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Mission underway to recover $20 billion in under sea treasure from 1708

San Jose
Samuel Scott/Wikimedia Commons

It has been called the "holy grail of shipwrecks," but it may not hold that claim much longer if a Latin American nation can fulfill its goal of recovering a 300-year-old treasure from the bottom of the sea.

When the Spanish galleon San Jose sank in 1708 following a battle with the British, it was carrying 200 tons of gold, silver and emeralds in addition to its 600 sailors. The ship was taken down when its powder magazines were detonated by the opposing force.


That incredible haul of valuable cargo is estimated to be worth up to $20 billion in 2023.

The ship's wreckage was discovered by navy divers from Colombia in 2015, sitting beneath about 3,100 feet of water. Then, just last year, images were taken of the wreckage by divers that showed the treasures it took with it to the ocean floor were incredibly well-preserved, a stunning discovery.

The Colombian government has vowed to raise the wreckage back to the surface and retrieve its bounty before President Gustavo Petro finishes his term in power in 2026, but there could be another fight on the way involving the San Jose.

Though Colombia says its navy found the ship's wreckage eight years ago, an American company claims it was the first to locate it back in 1981.

Additionally, there are other competing claims from Spain, who the ship belonged to originally, and Qhara Qhara, the nation of indigenous people in Bolivia who says it was their people who were forced to mine the precious metals and jewels that currently sit in the ship's wreckage.

So while the San Jose may finally make its way back to the surface, it appears it hasn't seen its last battle just yet.