The Loss and Re-Discovery of the $20 Billion Imperial Spanish Treasure Ship

The most valuable shipwreck of all time is the San José galleon—an 18th century Spanish ship that carried 11 million gold coins, silver, and emeralds—and worth $20 billion in today's currency. It sunk in a battle with British ships during the War of Spanish Succession and remained completely lost for centuries. That is until a clue to its final resting place was found by the most unlikely person: Roger Dooley, a Cuban-American underwater explorer who helped establish Cuba's national diving program and spent years scouring Caribbean waters for sunken shipwrecks at the behest of Fidel Castro. Dooley wasn’t looking for the San José. But an accidental discovery in the dusty stacks of a Spanish archive led him to the story of a lifetime, the tale of a great eighteenth-century treasure ship loaded with riches from the New World and destined for Spain Though a diver at heart, Dooley was an unlikely candidate to find the San José. He had little in the way of serious credentials, yet his tenacity and single-minded devotion to finding and excavating the ship powered him across four decades, even as he became a man in exile from the country of his birth. As Dooley jousted with famous treasure hunters and well-funded competitors, he slowly homed in on a patch of sea that might contain a three-hundred-year-old shipwreck—or nothing at all. Today’s guest is Julian Sancton, author of “Neptune’s Fortune: The Billion Dollar Shipwreck and the Ghosts of the Spanish Empire.” We look at the story of a legendary Spanish galleon that sunk off the coast of, one man’s obsessive quest to find it, and the ongoing fight over excavating this historic shipwreck.