Colombia says it found the San Jose, a sunken treasure ship

This undated picture released on December 5, 2015 by the Colombian Culture Ministry’s press office shows the remains of the Spanish galleon San Jose sunk off the Caribbean coast of Cartagena de Indias, Colombia.

The “San Jose” ship was found near the port city of Cartagena, Colombian President Juan Manuel Santos announced on twitter.

The San Jose, a long-lost Spanish treasure galleon sunk by the British 300 years ago, is worth billions of dollars.

One of the world’s most sought-after, fought over and valuable shipwrecks has been discovered off the coast of Colombia, President Juan Manuel Santos confirmed Saturday.

The long-lost Spanish treasure galleon San Jose was carrying a large cargo of gold and precious stones when it was sunk during an attack by a British warship on June 8, 1708.

“I feel very pleased, as head of state, to inform Colombians that undoubtedly, without a doubt of any kind, we have discovered the galleon San Jose, 307 years after it sank, Santos said in a statement at Cartagena”.

Some reports said she was carrying 116 chests of emeralds, two tons of platinum and the personal wealth of the Viceroy of Peru – making her the richest treasure ship ever lost in the western hemisphere. “Tomorrow we will provide details at a press conference from Cartagena”, Mr Santos tweeted. Their current value is estimated at between $NZ6 and $25 billion.

Spilman said that the Galleon San Jose is often referred to as the “Holy Grail of Ship Wrecks”.

Ownership of its treasures has been the subject of a long-running legal row. But it has also been part of a years-long lengthy litigation battle between the government of Colombia and USA salvage company Sea Search Armada. The supreme court ruled that Colombia held the rights to items deemed to be “national cultural patrimony”. In 2010, SSA sued Colombia in USA courts for acting in bad faith and asked for $17 billion in compensatory damages.