Legal Battle Ensues Over $20 Billion Treasure From 18th Century Shipwreck off Colombian Coast

Treasure-hunting firm Sea Search Armada claims discovery rights to the San Jose shipwreck from 1981 and is suing the Colombian Government for $10 billion; several other entities including Spain and Bolivia’s indigenous Qhara Qhara Nation also lay claims on the historic wealth believed to be worth between $4 billion and $20 billion.

A dispute over the claim rights on the treasure aboard the San Jose 18th century shipwreck, believed to be worth between $4 billion and $20 billion, is currently being litigated. The ship contained gems, gold, and other valuables, and sank in a battle with the British in 1708.
Sea Search Armada, a salvage company, asserts it first discovered debris from the ship in 1981 and is seeking at least half the treasure. It has sued the Colombian government for $10 billion under the U.S.-Colombia Trade Promotion Agreement.
The Colombian government insists that it found the shipwreck, described as the 'Holy Grail of shipwrecks', at a different location in 2015 and that its scans of coordinates provided by Sea Search Armada have yielded no results.
In addition to Sea Search Armada, Spain and Bolivia's indigenous Qhara Qhara Nation also lay claims to the treasure. The Qhara Qhara Nation alleges that the wealth was originally extracted from its people.
To secure the artifacts before his term ends in 2026, Colombian President Gustavo Petro has urged to accelerate the salvage process and establish a public-private partnership to bring the shipwreck to surface.