$1.5BILLION treasure found on sunken Spanish galleon

(Source: Dailymail)

Colombian authorities have released the first pictures of the wreck of a 300-year-old Spanish treasure ship that was found on Friday after a decades-long search.

The San Jose was sunk by the Royal Navy off the coast of Cartagena 300 years ago, carrying up to 11million gold and silver coins, as well as emeralds and other precious stones. It was transporting the booty back to Spain to help finance its war of succession against Britain.
 


It had gained a reputation as the 'holy grail' of shipwrecks, as the ship was carrying one of the most valuable haul of treasure ever to have been lost at sea.

No treasure has yet been brought to the surface, but it is estimated that the haul will be valued at up to $1.5billion.

The San Jose was found submerged off the coast of Baru in what is now Colombia, near the Rosario Islands. Colombian officials have not revealed its exact location.
 


 

Experts sent down a deep-sea camera to examine the wreckage ahead of a planned salvage operation.

Sonar images reveal bronze cannons made specifically for the ship, arms, ceramics and other artifacts.

Mr Santos, the Colombian president, said it was 'one of the greatest - if not the biggest, as some say - discoveries of submerged patrimony in the history of mankind'. The wreck is reported to qualify as a UN underwater cultural heritage site.

The San Jose was sunk during an attack by Britain's Royal Navy in 1708 in the Caribbean Sea close to the walled port city of Cartagena.

It was discovered by a team of international experts, the Colombian Navy and the country's archaeology institute.

Colombia's president, Juan Manuel Santos, said on Saturday that his country will build a museum to showcase artefacts found in the wreckage of San Jose.

Approximately 600 people died in the shipwreck, he said.
 


 


'We will build a great museum here in Cartagena,' Santos said on national television from Cartagena's naval base.

'Without a doubt, without room for any doubt, we have found, 307 years after it sank, the San Jose galleon,' Santos said.

The San Jose was the subject of a legal dispute between Colombia and Sea Search Armada (SSA), a U.S.-based salvage company. SSA said in 1981 it had located the area where the ship sank.

The company and the government agreed to split any proceeds from the wreckage, but the government later said all treasure would belong to Colombia, a view that was backed by a U.S. court in 2011.

Few government spokespeople will be able to speak further on the galleon until more investigations are completed, Santos said.

It was unclear how much of the body of the ship remained and whether it would be brought to dry land.

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