Judge rules treasure-hunters must return sunken booty to Spain

By Agence France-Presse
Friday, February 17, 2012 20:03 EDT
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MIAMI — A Florida company that found sunken treasure from a 19th century warship must return more than a half-million silver and gold coins to the Spanish government by next week, a federal judge in Tampa ruled Friday.

In addition, Spain does not need to reimburse the deep sea recovery firm, Odyssey Marine Exploration, for its costs of preserving and storing the treasure, the ruling said.

Odyssey Marine Exploration is a Tampa-based firm that in 2007 found silver and gold from the galleon Our Lady of Mercy, which a British fleet sank in 1804 off the coast of Portugal. The ship was returning to Spain from Peru.

The 17 tons of coins and other items are valued at more than $500 million, making it the biggest sunken treasure recovery in history.

Odyssey shipped the silver and gold to a Tampa warehouse while it fought lawsuits with the Spanish and Peruvian governments over property rights to the treasure.

Last week, the US Supreme Court refused to overturn a lower court decision saying the treasure belonged to Spain.

On Friday, Odyssey and the Spanish government returned to federal court in Florida to determine when Spain can recover the silver and gold and whether Odyssey will be reimbursed the $412,814 (300,000 euros) it claims for preserving and storing it.

“The treasure must be accessible to Spain on Tuesday the 21st and by February 24th it has to be transferred to Spain,” an official at the federal court in Tampa told AFP.

Melinda MacConnel, Odyssey’s general counsel, said the Spanish government might have won a legal battle but they hurt their chances of ever again recovering sunken treasure.

“Spain has been very short-sighted in this case,” MacConnel said in a statement. “They have not considered the high cost of storage and conservation of these coins, but more importantly they have failed to consider that in the future no one will be incentivized to report underwater finds. Anything found with a potential Spanish interest will be hidden or even worse, melted down or sold on eBay.”

Copyright © 2012 AFP. All rights reserved.

Agence France-Presse
Agence France-Presse
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