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Colombia accelerates plan to recover up to $20 billion in sunken treasure
By Jim Wysss
Bloomberg News
Friday, November 3, 2023
Colombia is accelerating its effort to recover as much as $20 billion in gold, silver and gems from a three-century-old shipwreck, even as U.S. treasure hunters sue for half the value.
President Gustavo Petro told officials to set up a public-private partnership, or do a deal with a private firm, to get the San Jose galleon off the Caribbean Sea floor as soon as possible, according to the minister of culture.
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"This is one of the priorities for the Petro administration," Minister of Culture Juan David Correa said Wednesday in a phone interview. "The president has told us to pick up the pace."
Petro wants to recover the wreck before his term ends in 2026, though its unclear whether that will be possible, Correa said.
When the 62-gun Spanish galleon was sunk in battle by the British in 1708, it was gorged with six years' worth of accumulated treasure: silver and gold from mines in Peru, chests full of Colombian emeralds, and millions of pesos in gold and silver coins, according to "The Treasure of the San Jose” by historian Carla Rahn Phillips.
No one knows how much the treasure might be worth, but in decades of court cases, its value has been estimated at $4 billion to $20 billion. ...
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