The galleon San Jose sank off Colombia in 1708 carrying treasure said to be worth $2 billion today. But disputes over who gets the loot have prevented its recovery.

CARTAGENA, Colombia — For nearly 300 years, the wreck of the Spanish galleon San Jose has tantalized archaeologists and salvagers alike. When it sank in 800-foot-deep waters off this fortified Spanish colonial city, it was carrying gold, silver and precious jewels that a group of treasure hunters believes are now worth $2 billion.

But a quarter of a century after the U.S. group, which originally included a Hollywood actor, a professional golfer and a convicted Watergate felon, staked its claim, exploration and retrieval of the wreck seem as distant as the sinking sun at dusk over this historic walled city.

The stalemate over the claim by Seattle-based Sea Search Armada is partly the result of sweeping changes in international marine law and judicial interpretations during the last two decades that have made business more difficult for shipwreck salvagers. Colombia is loath to give a private foreign group access to a valuable historical site, though exploration permits it issued nearly 30 years ago seemed to do just that. Read Full Story