A Florida family, the Schmitts, found gold coins and gold chains in a shipwreck found off the coast of Florida. The wreckage dates back to 1715. Reuters reports
that the treasure the family is worth $300,000. The family will not get to keep all of the value of their discovery.
MSN Money reports
that a company named 1715 Fleet-Queens Jewels LLC
own the rights to the wreckage. They sub-contract the rights to treasure hunters like the Schmitts who search the wreckage for treasure. The federal court in south Florida will first get to take up to 20% of the find first to display in a museum. After that the Schmitts and 1715 Fleet-Queens Jewels will share the value of the gold, depending on their subcontracting agreement.
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