, believe that the shipwreck is a war grave and that it should simply be left alone.

All in all, the whole thing is a bit of legal quagmire and it remains unclear who will actually end up with the treasure if and when the San Jose does get raised from the ocean floor.

Source: Mail Online | Comments (5)

Tags: San Jose, Shipwreck