Mystery of ship lost 300 years back with £16 billion worth treasure solved

The wreck of the Spanish galleon San José, believed to hold treasure worth an estimated £16 billion, has been definitively identified by researchers in Colombia after its discovery in 2015, sparking a legal battle over ownership involving multiple parties.

The San José, which sank in 1708 during a battle with the Royal Navy, was carrying gold, silver, and emeralds from Peru to Spain to finance the War of the Spanish Succession. Academics confirmed the identification of the wreckage near Baru Island, off the coast of Cartagena, through artifacts such as coins minted in 1707 at the Lima Mint, Chinese porcelain, and cannons with inscriptions dating back to 1665.

The discovery has ignited a fierce ownership row involving the governments of Colombia, Spain, and Peru, indigenous communities, descendants of the miners, and the treasure hunting company Glocca Morra, now Sea Search Armada.


The San José was dubbed the “holy grail of shipwrecks”.

The galleon was lost for more than 300 years beneath the waters of the Caribbean.

In 2015, an expedition using underwater drones captured images of the wreckage on the ocean floor.

Experts now believe the mystery is finally solved.

The finding of cobs created in 1707 at the Lima Mint points to a vessel navigating the Tierra Firme route in the early 18th century.

Photographs of the wreck show silver coins minted in 1707 at the Lima Mint, Chinese porcelain from the Kangxi period (1662–1722), and cannons inscribed with markings dating back to 1665.

Researchers say these discoveries can only point to one ship: the San Jose.

The confirmation of the wreck’s identity has reignited a fierce ownership row involving multiple parties, each laying claim to the sunken treasure.

The governments of Colombia, Spain and Peru, indigenous communities, and even the descendants of the miners who unearthed the gold and silver in Peru have all staked a claim.

Also at the centre of the controversy is Glocca Morra , a treasure hunting company that says it discovered the wreck as far back as 1981.

Its successor, Sea Search Armada, is now demanding £7.9 billion and says the current find is within “a mile or two” of its original coordinates.

The firm is also contesting a 2020 Colombian law which states that everything aboard the galleon is the property of the Colombian government.

The San Jose’s sinking was a significant blow to Spain’s war effort in the 18th century.

The War of the Spanish Succession eventually ended with Britain gaining control of Gibraltar, Newfoundland and Nova Scotia.