'Holy grail' shipwreck with billions of gold and jewels remains at the bottom of ocean - but officials have just made it far harder for anyone to claim the treasure

The 'holy grail' of shipwrecks remains at the bottom of the ocean stocked with billions of gold and jewels - but the Colombian government just made it harder for the treasure to be claimed. 

The legendary San Jose galleon sank off its Caribbean coast over three centuries ago - taking down with it gold, silver and emeralds believed to be worth $20 billion in today's value.

On Wednesday, Colombia declared a 'protected archeological area' around the spot where the vessel sank off the Colombian port of Cartagena after its powder magazines detonated during a skirmish with the British in 1708.  

The culture ministry said the designation 'guarantees the protection of heritage' through the ship's 'long-term preservation and the development of research, conservation and valuation activities.' 

At the time of its sinking, the San Jose was owned by the Spanish crown - on board were 600 sailors, all but 11 of whom went down with the ship.

The legendary San Jose galleon (pictured in this painting) sank off its Caribbean coast over three centuries ago - taking down with it gold, silver and emeralds believed to be worth $20 billion in today's money

The San Jose was a 62-gun galleon that went down on June 8, 1708, with 600 people on board

The boat, dubbed the 'holy grail' of shipwrecks because of its abundant treasure, was heading back from the New World to the court of King Philip V of Spain when it plummeted to the bottom of the ocean. 

The 62-gun galleon was sailing from Portobelo in Panama at the head of a treasure fleet of 14 merchant vessels and three Spanish warships when it encountered the British squadron near Barú. 

In 2015, the Colombian government announced that a team of navy divers had discovered the legendary ship lying in nearly 3,100 feet of water. 

Colombia announced the discovery of the San Jose that same year - but by that point, it had already caught the eye of adventurers. 

Last year, another team brought back jaw-dropping images of its perfectly preserved cargo. 

The Colombian government previously claimed that the ship would be raised before President Gustavo Petro ends his term of office in 2026.

However, there is set to be a grand fight over who owns the ship - with a US firm claiming that it discovered the vessel and is demanding a portion of the treasure. 

The Spanish government and an indigenous group are also claiming ownership of the shipwreck.

American research company Glocca Morra claims it found the San Jose in 1981 and turned the coordinates over to the Colombians on the condition it would receive half the fortune once the vessel was recovered.

Gold coins were also picked up on the video released by the Colombian government

An intact Chinese dinner set and other crockery were amongst the ship's treasures

But the company's claim was countered in 2015 by Colombia's then-President Juan Manuel Santos, who said the Navy had found the boat at a different location on the seabed.

Glocca Morra, now called Sea Search Armada, is suing for half the treasure - around $10bn according to current estimates - under the US-Colombia Trade Promotion Agreement, according to Bloomberg.

But the Colombian Minister of Culture Juan David Correa said the government's team had visited the coordinates given by Sea Search Armada and found no trace of the San Jose.

Complicating matters further, there are competing claims from the Spanish - whose Navy the vessel belonged to - and Bolivia's indigenous Qhara Qhara nation which says its people were forced to mine the gold and jewels, so the treasures belong to them.

Meanwhile, Colombia has hailed the find as a huge historic and cultural achievement.

Correa told Bloomberg: 'This is one of the priorities for the Petro administration. The president has told us to pick up the pace.'