‘Billion dollar’ treasure exploration heating up

THE NUESTRA Senora de la Maravillas, said to be the most valuable shipwreck in the Western Hemisphere.

THE NUESTRA Senora de la Maravillas, said to be the most valuable shipwreck in the Western Hemisphere.

• Group says it found 13 wrecks in Bahamas waters

• Gov’t confirms licence for Walker’s Cay owner

• Allen Exploration setting up GB museum for finds


Tribune Business Editor


AN UNDERWATER exploration joint venture says it has detected 13 shipwrecks - one a billion-dollar find - in Bahamian waters with the Government having quietly given a salvage licence to another operator.

Caribbean Israel Venture Services, whose principals include former US ambassador to The Bahamas, Ned Siegel, says satellite technology able to locate minerals and precious metals some 26,000 feet below ground or the ocean surface has identified multiple sites of potential economic and historical significance to The Bahamas.

A presentation by the group, which has teamed with BSD Global Exploration, the company behind the technology, asserts that just one shipwreck alone could have five tons of gold - worth an estimated $1bn - sitting on The Bahamas’ ocean floor.

“BSD Global Exploration scans cost between $1m and $1.5m per each search per metal or substance,” the Caribbean Israel Venture Services presentation said. “We have done a search of your waters and found the following results.

“Thirteen shipwrecks including one shipwreck from the 1715 fleet with about five tons of gold on the ocean floor. Estimated total is $1bn.” BSD subsequently told this newspaper that its scans can cost between 3m-5m euros depending on the area size.

However, Caribbean Israel Venture Services and BSD Global are far from alone in seeking potential riches on the Bahamian seabed. For Joshua Sears, the Prime Minister’s senior policy adviser, has confirmed to Tribune Business that an underwater exploration/salvage licence has already been issued to Carl Allen, the multi-millionaire Walker’s Cay owner, and his company.

“To the best of my knowledge, a licence was issued to them,” Mr Sears replied, when this newspaper questioned if such an approval had been granted to Allen Exploration. “It would be at least maybe two years ago, 15-20 months ago.”

Several sources, speaking on condition of anonymity, yesterday queried whether there was sufficient transparency surrounding the Allen Exploration licence award by the Minnis administration given that this had never previously been disclosed to the Bahamian people.

“That’s crazy. There’s no news to the public,” one blasted. Another, who said he knew of seven to nine different groups who had been unsuccessful in their applications for an underwater exploration/salvage licence, added: “It’s interesting that no Bahamian has received any licence, and there have been eight to nine applications. I was involved with five of them.

“They have not got a word from the Government on any of those, which I think is unfair. I thought this was one of those areas reserved for Bahamians only. It was one those economic areas rightfully designed for Bahamians, whether under their own auspices or they took in a foreigner as a joint venture partner. In this way, there is no direct benefit for Bahamians.”

However, Allen Exploration’s Facebook page makes no secret of its owner’s treasure hunting/wreck salvaging ambitions in The Bahamas. It confirms that it was created specifically to explore Bahamian waters with a focus on finding the Nuestra Senora de la Maravillas, the sunken Spanish treasure galleon that some have described as “the most valuable shipwreck in the Western Hemisphere”.

And a March 8, 2021, video clip records Mr Allen saying his company is already recovering “gems” and “pendants” from the ocean floor, although he does not give the precise location.

The interviewer, in the introduction, says: “Learning the plans that Carl Allen has for Walker’s Cay, it’s clear he has a passion for hospitality, but to be honest with you he has another passion that is much deeper.”

The video then cuts to Mr Allen saying: “I have been looking most of my life for a ship called Nuestra Senora de la Maravillas, otherwise known as Our Lady of Wonder, and I do believe we’re on the debris field floor that’s the stern castle because of these gems that we’re finding and these pendants that we’re finding.”

Tribune Business contacts confirmed that Mr Allen, as stipulated by his agreement with the Bahamian government, is in the process of setting up a Grand Bahama-based museum where the artifacts recovered from his underwater exploration will eventually be put on public display.

It is understood that the treasure hunting proceeds will be split 75/25 in favour of Mr Allen, as stipulated by the Antiquities, Monuments and Museums (AMMC) Act 2011, and the accompanying regulations. AMMC is thought to be working with Allen Exploration to document, assess and value what has been recovered from the latter’s exploration efforts.

