A Spanish galleon laden with treasure worth $16 billion treasure, lost for over three centuries, has been officially identified as the San José, triggering a high-stakes ownership battle involving nations, companies, and communities.
Discovered off the Caribbean coast near Cartagena in 2015, the San José was recently confirmed by Colombian researchers as the same ship that sank in 1708 during a naval clash with the British Royal Navy. Known as the “Holy Grail of shipwrecks,” it was carrying gold, silver, and emeralds from Peru to Spain to fund the War of the Spanish Succession.
Underwater drones helped identify the wreck, which contained silver coins minted in 1707, Kangxi-era Chinese porcelain, and 17th-century cannons. Scholars concluded that only the San José fits the vessel’s profile, confirming its identity.
But the treasure’s discovery has reignited an international ownership feud. Colombia, which holds custody of the site, is facing competing claims from Spain, Peru, and indigenous descendants of miners. Adding to the controversy, American salvage firm Sea Search Armada (formerly Glocca Morra) claims it located the wreck back in 1981 and is demanding a share, leading to a $10 billion legal dispute with Colombia.
As archaeological interest collides with historical grievances and modern politics, the fate of the San José’s treasure remains entangled in courtrooms and diplomatic channels.
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