Researchers have confirmed the discovery of the San José, a Spanish galleon, off the coast of Colombia. Known as the "world's richest shipwreck," the vessel sank in 1708 during a battle with British forces, carrying a treasure valued at up to $20 billion. The ship was laden with gold, silver, emeralds, and other valuables from Peru, intended to fund the War of Spanish Succession.
The Colombian navy, in collaboration with marine archaeologists, located the wreck in 2015 using underwater drones. At a depth of 600 meters, the site is too deep for divers, so remotely operated vehicles have been used to survey the wreck. Key to identifying the San José were gold coins, known as "cobs," minted in Lima in 1707, found scattered on the ocean floor. These coins bore Spanish imperial symbols, confirming the ship's identity.
The discovery has sparked a legal battle over ownership. Colombia claims the wreck under its national heritage laws, as it lies within its territorial waters. However, Spain argues that the San José is Spanish state property. Additionally, Sea Search Armada, an American salvage company, claims it first located the wreck in the 1980s and seeks compensation. Indigenous groups from Peru and Bolivia also assert rights to the treasure, arguing it was originally taken from them during Spanish colonial rule.
The Permanent Court of Arbitration at the Hague will ultimately decide the rightful owner of the shipwreck. Meanwhile, Colombian President Gustavo Petro has ordered the preservation of the site, aiming to recover the treasure by 2026.