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Record £250m Shipwreck Found Off Cornish Coast

An American salvage company claims to have discovered the most valuable treasure wreck ever.

The haul of 500,000 gold and silver coins worth £250m is reported to have been discovered at the bottom of the ocean.

That's the Atlantic Ocean - but where exactly is being kept a closely guarded secret by the American salvage company.

However, Richard Larn, author of the Shipwreck Index, told Sky News the wreck was located around 40 miles off the coast of Land's End.

Containing 300,000 pieces of silver, 300,000 pieces of gold, 100,000 jewels and 36 bronze cannons, Mr Larn described the 17th wreck as the "Holy Grail" of wrecks.

"This is probably the most wealthy shipwreck on the seabed in the British Isles," he said.

Odyssey Marine Exploration has refused to give any more information about the find but said it would become one of the "most publicised in history".

But records show that in 1641 an English ship called the Merchant Royal sank off the Scilly Islands, laden with bullion from Mexico.

Mr Larn said the treasure belonged to the Spanish treasury.

It had been mined in South America and was being taken to the king of Spain from the West Indies when the ship was seized in the Azores by the Merchant Royal.

But the Royal sank in heavy seas in the English Channel en route to Dartmouth.

The crew was saved but the ship has since languished in 800ft of water.

Because it was found in international waters, the British have no claim on the wealth.