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This Russian warship carrying $130 billion in gold was just discovered off the coast of South Korea
A South Korea salvage team has reportedly uncovered an old Russian warship that is believed to have 200 tons of gold that is worth more than $130 billion. - photo by Herb Scribner
A South Korea salvage team has reportedly uncovered an old Russian warship that is believed to hold 200 tons of gold worth more than $130 billion.

The researchers discovered the old ship, believed to be the Russian Imperial Navy cruiser Dmitrii Donskoi, which sank 113 years ago, one mile off the coast of Ulleungdo in South Korea, The Daily Telegraph reported.

Experts from South Korea, Britain and Canada discovered the wreck Sunday. They captured footage of the ship, which showed "extensive damage to the vessel from a previous encounter with Japanese warships in 1905.

Reports indicate the ship sank with 5,500 boxes of gold and coins.

The Shinil Group, which is based in Seoul, hopes to raise the ship in October or November. The group estimates the gold is worth $130 billion.

According to CNBC, Russia would receive half the discovered treasures. A separate 10 percent would be invested into tourism projects on Ulleungdo Island, including a museum centered around the ship.

The salvage firm was reportedly searching for the ship for years until two manned submarines found it Saturday, according to The Korea Times.

The group discovered the ships bow at 430 meters deep and the stern about 380 meters deep.

"The body of the ship was severely damaged by shelling, with its stern almost broken, and yet the ship's deck and sides are well-preserved," the company said.

"We are working to lift the wreckage," a Shinil official told the Korea Times. "We will also take a step to clear legal issues with respect to ownership of the wreckage."

Wartime wrecks are often a source of fascination for treasure hunters, according to Fox News.

For example, the S.S. Minden, a German cargo ship that sank near Iceland during World War II, is believed to hold Nazi gold worth $130 million.