RMS Titanic difficulty of finding and reaching a wreck that lies over below the surface, in a location where the water pressure is over . A number of expeditions were mounted to find "Titanic" but it was not until 1 September 1985 that a Franco-American expedition led by Robert Ballard succeeded. The team discovered that "Titanic" had in fact split apart, probably near or at the surface, before sinking to the seabed. The separated bow and stern sections lie about a third of a mile (0.6 km) apart in Titanic Canyon off the coast of Newfoundland. They are located from the inaccurate
Wreck of the RMS Titanic but the plans were abandoned for financial reasons. The following year, the British billionaire financier and tycoon Sir James Goldsmith set up Seawise & Titanic Salvage Ltd. with the involvement of underwater diving and photographic experts. His aim was to use the publicity of finding "Titanic" to promote his newly established magazine, "NOW!". An expedition to the North Atlantic was scheduled for 1980 but was cancelled due to financial difficulties. A year later, "NOW!" folded after 84 issues with Goldsmith incurring huge financial losses. Fred Koehler, an electronics repairman from Coral Gables, Florida, sold his electronics shop to finance the