Fate Of Frigate's Treasure Settled; It Goes Back To Spain

TAMPA (CBSMiami) - Imagine discovering buried treasure off Portugal, only to be told that you had to give it back. That's what's facing the company that found half a million silver coins in the wreck of a Spanish ship, only to have the courts support Spain's claim to take it back. Friday, a judge cleared the way for that return.

Attorneys for Odyssey Marine Exploration have been fighting the Spanish government for years about the find. Spain claims the treasure salvors had no right to their riches, because the Spanish government never surrendered ownership of the wreck, named Nuestra Senora de las Mercedes (Our Lady of Mercy).

Courts have repeated ruled in favor of the Spanish government, and after action in both federal court and a federal appeals court, Spain now wants to know when it will get it's loot back.

Friday, U.S. Magistrate Judge James Pizzo approved Spain's plan to take possession of the 594,000 silver coins and other artifacts salvaged from the wreck.

James Goold, an attorney for the Spanish government, said that the coins will likely be moved by Feb. 24.

The Spanish frigate was sunk by the British off the south coast of Portugal in October 1804 during the Battle of Cape Santa Maria. Odyssey Marine Exploration claim to have discovered the vessel and recovered over 500,000 silver coins, hundreds of gold coins, and other artifacts.