Colombia moves to protect "holy grail" of shipwrecks that sank over 3 centuries ago with billions of dollars in treasure

Colombia on Wednesday declared a "protected archeological area" around the spot where the legendary San Jose galleon sank off its Caribbean coast more than three centuries ago laden with gold, silver and emeralds believed to be worth billions of dollars.

The designation, said the culture ministry, "guarantees the protection of heritage" through the ship's "long-term preservation and the development of research, conservation and valuation activities."

Dubbed the "holy grail" of shipwrecks, the San Jose was owned by the Spanish crown when it was sunk by the British navy near Cartagena in 1708. Only a handful of its 600-strong crew survived.