10. Titanic – $150 Million
The sinking of the Titanic is possibly the most famous accident in the world. But it barely makes our list of top 10 most expensive. On April 15, 1912, the Titanic sank on its maiden voyage and was considered to be the mostluxurious ocean liner ever built. Over 1,500 people lost their lives when the ship ran into an iceberg and sunk in frigid waters. The ship cost $7 million to build ($150 million in today ‘ s dollars).

9. Tanker Truck vs Bridge – $358 Million
On August 26, 2004, a car collided with a tanker truck containing 32,000 liters of fuel on the Wiehltal Bridge in Germany . The tanker crashed through the guardrail and fell 90 feet off the A4 Autobahn resulting in a huge explosion and fire which destroyed the load-bearing ability of the bridge. Temporary repairs cost $40 million and the cost to replace the bridge is estimated at $318 Million.

8. MetroLink Crash – $500 Million
On September 12, 2008, in what was one of the worst train crashes in California history, 25 people were killed when a Metrolink commuter train crashed head-on into a Union Pacific freight train in Los Angeles . It is thought that the Metrolink train may have run through a red signal while the conductor was busy text messaging.. Wrongful death lawsuits are expected to cause $500 million in losses for Metrolink.

7. B-2 Bomber Crash – $1.4 Billion
Here we have our first billion dollar accident (and we ‘ re only #7 on the list). This B-2 stealth bomber crashed shortly after taking off from an air base in Guam on February 23, 2008. Investigators blamed distorted data in the flight control computers caused by moisture in the system. This resulted in the aircraft making a sudden nose-up move which made the B-2 stall and crash. This was 1 of only 21 ever built and was the most expensive aviation accident in history. Both pilots were able to eject to safety.

6. Exxon Valdez – $2.5 Billion
The Exxon Valdez oil spill was not a large one in relation to the world ‘ s biggest oil spills, but it was a costly one due to the remote location of Prince William Sound (accessible only by helicopter and boat). On March 24, 1989, 10.8 million gallons of oil was spilled when the ship ‘ s master, Joseph Hazelwood, left the controls and the ship crashed into a Reef. The cleanup cost Exxon $2.5 billion.

5. Piper Alpha Oil Rig – $3.4 Billion
The world ‘ s worst off-shore oil disaster. At one time, it was the world ‘ s single largest oil producer, spewing out 317,000 barrels of oil per day. On July 6, 1988, as part of routine maintenance, technicians removed and checkedsafety valves which were essential in preventing dangerous build-up of liquid gas. There were 100 identical safety valves which were checked. Unfortunately, the technicians made a mistake and forgot to replace one of them. At 10 PM that same night, a technician pressed a start button for the liquid gas pumps and the world ‘ s most expensive oil rig accident was set in motion.
Within 2 hours, the 300 foot platform was engulfed in flames. It eventually collapsed, killing 167 workers and resulting in $3.4 Billion in damages.

4. Challenger Explosion – $5.5 Billion
The Space Shuttle Challenger was destroyed 73 seconds after takeoff due on January 28, 1986 due to a faulty O-ring. It failed to seal one of the joints, allowing pressurized gas to reach the outside. This in turn caused the external tank to dump its payload of liquid hydrogen causing a massive explosion. The cost of replacing the Space Shuttle was $2 billion in 1986 ($4.5 billion in today ‘ s dollars). The cost of investigation, problem correction, and replacement of lost equipment cost $450 million from 1986-1987 ($1 Billion in today ‘ s dollars).

3. Prestige Oil Spill – $12 Billion
On November 13, 2002, the Prestige oil tanker was carrying 77,000 tons of heavy fuel oil when one of its twelve tanks burst during a storm off Galicia , Spain . Fearing that the ship would sink, the captain called for help from Spanish rescue workers, expecting them to take the ship into harbour. However, pressure from local authorities forced the captain to steer the ship away from the coast. The captain tried to get help from the French and Portuguese authorities, but they too ordered the ship away from their shores. The storm eventually took its toll on the ship resulting in the tanker splitting in half and releasing 20 million gallons oil into the sea.
According to a report by the Pontevedra Economist Board, the total cleanup cost $12 billion.

