$2.5M in Treasure Vanished—After Serving 10 Years for Keeping it Hidden, the ‘Ship of Gold’ Hunter Is Now Free

After more than $2.5 million in treasure vanished, the man who first discovered it spent a decade in prison for contempt over not revealing its location. He has consistently insisted he doesn't know what happened to the missing gold coins, but a judge said he was determined to keep them hidden. Now, the treasure hunter behind the legendary "Ship of Gold" discovery is free as the mystery lingers.

The $2.5 Million Mystery in Missing Treasure That Still Isn’t Solved

In 1857, the S.S. Central America wrecked off the coast of South Carolina while carrying a massive load of gold from the California rush. Over a century later, in the 1980s, the treasure hunter Thomas "Tommy" Thompson found the long-missing ship and the gold that sank with it. So much gold was recovered that what he was able to salvage was valued at more than $100 million.

Trouble soon followed as investors in the treasure hunting venture sued Thompson, claiming they didn't get their cut of the proceeds. Instead of defending himself in court, Thompson vanished for two and a half years until U.S. Marshalls tracked him down.

As the legal battle continued, about 500 gold coins that were valued at roughly $2.5 million at the time disappeared. In court, Thompson claimed he'd placed the missing treasure in an irrevocable Belize trust he no longer controlled and that he had no knowledge of what happened to it. He denied hiding the missing coins, but offered no proof or details about the trust.

U.S. District Court Judge Algenon Marbley held Thompson in contempt for refusing to disclose details about the coins' fate. He sentenced him to serve time in prison and pay a fine of $1,000 every day until he complied with the court order for information about the treasure that had gone missing.

According to a March 2026 Columbus Dispatch report, Thompson began his sentence in 2015 and was only ordered to be released this month. The treasure hunter wasn't let out because he provided the court with the long-demanded information. Instead, the judge concluded that while he believes Thompson likely could comply with his order, keeping him in prison longer wouldn't force him to.

"For a decade, Mr. Thompson's answer at every turn has been 'no.' While the Court is not persuaded that Thompson is unable to comply with the order, it is no longer convinced that further incarceration is likely to coerce compliance."

The judge's order also questioned what he seemed to see as Thompson's selective memory.

"That's the odd thing about Mr. Thompson. He can remember everything that would help him mount a defense for why he should not comply, but he has feigned ignorance on anything that would point to the whereabouts of the gold." 

The Dispatch summarized the judge's order as reflecting Thompson's determination to keep the missing gold hidden. Now, the treasure hunter is out of prison and not a fugitive for the first time in more than 12 years. Still, he's not off the hook entirely. A jury ordered him to pay his investors more than $19 million. Additionally, he was ordered to pay a $250,000 fine for criminal contempt and $3,335,000 in civil contempt.