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Posted On: 11/27/2022 8:05:45 PM
Post# of 7802
Re: Coat Tail Rider #6819
Spain is laying claim to a galleon?…….Hmmmm
SPAIN’S CLAIM ON SUNKEN TREASURE:……
Legal battle looms over who has rights to galleon’s fortune
The site, said to have been lying under 30 to 50 feet of shifting sand, was eventually located in 1972 by treasure hunter Richard Marx but his exploration efforts were cut short following a falling-out with the then-Bahamian government.
Subsequently, the Washington Post reported in 1986 that a Memphis businessman with an interest in wreck salvaging, Herbert Humphreys, had located the wreck and begun to recover artifacts. The value of its cargo was pegged at $1.6bn by the article, which said several million dollars’ worth of gems - including a 49.5 carat emerald worth $1m - had already been recovered.
Humphreys’ work was said to have had the blessing of the then-Bahamian government, which received 25 percent of the value of whatever was recovered - a sum consistent with current law. It is unclear when his salvaging stopped, and how much may be left for Allen Exploration to uncover.
http://www.tribune242.com/news/2022/jul/01/sp...-looms-ov/
SPAIN’S CLAIM ON SUNKEN TREASURE:……
Legal battle looms over who has rights to galleon’s fortune
The site, said to have been lying under 30 to 50 feet of shifting sand, was eventually located in 1972 by treasure hunter Richard Marx but his exploration efforts were cut short following a falling-out with the then-Bahamian government.
Subsequently, the Washington Post reported in 1986 that a Memphis businessman with an interest in wreck salvaging, Herbert Humphreys, had located the wreck and begun to recover artifacts. The value of its cargo was pegged at $1.6bn by the article, which said several million dollars’ worth of gems - including a 49.5 carat emerald worth $1m - had already been recovered.
Humphreys’ work was said to have had the blessing of the then-Bahamian government, which received 25 percent of the value of whatever was recovered - a sum consistent with current law. It is unclear when his salvaging stopped, and how much may be left for Allen Exploration to uncover.
http://www.tribune242.com/news/2022/jul/01/sp...-looms-ov/
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