Shipwrecked Whiskey May Be Worth $871 Million — And The IRS Taxes It

Most people think of sunken treasures like gold coins or bullion, but whiskey is sometimes recovered, too. If it’s well preserved, it can be invaluable. In 2021, a single bottle of scotch salvaged from the SS Politician off the coast of Scotland brought £12,925 at auction. Now, 280 barrels of American whiskey could be salvaged from a 170-year-old shipwreck, The Westmoreland, which sunk in 1854 in Lake Michigan. Forbes calculated that 280 barrels could mean up to 56,000 bottles, and they could be worth an eye-popping $871 million.

Of course, no one knows for sure until it is recovered and tested. Some may not want to drink it. As first reported by The Mirror, shipwreck hunter Ross Richardson says that a regional distillery may want to use it for scientific research, yet permits are required for removal of any artifacts, and they could take years. But once the haul is up, do they really have to worry about looking over their shoulder for the IRS?