Overview

• New ROV surveys and archaeological analysis published in Antiquity confirm the wreck off Cartagena as the San José galleon
• The galleon’s hold is estimated to contain between $17 billion and $30 billion in gold, silver and emeralds mined through forced indigenous labor in Potosí
• Colombia has classified the wreck’s exact coordinates as a state secret and is preparing to recover artifacts ahead of the 2026 presidential transition
• Spain, Peru and indigenous communities each claim rights to the treasure, citing colonial provenance and ancestral ties
• US firm Sea Search Armada is seeking a multi-billion-dollar finder’s fee in arbitration, while experts say no international court has compulsory jurisdiction to resolve the dispute