'Holy grail of shipwrecks' to be recovered

A Spanish galleon believed to be carrying $32.2 billion in treasure that's been hidden in the Caribbean Sea off the coast of Colombia for three centuries is set to be recovered in April 2025, nearly a decade after its discovery.

Colombia's Minister of Culture, Juan David Correa, says the extraction is being undertaken "for cultural and technical research" of the 64-gun, three-masted galleon that sank in battle against the British Navy off Baru Island, just south of Cartagena, Colombia in 1708.

A legal battle over who has the rights to the treasure in the galleon, which is believed to include at least 200 tonnes of gold, silver, emeralds and jewellery. Colombia considers wrecks found in its territorial waters to be part of its cultural heritage, meaning the contents cannot be sold, but Spain argues the bounty is theirs as it was aboard a Spanish ship. However, the treasure on board was taken from nations across South America, many of whom also want claiming rights.

Video shows the ship's wooden bow embedded with marine life, its bronze cannons scattered in the, sand, and gold coins and blue and white porcelain lying on the ocean floor. The exact location of the galleon has never been revealed, and the discussion around salvage operations has long been a point of contention for a multitude of reasons, not least because alongside the treasures, all but 11 of the ship's 600 sailors lost their lives when the San Jose sank.

The Colombian government has said the 45.7m ship, which is believed to be the world's most valuable shipwreck, will be brought above water before President Gustavo Petro ends his term of office in 2026. However, legal battles over ownership are ongoing, and maritime historians consider the wreck to be a cemetery that should be treated with respect.