Colombia’s daring quest for sunken treasure worth $20 billion sparks international frenzy

In a daring mission, Colombia has set its sights on recovering a shipwreck believed to hold an astonishing 200 tons of precious cargo, including gold, silver, and emeralds. The treasure ship, which sank off the Colombian port of Cartagena in 1708, is poised to be exhumed before Colombia’s current President, Gustavo Petro, finishes his term of office in 2026. This ambitious undertaking is considered a national mission in Colombia, and it has garnered international attention for what has been dubbed the ‘Holy Grail of shipwrecks.’

The ill-fated Spanish ship met its demise during a heated battle with the British in 1708. During this confrontation, the ship’s powder magazines were detonated, leading to its tragic sinking off the coast of Cartagena. This dramatic event has been etched in history and remains a significant part of Colombia’s maritime heritage.

The sunken treasure is estimated to be worth an astonishing $20 billion in today’s currency. This vast sum comprises a wealth of gold, silver, and emeralds that have remained hidden beneath the ocean’s depths for centuries. The incredible value of this lost fortune has captured the imagination of treasure hunters and historians alike.

The journey to uncover this hidden treasure began when a team of Colombian navy divers made a remarkable discovery in 2015. They located the shipwreck lying at a depth of about 3,100 feet below the surface. This initial find was a significant breakthrough in the quest to reclaim the lost treasure. In 2022, another crucial step was taken when a team documented the within the sunken ship through a series of images. These images provided valuable insight into the contents of the shipwreck and added fuel to the treasure’s allure.

The recovery of this incredible treasure has become one of the top priorities for the current Colombian administration led by President Gustavo Petro. Colombia’s Culture Minister, Juan David Correa, emphasized the urgency of the mission, stating that the president has directed them to expedite the recovery efforts. This declaration underscores the significance of the project and its importance to the Colombian government.

The Spanish ship was en route from Portobelo in Panama, part of a fleet consisting of 14 merchant vessels and three Spanish warships when it encountered the British squadron near Barú. This encounter took place during the War of Spanish Succession, a turbulent period marked by conflicts between Spain and Britain. The ensuing battle ultimately led to the ship’s sinking, sealing the fate of its precious cargo.

Despite the treasure’s allure, ownership disputes have arisen, making the recovery mission more complex. Spain, Colombia, and Bolivia’s indigenous Qhara Qhara nation have all laid claims to the ship’s treasure. The Qhara Qhara nation’s claim is grounded in the belief that their ancestors were forced by the Spanish to mine the precious metals that make up part of the treasure, making it culturally and historically significant to their people. These competing claims add a layer of complexity to the recovery mission.

Complicating matters further, a US-based company called Glocca Morra has also staked its claim on the treasure. The company asserts that it discovered the sunken ship in 1981 and subsequently shared its coordinates with the Colombian government. Glocca Morra alleges that it was promised half of the cargo’s value, intensifying the legal and ownership disputes surrounding the treasure.

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