PRIMITIVE ACCUMULATION OF CAPITAL

'Holy Grail of shipwrecks' loaded with billions to be raised from seabed


By 9News Staff

 Nov 7, 2023

A sunken Spanish galleon laden with treasure, described by some as the "Holy Grail of shipwrecks", is set to raised from the seafloor and lawyers are circling.

The Colombian government said the San Jose, a three-masted ship sunk by the British navy in 1708, would be recovered as a matter of urgency, including treasures believed to be worth up to $20 billion in today's money.

Scientists found the San Jose in 2015 off the coast of Colombia, solving one of one of maritime history's most enduring mysteries.

An 18th-century painting depicting the sinking of the San Jose galleon by British ships in 1708. (Wikimedia Commons)

Part of a cannon on the wreck of the galleon San Jose that was sunk off Colombia 300 years ago. (AP)

After it was hit during a battle with British ships in the War of Spanish Succession, the San Jose sank to the ocean floor with a treasure of gold, silver and emeralds on board.

That treasure has been the subject of legal battles between several nations as well as private salvage companies.

When the ship was found, Colombian President Juan Manuel Santos described the ship's haul as "the most valuable treasure that has been found in the history of humanity"

The Colombian government said the ship will be brought above water before President Gustavo Petro ends his term of office in 2026.

The exact location of the wreck remains a secret – it sank somewhere in the wide area off Colombia's Baru peninsula, south of Cartagena.

It's believed the San Jose was carrying 11 million gold and silver coins, emeralds and other precious items from Spanish-controlled colonies.



The remains of the San Jose galleon has been described as the 'holy grail of shipwrecks' by experts. (AP)

Only a handful of the ship's crew of 600 survived when the San Jose sank.

A US salvage consortium known as Glocca Morra claimed to have found the ship in 1981.

But the Colombian government disputes this, saying a team of divers under its command discovered the wreck at a different location, which remains secret.

According to Bloomberg, the syndicate is suing the Colombian government for half the treasure, worth $10 billion.

The arbitration case is being heard in London.