Legendary shipwreck: $20 billion treasure sparks ownership battle

The Colombian government is embarking on a mission to recover a 300-year-old shipwreck, rumored to harbor a staggering $20 billion treasure trove.

President Gustavo Petro has directed the immediate retrieval of the Spanish ship San Jose from the Caribbean Sea's depths, dubbing it the "holy grail of shipwrecks," as reported by the country's culture minister to Bloomberg.

In a bid to accomplish this task before Petro's term concludes in 2026, a public-private partnership is being sought to expedite the project, according to Culture Minister Juan David Correa. "This is a top priority for the Petro administration," Correa emphasized. "The president has instructed us to hasten the pace."

Yet, the challenge lies in determining rightful ownership of the colossal deposit of gold, silver, and emeralds valued between $4 billion and $20 billion, as indicated by legal claims. Central to this ownership quandary is the unresolved question of who first discovered the treasure.

The history of the holy grail of shipwrecks

The San Jose, a 3-masted, 62-gun galleon, sank to a depth of 600 meters on June 8, 1708, during a clash with the British in the War of the Spanish Succession. Constructed in 1698 by Pedro de Aróstegui, it served as Spain's treasury fleet flagship, shuttling gems and precious metals between Peru and Spain.

Accounts of the vessel's final voyage differ, but it is generally believed that, loaded with gold bars, silver, and emeralds from Bolivia, the San Jose departed Panama for Cartagena. After anchoring near Isla Barú, the fleet encountered British warships, leading to a fierce firefight. The San Jose, suffering catastrophic damage, sank beneath the surface, claiming the lives of 600 crew members.

The ship's location remained a mystery for years until 1981 when the now-Sea Search Armada, claimed to have discovered it and shared coordinates with the Colombian government. A promise of half the capital awaited the company upon successful recovery. However, in 2015, president Juan Manuel Santos declared the navy had found the wreckage in a different location.

Sea Search Armada, now suing the Colombian government for an estimated $10 billion, argues that the government found part of the same debris field it initially discovered in 1981. Correa, addressing Bloomberg, stated that government investigators dismissed the shared coordinates, asserting, there was no shipwreck there."