The Spanish galleon San José - Lawsuit blocks Colombia

One of the world’s most famous sunken galleons — San José, potentially worth billions — will remain on the ocean floor a little longer, Colombian President Juan Manuel Santos said today. Santos said a local court had challenged the “public-private partnership” contract, forcing him to suspend the process of choosing a salvage company. Sea Search Armada, a Washington-based company, said it found the wreck in 1983 and that the coordinates it provided to the government at the time were crucial to the San José’s “rediscovery” in 2015. In 2007, Colombia’s Supreme Court ruled that Sea Search Armada had the right to half of any treasure at the site that wasn’t considered “national patrimony.” Santos has dismissed Sea Search as greedy “treasure hunters”. To complicate matters it will be up to incoming President Iván Duque, who will be sworn in on Aug. 7, to complete the deal.

During the battle, the powder magazines of San José detonated, sending the ship to the bottom.

The San José was a 60-gun galleon of the Spanish Navy. It was launched in 1696 and sunk off the coast of Cartagena, Colombia in 1708. San José was part of a Treasure fleet during the War of the Spanish Succession, under General José Fernández Santillán. On 8 June 1708, the fleet encountered a British squadron near Barú.

All but 11 of the 600 people on board perished, either incinerated in the explosion or drowned at sea. The San José was located by an international team led by Colombia’s Institute of Anthropology and History on Nov. 27, 2015 nearly 1,000 feet deep about 16 miles from Cartagena. Speculation says it likely had 7 to 10 million Spanish pesos on board at the time of its sinking, similar to its surviving sister ship, the San Joaquín. The San José has long been called the "Holy Grail of Shipwrecks".

Colombian president Juan Manuel Santos announces the discovery of the San Jose

The San Jose was carrying one of the largest treasures ever lost at sea. Estimates place the value of the cargo to at least $1bn.

A seafloor image of the shipwreck that the Colombian government has identified as the San Jose. The wreck has yet to undergo an archaeological exploration, leaving questions about what riches might be found. The type and number of bronze cannons found at the site leaves no doubt that the ship is the San Jose.