[rgo]

I wonder if Spain will claim ownership of the ship or its contents like they (rightfully) did with the treasures of Nuestra Señora de las Mercedes.

http://www.businessweek.com/articles/2012-06-07/odyssey-and-...

The difference here is that the Santa Maria is not a warship, so I'm not sure the same rule applies.

[tanzam75]

It does not matter that it is not a warship. Sovereign wrecks are owned by the sovereign entity, whether or not they are armed.

The problem is that the Santa Maria was not owned by Spain. It was owned by Juan de la Cosa, a private citizen.