Colombia Confirms San Jose Shipwreck Holding £16bn Treasure Amid Legal Dispute

Researchers have definitively identified the wreck of the Spanish galleon San José, which sank in 1708 off the coast of Cartagena, Colombia, carrying a treasure estimated worth up to £16 billion ($20 billion). The ship was ambushed by a British squadron led by Charles Wager during the War of the Spanish Succession, and its powder magazines exploded, sending the vessel and its valuable cargo of gold, silver, and emeralds to the ocean floor. The identification was confirmed through detailed underwater imaging, including high-resolution scans of silver coins minted in 1707 at the Lima Mint, Chinese porcelain from the Kangxi period, and cannons with inscriptions dating to 1665, all consistent with the San José’s historic route and cargo. This discovery, initially made in 2015 using underwater drones, is considered a rare opportunity to explore colonial maritime trade and has sparked a multi-billion-pound legal battle over ownership. The shipwreck lies about 1,970 feet underwater near Baru Island, and the findings deepen understanding of early 18th-century Spanish treasure fleets and their role in transatlantic trade. Colombian researchers leading the study emphasize the San José's key role as the flagship of the Tierra Firme Fleet, which monopolized royal treasure transport between South America and Spain.