Sunken Profits

Community Comments

X Marks the Spot

When it comes to risk in the historic salvage sector, legal issues are one of the biggest issues for a company. Both the Spanish and U.S. governments sued Mel Fisher for rights to his find in a case that went all the way to the Supreme Court.

“Originally it was the Spaniards that went to the Incas and decimated them,” says Beaton, arguing against any legitimate Spanish claim on the treasure, a decision the Supreme Court agreed with, ruling finders keepers.

It’s not just governments that salvagers have to contend with, although the Spanish government again looks like the biggest adversary for Odyssey in its latest find. Claims from the insurance companies originally insuring ships, descendants of a ship’s crew and even descendants of slaves forced to work in the treasure-producing mines can emerge and cause years of legal headaches.

Generally, salvagers go through a detailed study of possible claims to determine if a wreck would even be worthwhile bringing to the surface. And it’s not always the case that a wreck would pay off if salvaged. “I can’t disclose where, but yes, there are wrecks that have too many claims,” says Eren, a comment that only adds to the mystique.

While Disneyland rides and Hollywood films are enough to satisfy most people’s dreams of sunken treasure, Beaton says the media has only helped make investing in treasure hunting more acceptable.

“Before, people thought they would sound crazy if they told others they were investing in treasure hunters,” he says. “But now people are coming out of the closet with it.”

• Share
  • Digg This
  • del.icio.us
  • Newsvine
  • Facebook
  • Reddit
  • Furl It
  • !Y My Web
  • Google
• Email
• Print

Recommend This

Community Comments