Family Finds Gold: $300,000 Treasure Found During Vacation Off Florida Coast

A Florida family had an extra lucky vacation. The family found gold over the weekend off the coast of Fort Pierce. They found the treasure in gold coins and chains. The loot is estimated to be worth $300,000.

"This is like the end of a dream" Rick Schmitt told the Sun-Sentinel.com. Schmitt found the treasure with his family and fellow diver Dale Zeak.

Schmitt, his wife, Lisa and their children, Hillary and Eric discovered the lucky find about 150 yards offshore. The treasure include 64 feet of thin gold chains, five gold coins and a gold ring.

"What's really neat about them [Schmitt family] is they are a family, they spend family time together out there and the most amazing part about them is they always believed this day would come," Brent Brisben whose company 1715 Fleet - Queens Jewels LLC owns the rights to the wreckage told Reuters.

The treasure that the Schmitt family found is from the wreckage of a convoy of 11 ships that were destroyed in a hurricane off the coast of Florida in 1715 while traveling from Havana to Spain. This wreckage was made famous in the 1977 film "The Deep" and the 2008 "Fool's Gold."

Brisben says there should be $400 million worth of treasure on board the ship according to its manifest. However only $175 million has been recovered. His company bought the rights to the site from treasure hunter Mel Fisher in 2010. Others are allowed to search for gold under subcontracting agreements.

This isn't the first pricey loot that the Schmitts discovered. They've been treasure hunters for years. In 2002, they made a discovery which included a $25,000 silver platter. Brisben also made his own discovery lately. In July, he found 51 gold coins worth around $250,000.

Despite making the find, the Schmitt family won't get to keep it all. The treasure will be taken into custody by the U.S. District Court in South Florida in accordance with U.S. and Florida law. The state then has permission to take up to 20 percent to put it on display in a museum. What remains can be split evenly between Brisben and the Schmitts.