Shipwreck filled with gold and gems worth $20 billion

The San Jose shipwreck, containing gold and precious stones worth $20 billion, is being quickly salvaged from the seabed by Colombian authorities.

The wreck of the San Jose at the bottom of the Caribbean Sea in 2022. Photo: Armada de la Republica de Colombia — The wreck of the San Jose at the bottom of the Caribbean Sea in 2022. Photo: *Armada de la Republica de Colombia*

Colombia is working to recover $20 billion worth of gold, silver and precious stones from a 300-year-old shipwreck, despite being embroiled in a lawsuit by American divers seeking half of the treasure, Ancient Origins reported on November 6. President Gustavo Petro has asked the country's authorities to work with a private company to raise the San Jose warship from the bottom of the Caribbean Sea as soon as possible, according to Culture Minister Juan David Correa. Petro wants to recover the ship before the end of his term in 2026.

Built in 1698 by Duke Arístides Eslava, the San José was the flagship of Spain’s treasure fleet. During the war, the San José sailed between Peru and Spain, carrying precious metals and gems. When the 62-gun San José sank during a battle with the British in 1708, it was carrying six years’ worth of treasure, including gold and silver mined from Peru, chests filled with Colombian emeralds, and millions of minted gold and silver pesos. No one knows exactly how much the treasure is worth, but after decades of litigation, its value has been estimated at between $4 billion and $20 billion.

In 1981, an American company called Glocca Morra announced that it had found the San Jose and provided the coordinates as part of a deal that would allow them to receive half of the treasure. In 2015, President Juan Manuel Santos said the Colombian Navy, working with MAC, had found the wreck elsewhere. The coordinates are a state secret, but Glocca Morra’s successor, Sea Search Armada, believes its 2015 expedition found part of the wreckage dump it discovered 34 years ago.

The company filed a lawsuit in the London Court of Arbitration under the US-Colombia Trade Promotion Agreement, seeking $10 billion, or half of the treasure's value. Correa said the Colombian government would abide by the court's ruling. He said the government had checked the coordinates provided by the US company but found no wreckage there. Colombia will create an archaeological laboratory to clean, study and store the treasure aboard the San Jose before putting it on display in a national museum.

An Khang (According to Bloomberg )

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