Wreck of Spanish gold ship discovered off Colombia

The wreckage of the ship thought to be laden with treasure has been discovered. Credit: Reuters

Colombia has discovered the wreckage of a Spanish ship thought to be laden with treasure worth £1bn, president Juan Manuel Santos said on Friday.

The Galleon San José, which sank in the Caribbean Sea during the War of the Spanish Succession between Spain and England. The wreckage was discovered close to the walled port city of Cartagena and is thought to have a hoard of emeralds, gold and silver on board.

"Great news! We have found the San Jose galleon. Tomorrow we will provide details at a press conference from Cartagena," Santos tweeted.

In 1981, a US-based company Sea Search Armada (SSA) said they had located the area where the vessel sank. After a lengthy legal battle over ownership of the ship's treasures, a US court declared it to be the property of the Colombian state in 2011.