Colombia found a treasure shipwreck that even Captain Jack Sparrow would be jealous of. In a report by Discovery News, the 18th century Spanish Galleon San Jose was found off the coast of the South American country, with troves of gold, coins, and precious stones inside, valued at up to $17 billion.

Colombian President, Juan Manuel Santos, announced at a press conference, "Without room for any doubt, we have found, 307 years after it sank, the San Jose galleon."

He also said that the finds "constitutes one of the greatest -- if not the biggest, as some say -- findings and identification of underwater heritage in the history of humanity."

The president's statement regarding the galleon was backed by images brought by underwater vehicles showing dolphin-stamped bronze cannons, confirming the ship's identity. Weapons, ceramic, and porcelain vases were also seen at the wreckage site.

The ship, found on November 27th off the island of Baru, was said to be part of Spain's only royal convoy to bring with it colonial coins and bullion to King Philip V during the Spanish Succession War from 1701 to 1714. The 150-ft long vessel was said to be armed with 64 guns, and was trying to outrun British warships in Baru on June 8, 1708, when an explosion sent it to the bottom of the sea. It was said to carry with it 600 people, chests of emeralds, and tons of silver, gold, and platinum.

According to The Guardian, the wreck now falls within the UN's definition of an underwater cultural heritage site, and archaeological excavation and scientific tests will ensure that the galleon can be preserved properly.

The war involving San Jose may long be part of ancient history, but as the Huffington Post pointed out, the wreckage has been at the center of a decades-long search that involved foreign legal battles. In the 1980s, US-based salvage company, Sea Search Armada, had been looking for the legendary treasure, meant to help France's war against Britain. In 1989, the SSA sued the Colombian government when it backed out on their promise to split the treasure collected from the wreckage after the SSA shared the location of the missing Galleon.

Unfortunately for the SSA, a US court declared the galleon property of Colombia in 2011, ruling that the Latin American country held rights to the items that are deemed "national cultural patrimony".

Head of the Colombian Institute of Anthropology and History said that the discovery is a "major triumph." He also stressed that the archaeologists are still in the earliest stages, and multiple expeditions will be needed to recover the treasures.