Lost Ship Carrying $16 Billion Treasure Confirmed As "World's Richest Shipwreck", Sparks Ownership Battle

Researchers have confirmed the discovery of the San Jose, a Spanish galleon shipwreck believed to hold one of history's greatest lost treasures, valued at around $16 billion. The find has sparked a multi-billion-pound legal battle over ownership of the gold, silver, and emeralds on board, which had lain undisturbed in the Caribbean waters for over 300 years, the Telegraph reported. 

Colombian scholars have confirmed that the wreck discovered off the coast of Cartagena in 2015 is indeed the legendary San Jose galleon, which sank in 1708 during a fierce battle with the Royal Navy. The ship, dubbed the "holy grail of shipwrecks," was carrying treasure from Peru to Spain to fund the War of the Spanish Succession when it was intercepted by British forces led by Charles Wager.

As per The Express.co.uk, the San Jose galleon met its end when its powder magazines exploded during the battle, sending the ship and its treasure to the ocean floor. After being lost for centuries, an expedition in 2015 used underwater drones to locate the wreckage, and experts are now confident that the identity of the ship has been confirmed.

"This body of evidence substantiates the identification of the wreck as the San Jose Galleon, a hypothesis that has been put forward since its initial discovery in 2015," the academics found.

"The finding of cobs created in 1707 at the Lima Mint points to a vessel navigating the Tierra Firme route in the early 18th century. The San José Galleon is the only ship that matches these characteristics. This find presents a rare opportunity to explore an underwater archaeological site and deepen our understanding of colonial maritime trade and routes," they concluded. 

Photographs of the wreck show silver coins minted in 1707 at the Lima Mint, Chinese porcelain from the Kangxi period (1662–1722), and cannons inscribed with markings dating back to 1665.

Who Owns The Treasure Now?

The discovery of the San Jose galleon's treasure has sparked a heated dispute over ownership, with multiple parties vying for the claim. The governments of Colombia, Spain, and Peru are all staking their claims, while indigenous communities and descendants of Peruvian miners are also seeking a share.

Additionally, the treasure hunting company Sea Search Armada, formerly known as Glocca Morra, claims a portion of the treasure, citing their earlier discovery of the wreckage in 1981. However, Colombia disputes this claim, and a $10 billion lawsuit is ongoing, adding complexity to the already contentious issue of who should rightfully own the treasure.