Treasure in Ship: $16 Billion Sunken Treasure Hidden for 300 Years, Three Countries Battle in Court

A legendary treasure worth over $16 billion, hidden beneath the sea for more than 300 years, has sparked a fierce legal battle involving three nations.

The treasure was aboard the Spanish galleon "San José", which sank off the coast of Colombia in 1708 during a battle with the British Navy. The ship was carrying gold, silver, and emeralds from the Americas back to Spain when it went down — and has since been called the “Holy Grail of shipwrecks.”

After the shipwreck was discovered in 2015, Colombia claimed ownership, declaring it part of its national heritage. However, Spain also laid claim to the treasure, arguing it was aboard a Spanish-flagged military vessel. Additionally, Bolivia's Indigenous Qhara Qhara nation has stepped into the dispute, asserting that the treasure was looted from their ancestors by Spanish colonizers and thus rightfully belongs to them.

The case is now under international legal scrutiny, with historians, lawyers, and governments debating ownership rights, colonial history, and maritime laws. The wreck remains submerged while the legal battle continues.

Surrounded by Military Fleet Midway
The San José was returning to Spain from Peru, carrying treasure meant to fund the War of Spanish Succession. But en route, it was intercepted by a British fleet led by Admiral Charles Wager. During the ensuing battle, the ship’s gunpowder magazine exploded, sending the galleon and its massive treasure to the ocean floor.

Coins and Cannons Confirm the Ship’s Identity
Recent studies by Colombian experts have confirmed that the wreck is indeed the San José. Among the key evidence are silver coins minted in Lima in 1707, Kangxi-era Chinese porcelain, and cannons marked with historic emblems dating back to 1665. These artifacts align with the San José's known journey along the Tierra Firme trade route in the 18th century.

Who Owns the Treasure? The Real Battle Begins
Now, the real war is over ownership of the treasure:

• Colombia claims it belongs to them since the wreck was found in their territorial waters.

• Spain argues the ship was a Spanish military vessel, thus national property.

• Peru states that the treasure is the result of labor by its Indigenous miners, taken without consent.

• A U.S. salvage company, Sea Search Armada, insists it first located the wreck in 1981 and therefore deserves a share.

The case has escalated into a $10 billion legal dispute, and the wreck remains underwater while courts battle over rights.

Beyond Riches: A Legacy Debate
Experts emphasize that the discovery is not just about wealth, but also about heritage. The San José represents a rare opportunity to explore colonial maritime trade, power struggles, and the deep scars of imperialism. But amid the glitter of gold and silver, difficult questions about ownership, justice, and historical accountability have resurfaced — and they may be harder to resolve than the shipwreck itself.