Ownership of undersea gold treasure discovered near a Spanish ship that sank more than 300 years ago is making waves. The ship, or galleon, named the San Jose could be worth billions of dollars in lost treasure. The Colombian Institute of Anthropology and History says it discovered the sunken wreck. But an American company says it discovered the ship 30 years ago and owns much of the loot.

Colombian President Juan Manual Santos said Saturday that the ship was found by an international team of experts. He would not reveal the ship’s location. But the ship is not located where the U.S. company said it was in the early 1980s, he said. The sunken treasure includes jewelry and gold coins and could be the largest ever found. Experts believe the cargo could be worth billions of dollars if recovered. An American company called Sea Search Armada says it found the wreck in 1982.