Dr Michael Pateman, former AMMC archeologist, is the curator for the planned museum. A previous press release, issued in late December 2020, described him as the curator for AEX Bahamas Maritime Museum. AEX stands for “Allen Exploration”.

Contacted yesterday by Tribune Business, Dr Pateman replied: “We’re working on it” when asked how far the museum’s creation had progressed. When this newspaper raised the issue of valuing the artifacts recovered by Allen Exploration, he replied: “I can’t give any comments just yet. You’d have to speak to Mr Allen on that.”

Dr Pateman took this newspaper’s contact details and promised to pass them on to Mr Allen. Tribune Business also tried to contact the Walker’s Cay owner via social media and other communications, but no response was received before press time.

The Nuestra Senora de la Maravillas was transporting gold, silver and other riches plundered from Spain’s Latin American colonies back to the homeland when it sank on January 4, 1656, near Little Bahama Bank off Grand Bahama after being rammed by one of the other vessels in its nine-strong fleet as they sought to avoid shallow water.

The site, said to have been lying under 30 to 50 feet of shifting sand, was eventually located in 1972 by treasure hunter Richard Marx but his exploration efforts were cut short following a falling-out with the then-Bahamian government.

Subsequently, the Washington Post reported in 1986 that a Memphis businessman with an interest in wreck salvaging, Herbert Humphreys, had located the wreck and begun to recover artifacts. The value of its cargo was pegged at $1.6bn by the article, which said several million dollars’ worth of gems - including a 49.5 carat emerald worth $1m - had already been recovered.

Humphreys’ work was said to have had the blessing of the then-Bahamian government, which received 25 percent of the value of whatever was recovered - a sum consistent with current law. It is unclear when his salvaging stopped, and how much may be left for Allen Exploration to uncover, but the latter’s principal appears confident he is exploring in the right location based on his Facebook The last Ingraham administration is understood to have placed a moratorium on underwater exploration licences, while the Christie administration is also thought to have issued no new licences during its 2012-2017 tenure. That now appears to have changed - at least partially - under the Minnis administration.

However, BSD Global Exploration has thus far been unsuccessful in its efforts to follow in Allen Exploration’s footsteps. A February 24, 2021, letter sent to the group by Kim Outten Stubbs, the AMMC’s director, said its application for an underwater exploration licence had been declined because the area it was interested already “overlaps with an active licence area”.

Thus confirming that another licence had already been issued, although not identifying the party involved, Ms Outten Stubbs said the regulations accompanying the 2011 Act prevent the Government from issuing “multiple licences” for the same area.

“I am directed to advise that the request by BSD Global Exploration for consideration of a licence to perform underwater exploration and recovery operations within the four listed corner co-ordinates has been examined and are found to overlap with an active licence area,” she wrote. “Consequently, your request cannot be considered at this time.”

Tribune Business understands that BSD Global Exploration is now awaiting the outcome of Thursday’s general election before plotting its next move, having applied for just one of the 13 shipwreck locations it had identified.

It is thought to have decided not to disclose the other 12 locations yet for fear that this would endanger its intellectual property, and that the co-ordinates could either leak out or be passed to rivals.

The Bahamas, and successive administrations, have long struggled to get to grips with underwater exploration and treasure salvaging within this nation’s territorial waters - hence the long-standing moratoriums on new licences.

Lacking the necessary expertise and resources to conduct proper oversight, together with the required regulatory regime, The Bahamas has allowed many of these sites to be pillaged and ransacked by unauthorized foreign salvors. This has resulted in many Bahamian artifacts appearing at overseas auctions and sales without this nation receiving a cent in benefits for them.

But, while underwater exploration did not merit much mention in the two major political parties’ election manifestos, the sector holds much-needed economic and fiscal potential for The Bahamas should it get it right at a time when the country needs every cent it can get post-COVID-19.

One industry source, asked about the industry’s potential value to The Bahamas, simply responded: “Billions”. They added: “The second and third most valuable wrecks in the entire western hemisphere are located off Grand Bahama.

“It would be an entire industry. It has the ability to effectively put Freeport back on the map. You’re talking about billions in artifiacts, and I mean billions. You’ve got from conservation of artifacts to research to study to inventory. The question is where is the transparency and the accountability.”

