U.S., Colombia, and Spain All Fight for Ownership of the Sunken Caribbean Treasure Worth $20B

By: Alex Trent | Published: Mar 09, 2024

The discovery of the remains of the San José galleon kicked off a multi-national competition for control of the wreckage that is still ongoing after eight years.

Spoils of the sunken Spanish vessel are thought to be worth at least $20 billion. The shipwreck contains loads of precious metals and other valuable objects that may be worth a fortune.

Colombia’s Announcement

The latest development in the story came on February 23, 2024, when the government of Colombia announced an underwater expedition to remove valuable items from the wreck, according to CBS.

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The flag of Colombia flying in downtown Bogotá.

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This expedition would take place between April and May, and the robot would operate at a depth of around 1,900 feet to extract some of these treasures and bring them to the surface.

What Is the San José Galleon?

The San José galleon is a Spanish ship that sank in 1708. It is considered by many treasure hunters to be a legendary shipwreck because of the sheer quantity of precious items like gold, silver, and emeralds it contains.

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The view underwater as light diminishes farther from the surface.

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Maritime experts have said that this particular shipwreck is like the holy grail of Spanish shipwrecks.

Colombia’s Claim

According to Diario AS, the wreckage of the over-300-year-old vessel lies squarely in the territory of the country of Colombia’s territorial waters. Their claim to the treasure is strong, citing that not only was the wreckage found in Colombia’s territory, but that they were the ones who discovered the vessel in 2015.

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The sun sets in Minca, Colombia.

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Since 2015, the government of Colombia has considered the recovery of the ship and the items it contains a priority.

Claim from a United States Company

As one might expect, a treasure that valuable would have many people contesting the rights to the claim. An American salvage company, Sea Search Armada, claims they were actually the ones who discovered the wreck in 1982.

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A treasure chest opens, revealing a golden glow.

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They are currently in the midst of a lawsuit against the Colombian government. The company is fighting for its right to own half of the treasure recovered. 

Spanish Government’s Claim

The claim from the country of Spain is a little more straightforward. This ship was an officially commissioned galleon that was owned by Spanish royalty when it was sunk in 1708.

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The flag of Spain fluttering in the wind

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Spain asserts they are still the owners of the vessel to this day and that many of the nearly 600-person crew were citizens who died in that shipwreck.

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Qhara Qhara Nation

Another group laying claim to the vessel is the Qhara Qhara Nation from Bolivia.

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A pickaxe used for mining lying on the ground.

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According to the Los Angeles Times, the indigenous Qhara Qhara are claiming rights to the treasure from the galleon, citing the fact that their ancestors were forced to mine the minerals for Spain during the colonial era.

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Riches Taken From a Mountain

The Qhara Qhara nation asserts the minerals that make up the treasures of the San José galleon were taken from the Cerro Rico mountain, which they see as a sacred place in their culture.

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The view of Cerro Rico Mountain from the streets of Potosi.

Source: Christophe Meneboeuf/Wikimedia

Community leader Zenobio Fernanndez said, “In the days of the Spanish invasion, that territory was under the rule of the Qhara Qhara nation. What is now called Cerro Rico (Rich Mountain) was known to us as Sumaq Urqu, which means Beautiful Mountain.” (via Los Angeles Times)

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Why Has Recovery Taken So Long?

Given that Colombia has been actively trying to recover items from the wreck for years, one might wonder why it hasn’t been finished by now. The answer to this question is that the road to recovery has hit a few snags along the way.

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A sunset on a beach in Colombia

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According to The Guardian, one reason is that, in 2018, the Colombian government decided to abandon their plans for the wreck after a dispute with a private firm over who had the rights to salvage it.

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A Cultural Artifact

The New Jersey Herald reported in 2018 that Colombia received a notice from the United Nations cultural agency, instructing them not to take objects from the wreck and use them for commercial purposes.

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The United Nations Educational, Scientific, and Cultural Organization (UNESCO) building in Paris

Source: Fred Romero/Wikimedia

The agency sent a letter to Colombia’s President, insisting that selling the treasures from the galleon “would cause the irretrievable loss of significant heritage.”

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Going Against Scientific Standards

The letter from the United Nations went on to condemn the exploitation of the country’s cultural heritage for profit.

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A 2023 meeting of the United Nations Educational, Scientific, and Cultural Organization.

Source: Влада на РСМ/Wikimedia

“Allowing the commercial exploitation of Colombia’s cultural heritage goes against the best scientific standards and international ethical principles as laid down, especially in the UNESCO Underwater Cultural Heritage Convention,” the letter said. (via The Guardian)

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Who Will Hold the Treasure?

At the moment, it looks like Colombia is pushing onward to recover more treasures from the shipwreck despite objections from numerous other parties.

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An old chest sitting on the table.

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The results of the lawsuit against the Colombian government are playing out in a London court. It seems that, for the time being, Colombia is going to be the party that ends up with the treasure, but the issue is far from settled.

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