Treasure Hunter Tommy Thompson Released From Prison After Decade-Long Dispute

Tommy Thompson, the deep-sea treasure hunter who discovered the S.S. Central America, a ship laden with gold, has been released from prison after serving a 10-year sentence. His imprisonment stemmed from a refusal to disclose the location of 500 gold coins recovered from the shipwreck, sparking a protracted legal battle with investors.

The Discovery of the “Ship of Gold”

In 1988, Thompson and his team located the S.S. Central America, dubbed the “Ship of Gold,” approximately 7,000 feet below the surface off the coast of South Carolina [CBS News]. The steamship sank in September 1857, carrying 425 passengers and crew, along with 30,000 pounds of gold intended to establish a financial reserve in the eastern U.S. Following the California Gold Rush [BBC News]. The ship’s loss contributed to a financial panic at the time.

Legal Battles and Contempt of Court

Following the recovery of thousands of gold bars and coins, investors who funded Thompson’s venture sued him in 2005, alleging they had not received their promised share of the $50 million generated from the initial sale of the treasure [CBS News]. Thompson maintained that the coins were held in a trust in Belize and that proceeds were largely consumed by legal fees and bank loans.

Thompson evaded court orders and went into hiding in Florida, living under an assumed name before being apprehended in 2012 [The Guardian]. He was subsequently found in contempt of court and sentenced to prison for refusing to reveal the whereabouts of the 500 missing coins [The New York Times].

Release and Remaining Questions

Thompson, 73, was released from federal prison on March 4, 2026, after completing a two-year sentence for failing to appear at a 2012 court proceeding [The Guardian]. The judge ultimately decided that further imprisonment would not yield information about the missing gold, and ended Thompson’s contempt sentence more than a year before his release [CBS News].

Despite his release, the location of the 500 gold coins remains unknown. Thompson has repeatedly stated he does not understand their whereabouts, telling a judge in 2020, “I don’t know if we’ve gone over this road before or not, but I don’t know the whereabouts of the gold.” [The Guardian].

The Fate of the Investors

The investors’ lawsuit against Thompson was dismissed in 2018 [The Guardian].