Recovered San Jose Shipwreck Worth $16 Billion Sparks Ownership Dispute

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Researchers have confirmed the identification of the San Jose, a Spanish galleon shipwreck submerged in Caribbean waters for over 300 years, holding treasure valued at approximately $16 billion. This discovery, reported by the Telegraph, has ignited a multi-billion-pound legal battle over ownership of the gold, silver, and emeralds aboard the ship.

The San Jose sank in 1708 during a conflict with the Royal Navy, transporting riches from Peru to Spain to fund the War of the Spanish Succession. Colombian scholars stated that evidence—including silver coins minted in 1707—reinforces the identity of the wreck, first discovered in 2015. The evidence suggests a unique match to the San Jose, which was lost after an explosion during battle.

The ownership of the treasure has become contentious, with Colombia, Spain, and Peru all claiming rights, alongside indigenous communities and descendants of miners. The treasure hunting firm Sea Search Armada also asserts a claim due to a previous discovery attempt in 1981, leading to an ongoing $10 billion lawsuit that complicates the ownership issue.

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