BBC reports that after decades of legal wrangling, the Colombian government has started exploring the wreck of the 18th-century Spanish galleon San José, dubbed the “holy grail of shipwrecks.”
The South American nation has also declared a protected archaeological area around the galleon – which was sunk by the British Royal Navy in 1708 in the Caribbean Sea.
The ship, whose ownership remains contested, was carrying one of the largest hauls of valuables ever lost at sea when it was attacked just outside of the Colombian city of Cartagena. It is estimated to be laden with as much as £16bn ($20bn) in treasure.