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The Republic of Colombia announced Wednesday in a press release that they designated the wreckage of the San Jose galleon as a "Protected Archaeological Area."
The 1708 San José wreck is believed to hold 11 million gold and silver coins, emeralds, and other precious cargo from Spain's South American colonies.
Colombia looks to recover the warship San José and its bounty, but it's been sued by a U.S. company claiming it found it first
Colombia's quest to salvage the "holy grail of shipwrecks" raises questions about ownership of the sunken fortune.
The San José galleon was destroyed in 1708, sinking with goods now worth billions. Colombia’s government is planning a recovery, but not everyone wants to see the shipwreck brought to the surface.