The ill-fated Spanish treasure fleet departed from Havana, Cuba, carrying valuable cargo to the Spanish crown. The fleet included 12 ships laden with gold, silver, and precious stones, wealth accumulated from the Spanish colonies in the Americas. Shortly after their departure, on July 31, 1715, a ferocious storm swept through the area off the coast of Florida. Navigation was extremely difficult, and the fleet encountered treacherous conditions. There was little that the captains could do to save their ships as the storm raged.

As a result of the storm, 11 ships sank, disappearing beneath the waves along with their bountiful cargo. The loss was dramatic not only for the crew members but also for Spain's treasury, as the fleet was a crucial part of their economic wealth. Survivors managed to reach the safety of the shore, but the riches were lost to the sea.

Centuries later, in the 20th century, salvage efforts began to recover the lost treasures from the wrecks. The discovery of gold coins and artifacts drew great interest from historians and treasure hunters, and the site became renowned for its archaeological significance. These efforts highlighted the allure of maritime treasure hunting and the legacy of the Spanish colonial empire in the New World.