The wreck of the San Jose has been found off the coasts of Colombia, with preliminary information stating that it has on board gold, silver coins and emeralds, valued at $1.5 billion.
Colombian president Juan Manuel Santos announced the news, who has promised to give a more detailed press conference about the discovery of the treasure ship.
The San Jose sank in 1708 in the Caribbean Sea in proximity to the port city Cartagena, which was a well-built fortress at the time. For centuries, the exact location of the sunken ship remained unknown.
Thousands of legends were birthed about the untold treasure the ship was carrying.
The San Jose was part of the fleet of King Philip V of Spain, who in the 18th century opposed the British during the War of the Spanish Succession.
During this war, Spain lost control over the islands of Sardinia and Sicily in South Italy.
Long debate regarding the sunken ship was held over the years between the different countries, as to which one would claim it once it was found. It all started because of the American company Sea Search Armada, which specializes in underwater searches.
Once the authorities in Bogota learned of this, they announced that if the ship were to be found on Colombian territory, it would belong to Colombia. But this was back in 1981.
Back then, the American company and Colombian government came to an agreement that they would split the treasure found on board the San Jose.
Years later, authorities in Colombia changed their decision and now insist that the ship's hoard belongs solely to the Latin American country.
And considering that the ship was once a part of the Spanish fleet, with its original owner being King Philip V of Spain, it too is expected to lay a claim on the billion-dollar treasure.
In 2011, the US Supreme Court also had its say on the issue, suggesting that the shipwreck should go to the country to which it lies closest.