Underwater explorers in Colombia have found what they believe is the richest shipwreck in the world, The San Jose, a Spanish galleon blown up by the British about 300 years ago, killing most on board and sinking an estimated $1 billion worth of valuables. The ship’s cargo includes gems, jewelry, gold and silver. It went down in 1,000 feet (300 meters) of water.
The next-richest shipwreck previously found was the Black Swan Project, a disputed Spanish wreck of the early 19 th century found near Gibraltar that yielded $500 million, or 17 tons of coins.
The president of Colombia, Juan Manuel Santos, tweeted the announcement, saying, “Great news: We found the galleon San Jose!” and “The discovery of the galleon San Jose marks a historical milestone for our underwater cultural patrimony.”
The shipwreck was discovered near the port of Cartagena, a city on the Caribbean Sea on the north coast of South America. The loot on board the ship was being shipped to Spain in June 1708 to finance the king’s war of succession. A British warship commanded by Commodore Charles Wager encountered the ship about 16 miles offshore and sank it. Reports said the ship exploded.
An 1803 Spanish piece of eight, a silver coin that circulated all around the world then. (Photo by Jerry Woody/Wikimedia Commons)
A U.S. company, Sea Search Armada, had claimed a stake of the treasure and had sued the Colombian government for billions of dollars for alleged breach of contract. In 1981, a group now affiliated with Sea Search Armada said it had found the area of the shipwreck. But in 2011 a U.S. court ruled that the Colombian government was the rightful owner of the ship and its cargo.
Other spectacular finds may lie under the waters off the coast of Colombia as about 1,000 ships are thought to have sunk near coral reefs during 300 years of colonial Spanish occupation. UNESCO says there may be 1 million shipwrecks around the world.
A model of a Spanish galleon on display in the Naval History Museum in Mexico City (Photo by Alejandro Linares Garcia/Wikimedia Commons)
Colombian officials are not disclosing the location of The San Jose, presumably to protect its contents from looters. Officials intend to build a museum to display the treasure.