NatGeo’s Cursed Gold documents rise and fall of notorious 1980s treasure hunter

Many people dream of finding lost or hidden treasure, but sometimes realizing that dream turns out to be a nightmare. Such was the case for Tommy Thompson, an American treasure hunter who famously beat the odds to discover the location of the SS Central America shipwreck in 1988. It had been dubbed the "Ship of Gold" since it sank in 1857 laden with 30,000 pounds of gold bars and coins—collectively worth enough money to have some impact on the Panic of 1857 financial crisis.

Thompson and his team recovered significant amounts of gold and artifacts to great fanfare, with experts at the time suggesting the trove could be worth as much as $400 million. The euphoria proved short-lived. Thirty-nine insurance companies filed lawsuits, claiming the gold was rightfully theirs since the companies had paid damages for the lost gold back in the mid-19th century. Thompson eventually prevailed in 1996, when courts awarded him and his discovery team 92 percent of the gold they'd recovered.

But actually realizing profits from the gold proved challenging; In the end, Thompson sold the gold for just $52 million, almost all of which went to pay off the massive debt the project had accumulated over the ensuing years. So naturally, there were more lawsuits, this time from the investors who had financed Thompson's expedition, accusing him of fraud. Thompson didn't help his case when he went on the run in 2012 with his assistant, living off some $4 million in assets stashed in an offshore account.

Thompson was finally captured by US marshals in 2015 to face his investors in court. A jury awarded the investors substantial compensatory damages, and the court ordered Thompson to hand over 500 commemorative gold coins that had been minted out of some of the Central America gold to meet that judgment. Thompson claimed he had forgotten where he'd stashed them and was jailed for contempt of court until the coins had been recovered and handed over. He's still in prison as of this writing, and the gold coins have yet to be found.

It's quite a tale, so small wonder that National Geographic has made a riveting three-part documentary about Thompson's spectacular rise and fall: Cursed Gold: A Shipwreck Scandal, based on the 1998 book by Gary Kinder entitled Ship of Gold in the Deep Blue Sea. Cursed Gold director Sam Benstead read Kinder's book and was instantly hooked on the story. "Not only was it a hugely exciting story with many twists and turns, but it was also an emotional story, which left you pulling for Tommy and his crew," he told Ars. "Tommy came through as an extraordinary character: eccentric, brilliant, someone willing to try things no one else had. When I discovered all the things that had happened after the book, I knew it was a story I had to tell."

Ship of Gold

A lot has happened to Thompson since Kinder's book was published in 1998. Benstead and his production team combed through more than 600 hours of archival footage from the original expedition, as well as over 700 pages of court transcripts. "We also consulted multiple figures who we didn't film with but who helped inform the story," said Benstead. "In the editing process, National Geographic's research department, together with our team, worked diligently to do their best to bottom out every fact, every claim. In a story that is so contested, this really helped us feel confident in standing behind the resulting films."

"One of the main challenges was in condensing an incredibly complex 30-year saga into three films," Benstead continued. "There were many legal cases and side stories that we had to exclude or could only touch on. And there were areas of the story that were strongly disputed by different sides. Sometimes we had to make choices that didn't fully satisfy either camp, but we did our best to remain fair to the plurality of viewpoints, while also telling a powerful story."

The director remains in awe of the original discovery, however badly the adventure turned out. "For the guys on the boat, almost without exception, this period was one of the best times of their lives," he said. "It was a privilege to relive their struggles and final triumph in finding the gold. I still find it remarkable that they found the SS Central America in almost two miles of water with the resources they had in the 1980s."

The experience also instilled "a real respect for the people who shared their story with us, especially Tommy's family members, who have had so much written about them over the years," said Benstead. "They didn't trust us easily, and I feel very fortunate that they took part. Whenever people share the deepest, most affecting parts of their lives with you, you walk away carrying a big responsibility. I hope that they feel we have done their side of the story justice."

Did Benstead come to his own conclusions about whether or not Thompson committed fraud? "Different people have different viewpoints on Tommy, even amongst those on the boat, investors, lawyers, and law enforcement," he said. "We felt it was very important to allow the series to reflect this diversity and to allow the audience to make up their own mind. My own view is that Tommy isn't a con man, and to be in prison for approaching nine years for contempt of court feels like a sad reflection on the US justice system. But it is also the case that, albeit under immense pressure, he made certain choices (like going on the run), which contributed to his own downfall. I hope that in the coming years his achievements, which have been obscured by the legal circus, are given the recognition that they deserve."

Cursed Gold: A Shipwreck Scandal is now streaming on Disney+ and Hulu.