The wreck of a Spanish boat laden with treasure that sank more than 300 years ago near the Colombian city of Cartagena has been found, President Juan Manuel Santos has announced.

"Great news! We have found the San Jose galleon," the president tweeted.

The San Jose has been described as the holy grail of shipwrecks, carrying one of the largest amount of valuables ever to have been lost at sea.

Ownership of its treasures has been the subject of a long-running legal row.

The San Jose was carrying gold, silver, gems and jewellery collected in the South American colonies to be shipped to Spain's king to help finance his war of succession against the British when it was sunk in June 1708.

(BBC)