9/3/2013 7:41 PM ET|
Family finds $300,000 in sunken gold
The amateur treasure hunters were searching the wreckage from a convoy of ships downed by a hurricane nearly 300 years ago.
Rick and Lisa Schmitt and their two grown children discovered the gold chains and coins at a legendary wreck site off the coast of Florida, Reuters reports. Nearly 300 years ago, a hurricane took out a convoy of 11 ships sailing from Havana to Spain. Of the estimated $400 million in treasure on board, about $175 million has been recovered.
That means there's a lot of gold hiding in the depths.
A company named 1715 Fleet-Queens Jewels LLCowns the rights to the wreckage, Reuters reports, and allows subcontractors like the Schmitt family to hunt around for treasure. The company says that more than 2 million silver coins and an untold amount of gold have yet to be recovered.
The family doesn't get to keep the entire find, however. The treasure first goes into the custody of federal court in south Florida, Reuters reports. The state can take as much as 20% to display in a museum, and the remainder will be split between the Schmitt family and the company that owns the wreckage.
This kind of adventure is the norm for this family of amateur treasure hunters. The son who is responsible for the find, Eric Schmitt, found a silver platter worth $25,000 in 2002, when he was a sophomore in high school, Reuters reports.
In 2010, one Florida woman found a 5.5-inch-tall statue of a gold bird while examining one area near the shipwreck. Even though one of the bird's wings is missing, the statue was appraised at $885,000, according to 1715 Fleet-Queens Jewels.
More on moneyNOW
- Destination club puts luxury within reach -- for some
- Are fast-food chains backsliding in ads to kids?
- Jeff Bezos will need more than money at The Post
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
A basic income policy can actually ensure a decent standard of living for everyone.
- People left $500,000 in coins at airports last year
- How your driving can affect your credit
- Obamacare projected to cost hundreds of billions less
- November jobs report: Winners and losers
- Student loan debt climbs for 5th year in a row
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.