Another added: “People have been coming into our waters for decades and pilfering this. They’re coming in, taking it and putting it on the US market. Bahamian officials have shared how things are being sold in the US that are found in Bahamian waters. The last administration put a moratorium on this to try and fix it.”


realitycheck242 2 years, 9 months ago

It is understood that the treasure hunting proceeds will be split 75/25 in favour of Mr Allen, as stipulated by the Antiquities, Monuments and Museums (AMMC) Act 2011,Strong****

This 75/25 needs to be reversed in favour of the Bahamas. The modern day pirates are still here plundering wealth of this country. Show them that we are an educated people who know our worth. Not some fishing village #@#$% hole country. Any lucrative find could eliminate a large part of our national depth.

ThisIsOurs 2 years, 9 months ago

whats the standard? I found some data on who owns the wreck seems to be split on the country whose territorial waters its found and the country who owns the vessel. Nothing yet on whats paid to the country where the wreck is found (if its not intl waters)

UCHBahamas 2 years, 9 months ago

In The Bahamas anything in our territorial waters is ours and no government is really under any obligation to help protect them or to involve any other nations/countries. Technically, under the UNCLOS ARTICLE 303 to which The Bahamas is ratified, "States have the duty to protect objects of an archaeological and historical nature found at sea and shall cooperate for this purpose."

Bobsyeruncle 2 years, 9 months ago

Problem with reversing it, is it leaves very little incentive for these exploration companies. It's a costly exercise which 9,999 times out of 10,000 turns up nothing, and they are left footing the bill with nothing in return.

carltonr61 2 years, 9 months ago

FNM skulduggery again. Too much.

ibonamy 2 years, 9 months ago

They got to go......sorry

truetruebahamian 2 years, 9 months ago

The salvage licence has been given to a certain Bahamian who has paid for and worked it quietly and eficiently for over thirty years. Just because he is not the one that the "NewAuthorities" feel to be the right person to have it, and since he has done all of the research for all these years - does it mean that his work put into it has to be deleted or taken over by a bunch of newbie wannabees - NO!

UCHBahamas 2 years, 9 months ago

No one is disagreeing with that. What we are saying is that that wreck will be destroyed, those artefacts will leave the country without any documentation, and you will only see the treasure they want you to see.

joeblow 2 years, 9 months ago

... once you grease the right hands you can do whatever you want in this banana republic!

bahamianson 2 years, 9 months ago

Let me.see.the Bahamas.government go down 26,000 feet.ofcourse the.company has to get way more. The government is just.sitting on the gold. They cant.bring it up. They can barely pay for an.MRI scanner.for PMH much less divimg equipment that goes down thousands.of feet.

ThisIsOurs 2 years, 9 months ago

Agreed. Whats the standard rate worldwide?

ThisIsOurs 2 years, 9 months ago

"Allen Exploration setting up GB museum for finds"

This is exciting news for GB. something interesting for the tourists to see other than tshirts shell jewelry and water slides that they could see anywhere else in the world

akbar 2 years, 9 months ago

It isn't as simple as that anymore. Spain successfully sued a US salvager(The Black Swan Project) in the US courts for claim for treasure found off the coast of Portugal in 2012. That set a new legal precedent. Even though the motives for the win were in question now may you be tangled up in court for years. These salvagers know that so they hurriedly want to get to the find and squirrel some treasure before the legal battles begin. Salvaging is a very expensive endeavor so must of them now figure out ways to at least salvage some of their cost back from previous failed operations. Some of these salvagers worst than the crew of Queen Anne's Revenge. The government should always move with caution.

Dawes 2 years, 9 months ago

I am not sure if that was affected by it being in international waters. This one is in Bahamian waters so might be different. If not we should at least charge Spain rent for the time the ship has been here.

C2B 2 years, 9 months ago

Take the 25% and then make them use the Gov payment system scam to skim another 12 points. Then have them get central bank approval to move it out of the Bahamas for another 5. That's 42% and we straight.

tribanon 2 years, 9 months ago

From billions of dollars of undiscovered oil reserves to billions of dollars of gold treasure at the end of the rainbow. LMAO

Proguing 2 years, 9 months ago

If that gold is really there, it is the result of plunder and it should be returned to it's rightful owner. I would not be surprised to see Colombia put a claim on it.

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