
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, April 13, 1990                   TAG: 9004130592
SECTION: VIRGINIA                    PAGE: B2   EDITION: BEDFORD/FRANKLIN 
SOURCE: associated press
DATELINE: NORFOLK                                LENGTH: Short

COURT RULING AWAITED ON SUNKEN TREASURE

The trial over the disputed ownership of millions of dollars in gold resting 1 1/2 miles beneath the Atlantic Ocean ended Thursday with a decision from the court still months away.

"There has to be some end to this," said U.S. District Judge Richard B. Kellam as he closed the record on the case after eight days of arguments.

The dispute involves whether Columbus-America Discovery Group, which located the treasure, or a group of insurance companies, which paid off the loss of the gold in 1857, have ownership of the fortune.

The gold was lost when the SS Central America sank off the coast of South Carolina in a hurricane. The ship was enroute from Panama to New York City carrying gold and passengers from the California goldfields.

Columbus-America officials say the current value of the gold could be as high as $1 billion. The Ohio-based group has raised about one ton of gold ingots and coins; another estimated two tons remains on the ocean floor.

Attorneys from all sides have said any ruling most likely will be appealed to the 4th U.S. Circuit Court of Appeals.

by CNB