Salvagers to Recover $17 Billion Spanish Shipwreck from 1708, Dubbed ‘Most Valuable Treasure

Officials have announced that the long-awaited recovery of the Spanish galleon ship San José, which sank in Colombian waters centuries ago, is finally set to take place in April. This historic shipwreck, estimated to be worth around $17 billion, was discovered nearly a decade ago.

The Colombian government announced on Tuesday that they are introducing a groundbreaking model for the management of archaeological sites and cultural assets. This model is the first of its kind in history and aims to comprehensively protect and preserve these valuable cultural treasures. In a press release, the government stated, “For the first time in history, we are advancing a model of comprehensive public management of the archaeological site and asset of cultural interest, protected by regulations and public missionality.” This new approach signifies a significant step forward in ensuring the long-term conservation and appreciation of Colombia’s rich cultural heritage.

According to the findings by Colombian Navy divers in June 2022, the treasure of the 150-foot-long, 64-gun, three-masted galleon ship includes 200 tons of silver and emeralds, 11 million gold coins, as well as an intact Chinese dinner service and porcelain pottery.

In 2015, during a news conference, former Colombian President Juan Manuel Santos expressed his awe at the rediscovery of the wreck, stating, “This discovery is truly the most valuable treasure ever found in the history of humanity.” Santos also took a moment to honor the memory of the 600 individuals who were aboard the ship at the time of the tragic event.

Colombian President Gustavo Petro has issued a directive to initiate the recovery efforts, which will be coordinated by the Ministry of Cultures, Arts and Knowledge, the National Navy’s General Maritime Directorate, and the Colombian Institute of Anthropology and History. This information was shared in an official release.

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In 1708, the British warships sank the San José as it was sailing back to Spain. The ship was carrying a valuable cargo of treasure, which was intended to support the funding of The War of the Spanish Succession, a long-lasting European conflict from 1701 to 1714.

According to Colombian officials, the shipwreck’s precise location in the deep sea was unknown until 2015. It is situated near Cartagena, a bustling port city on Colombia’s Caribbean coast.

In December 2015, former President Santos made an announcement about the discovery of the San José galleon. This discovery sparked a global discussion on who should rightfully claim ownership of the valuable treasures found on the ship.

According to court documents from Colombia’s National Legal Defense Agency, obtained by Business Insider in 2023, various parties including Colombia, Spain, Bolivian Indigenous groups, and an American salvage company have all made legal claims to the historical wreck, which is now valued at $17 billion.

In 1981, Sea Search Armada (SSA), a U.S. salvage company, claimed to have discovered the whereabouts of the San José. They pursued legal ownership against Colombia in their quest to recover the ship.

According to court documents, the Colombian state was declared the rightful owner of the galleon by a U.S. court in 2011.

In 2018, the Colombian government attempted to auction some of the San José’s artifacts to fund the recovery costs. UNESCO, the United Nations cultural agency, stepped in and intervened in response to this action.

In a letter addressed to Colombian Culture Minister Mariana Garces Cordoba, the cultural agency expressed concern over the commercial exploitation of Colombia’s cultural heritage. The agency argued that such practices go against the scientific standards and international ethical principles set forth in the UNESCO Underwater Cultural Heritage Convention.

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According to the release, in May 2022, it was officially decided to preserve the rich cultural heritage of Colombians by designating it as a protected archaeological area at the national level.

For 316 years, the San José has remained undisturbed at the bottom of the ocean, with only the effects of natural wear and tear affecting the ship.

According to the release, the Galeón San José Asset of Cultural Interest and its archaeological evidence have remained intact without any alterations thus far. The only changes observed are those caused by natural marine dynamics such as currents and fauna, with no signs of external interference.

According to officials, the recovery process in Colombia will receive an investment of 17,962 million pesos ($1,073,646) from the Colombian State.

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