Shipwreck Found Off Madagascar May Hold $138 Million in Treasure

A shipwreck found off the coast of Madagascar may be the remains of a 1721 vessel seized by pirates—and could contain treasure worth millions, according to researchers. The wreck is believed to be the Nossa Senhora do Cabo, a Portuguese ship that was attacked while sailing from India to Lisbon.

A team from the Center for Historic Shipwreck Preservation has studied the site for 16 years and says the evidence strongly supports the ship’s identity. The pirates who captured it included Olivier Levasseur, one of the most feared pirate leaders of the era.

The ship rests in waters once ruled by pirates

The wreck lies in a small harbor near the island of Nosy Boraha, once called Île Sainte-Marie. In the early 18th century, this island served as a base for pirates due to its remote location, sheltered waters, and lack of colonial control. The team’s findings were recently published in Wreckwatch magazine.

Artifacts offer clues to the ship’s identity

Brandon Clifford, co-founder and director of the center, said the team relied on multiple forms of evidence. These included the structure of the ship, old documents, and artifacts recovered from the site.

Among the discoveries are religious items made of wood and ivory. One features Mary, the mother of Jesus. Another is part of a crucifix. The team also recovered an ivory plaque with gold lettering that reads “INRI,” a Latin abbreviation meaning “Jesus of Nazareth, King of the Jews.”

Cargo may have originated in Goa, India

Researchers believe the items were made in Goa, a Portuguese colony on India’s west coast. The ship is thought to have left Goa in early 1721 carrying valuable cargo, including gold, pearls, and religious artwork. Onboard were the outgoing Portuguese viceroy and the Archbishop of Goa.

The ship was attacked on April 8, 1721, near Réunion Island. Already damaged by a storm, it had lost many of its cannons and was unable to resist the pirates. The viceroy was later released after a ransom was paid.

The fate of the archbishop is unknown. Records also mention around 200 enslaved people from Mozambique on board, but there is no clear information about their fate.

Estimated treasure worth exceeds $138 million

Clifford and his colleague Mark Agostini, an archaeologist at Brown University, believe the treasure taken from the ship may be worth more than $138 million today. After the capture, the pirates brought the ship to Madagascar, about 400 miles from Réunion, to divide the loot.

The island may hold even more lost ships

Île Sainte-Marie was a key pirate stronghold. Clifford said between seven and ten ships were either wrecked or scuttled near the island during the height of pirate activity. At least four shipwrecks—either pirate vessels or captured prizes—are believed to still rest in the harbor.

Agostini said that over 3,300 artifacts have been recovered so far. However, thick layers of sand and silt have made further excavation difficult. He added that the site had long been overlooked by researchers and hopes that future work will uncover even more from this forgotten part of pirate history.