A CENTURIES old Spanish galleon stacked with a £16-billion treasure trove has finally been found, researchers have claimed.

Known as the holy grail of shipwrecks, the San Jose was long believed to be lost beneath the waters of the Caribbean.

After being sunk by the British more than three centuries ago, its treasures have gone untouched and undiscovered at the bottom of the sea.

But academics in Colombia now believe that a wreckage found near Baru Island in 2015 is the long-lost galleon.

An underwater drone mission from a decade ago captured images of the cargo scattered in and around the shipwreck.

Among the items spotted were silver coins minted in 1707 in Lima, Peru and Chinese porcelain from the Kangxi period.

There were also cannon inscriptions that dated to 1665.

The academics said: “This body of evidence substantiates the identification of the wreck as the San José Galleon, a hypothesis that has been put forward since its initial discovery in 2015.

“The finding of cobs created in 1707 at the Lima Mint points to a vessel navigating the Tierra Firme route in the early 18th century.

“The San Jose Galleon is the only ship that matches these characteristics.

“This find presents a rare opportunity to explore an underwater archaeological site and deepen our understanding of colonial maritime trade and routes.”

The San Jose was sunk by the Royal Navy back in 1708 during the War of the Spanish Succession.

It was intercepted by a British squadron under Charles Wager, who would later serve as First Lord of the Admiralty.

The vessel’s powder magazines detonated during the attack, causing it to sink.

Its treasure was being ferried from Peru to Spain to help fund the Spanish war effort – making the sinking of the San Jose a huge blow to Spain.

The war would end with Britain getting control of Gibraltar, Newfoundland and Nova Scotia.

The combined treasure of gold, silver and precious stones is believed to be worth around £16 billion in today’s prices, The Telegraph has reported.

This new discovery is expected to further stoke a dispute over wreckage’s legal ownership.

The governments of Colombia, Spain and Peru all stake claims to the San Jose, as do indigenous communities and the descendants of the miners who dug up the treasure.

Treasure-hunting firm Glocca Morra also claims it discovered the wreckage as long ago as 1981.

Its new owners Sea Search Armada are adamant the vessel was found within a mile or two of its 1981 discovery.

The firm is claiming £7.9 billion and is challenging a 2020 Colombian law that says everything on board is the government’s property.