Colombia claims it found a legendary Spanish ship filled with $17 billion in treasure

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Colombia has found the wreck of a Spanish galleon that sank off the coast of Cartagena and is thought to be laden with emeralds and gold and silver coins, President Juan Manuel Santos said on Friday.

"Great news! We have found the San Jose galleon. Tomorrow we will provide details at a press conference from Cartagena," Santos tweeted.

The San Jose sank in 1708 in the Caribbean Sea close to the walled port city of Cartagena. It was part of the fleet of King Philip V as he fought the English during the War of Spanish Succession.

The ship was sent to the bottom of the ocean after it was attacked by British warships off of the Colombian coast. The British were attempting to interdict any Spanish treasure ships in an attempt to prevent Spain from acquiring funds that could prolong its war effort. 

The galleon's wreck is thought to include billions of dollars worth of lost treasure. The cargo, which holds gold, silver, emeralds, and other valuable booty, is estimated to be worth between $4 and $17 billion, NPR reports. 

In a press conference on December 5, Santos said "I am very pleased, as head of state, to inform you that, without a doubt, we have found, 307 years after its sinking, the galleon San Jose."

According to NPR, discoveries aboard the ship leave no doubt that the wreck is actually the San Jose. The galleon was armed with 64 guns, which match the bronze cannons found aboard the wreckage. The galleon was so heavily armed, and full of such vast supplies of treasure, as it was meant to return to Spain from South America in order to provide the country with war funds during the War of Spanish Succession. 

The government's claim on Friday did not shed light on a legal wrangle with Sea Search Armada, a US-based salvage company which had a long-standing suit against Bogota over ownership of the wreck. SSA said in 1981 it had located the area in which the ship sank.

SSA and the government were partners back then and following international custom, they agreed to split any proceeds. The government later said any treasure would belong to Colombia.

In 2011 a US court declared the galleon property of the Colombian state.

(Reporting by Helen Murphy; Editing by Sandra Maler)

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