If Salvage Succeeds, Astronomical Value
Government and Organizations Clash Over Ownership
In 1708, the Spanish Armada's galleon 'San Jose' sank off the coast near California. This ship was a frigate carrying 64 cannons, loaded with precious gold and silver treasures. More than 300 years after San Jose sank to the ocean floor, the value of the treasure resting inside the ship is estimated to be $20 billion (approximately 26 trillion KRW).
The wreckage of the sunken sailing ship San Jose. Inside, treasure worth approximately 26 trillion won is stored. [Image source=Colombian Armada]
Recently, attempts have been made to salvage the 'treasure ship' buried in the wreckage of San Jose, aiming for the astronomical amount of wealth it holds. If successful, it would mean acquiring gold, silver, rare jewels, and cultural heritage worth 26 trillion KRW. However, an unresolved issue remains: who is the rightful owner of this treasure ship?
The Last Legacy Left by the Spanish Empire Under the Sea
San Jose was once a warship belonging to the Spanish Armada, which had established a colonial empire spanning Europe and South America. According to a recent report by the British newspaper The Independent, San Jose was part of the 'Spanish Treasure Fleet' that dominated South American trade routes from the late 17th century to the early 18th century. The mission of the treasure fleet was to transport precious metals obtained from the New World back to mainland Spain.
However, Spain's maritime dominance was constantly threatened by emerging powers. The sinking of San Jose was a result of the challenges Spain faced. In 1708, San Jose sank under the barrage of the British navy, which ambushed the treasure fleet. The 200 tons of silver, 11 million pure gold coins, emeralds, and various other jewels aboard also sank with the ship.
Salvaging the Treasure Could Yield a 26 Trillion KRW Jackpot... But Who Owns It?
The San Jose, a frigate that protected Spanish South American trade routes, sank during a battle with the British Navy. [Image source=Colombian Armada]
The value of the jewels sleeping on the ocean floor with San Jose is estimated today at $20 billion. This is why attempts to salvage the shipwreck have recently intensified. To safely raise a wooden galleon built centuries ago above the sea surface requires special equipment and experts. However, the expected revenue, amounting to tens of trillions of KRW, far exceeds these costs.
Yet the real issue lies elsewhere: the question of 'Who owns the treasure ship?' In fact, The Independent reported signs of conflict among several countries over shares in the treasure ship.
Dispute Between the Colombian Government and a U.S. Research Organization
San Jose, built in 1698, belonged to the Spanish navy. However, the people who sailed San Jose and transported gold and silver from South America to Spain were slaves from Peru and Colombia.
For this reason, the Colombian government has claimed ownership of the San Jose treasure. In a recent interview with the U.S. financial magazine Bloomberg, a Colombian official stated, "The salvage of San Jose will be one of the government's priorities over the next two years," emphasizing, "The (Colombian) president hopes to accelerate the salvage operation, and after recovery, the treasure will be studied at the National Museum."
Meanwhile, controversy continues over which country first discovered San Jose. The U.S. side claims that in 1981, the American shipwreck research organization 'Glocca Mora' was the first to find it, but the Colombian government counters that civilian divers discovered it in 2015.
The identity of the first discoverer is a sensitive issue as it could affect shares in the treasure ship. Glocca Mora has already demanded $10 billion (approximately 13 trillion KRW) from the Colombian government. The dispute between this organization and the Colombian government is ongoing at the International Arbitration Court in London, UK.
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