2. Space Shuttle Columbia – $13 Billion

The Space Shuttle Columbia was the first space worthy shuttle in NASA ‘ s orbital fleet. It was destroyed during re-entry over Texas on February 1, 2003 after a hole was punctured in one of the wings during launch 16 days earlier. The original cost of the shuttle was $2 Billion in 1978. That comes out to $6.3 Billion in today ‘ s dollars. $500 million was spent on the investigation, making it the costliest aircraft accident investigation in history. The search and recovery of debris cost $300 million.
In the end, the total cost of the accident (not including replacement of the shuttle) came out to $13 Billion according to the American Institute of Aeronautics and Astronautics..

1. Chernobyl – $200 Billion
On April 26, 1986, the world witnessed the costliest accident in history. The Chernobyl disaster has been called the biggest socio-economic catastrophe in peacetime history. 50% of the area of Ukraine is in some way contaminated. Over 200,000 people had to be evacuated and resettled while 1.7 million people were directly affected by the disaster. The death toll attributed to Chernobyl , including people who died from cancer years later, is estimated at 125,000. The total costs including cleanup, resettlement, and compensation to victims has been estimated to be roughly $200 Billion. The cost of a new steel shelter for the Chernobyl nuclear plant will cost $2 billion alone. The accident was officially attributed to power plant operators who violated plant procedures and were ignorant of the safety requirements needed.

$ 24.3 million

Origin of name

This rare blue diamond of Indian origin that has a recorded history dating back to the late 17th century, eventually came into the possession of the Wittelsbach family in 1722, the German noble family that provided rulers of Bavaria and of the Rhenish Palatinate until the 20th century. Bavaria was ruled for over 700 years by Dukes of the Wittelsbach family, from 1180 to 1918. The name Wittelsbach was taken from the Castle of Wittelsbach, which became the official residence of the Dukes of Bavaria. The diamond gets its name from the Wittelsbach family, in whose possession it remained as a family diamond until the abdication of the last king in 1918.

Characteristics of the diamond

The Wittelsbach is a 35.56-carat, cushion-cut, dark blue diamond of unknown color and clarity grades. But, going by the descriptions and photographs of the diamond it may qualify for a fancy intense blue color grade. The diamond is also said to be pure apart from a few surface scratches. There are 82 facets on the diamond. The main facets on the crown are vertically split and the pavilion has 16 needle like facets arranged in pairs and radiating from the culet.

The Wittelsbach is the 3rd largest of the known famous blue diamonds in the world. See table below.

It is interesting to note that the first four diamonds in the list below are all historic diamonds of Indian origin, the original source of blue diamonds in the world. The remaining diamonds in the list are all of South African origin.

The main source of blue diamonds in India, was the famous Kollur mines near Golconda, in Andhra Pradesh, in Southern India. The main source of blue diamonds in South Africa, is the De Beers Premier mines, in Transvaal, South Africa.

Another fact that emerges from the table is the restricted size of blue diamonds. All the diamonds in the list are below 50 carats in weight. In comparison yellow diamonds and colorless diamonds which are more predominant in nature have much larger carat weights. Eg. The 1st, 2nd, and 3rd largest colorless diamonds in the world the Cullinan I, Cullinan II, and the Centenary, have weights of 530.20 carats, 317.40 carats and 273.85 carats respectively. Likewise, the 1st, 2nd and 3rd largest yellow diamonds in the world, the Incomparable, the De Beers, and the Red Cross diamonds have weights of 407.48 carats, 234.65 carats, and 205.07 carats respectively. Thus it appears that in blue diamonds the rarity of the color is combined with the restricted size of the diamonds

List of famous blue diamonds in the world

Being a blue diamond the Wittelsbach is a rare Type IIb diamond, which constitute only 0.1 % of all naturally occurring diamonds. Blue diamonds are Type II because they are nitrogen-free or contain undetectable quantities of nitrogen. They are Type IIb, because instead of nitrogen they contain trace quantities of another impurity boron, which imparts the blue color to the diamonds.  Another feature of blue diamonds is, that unlike other diamonds which are non-conductors of electricity, blue diamonds are semi-conductors.

Early history

The first record of the Wittelsbach diamond’s existence in Europe was in the latter part of the 17th century. This clearly indicates that the diamond is of Indian origin, as around this time, the only source of blue diamonds in the world was the Kollur mines, near Golconda, in Southern India. In fact when Tavernier, visited Golconda in the mid-17th century, the Kollur mines were in active production, and more than 20 mines were being worked employing over 60,000 people.

It has been suggested that the Wittelsbach diamond might have probably  originated from Tavernier’s 112.5-carat French Blue Diamond, which he acquired from India and later sod to King Louis XIV of France. But, this is highly improbable according to the chronology of events affecting the two diamonds. The first recorded appearance of the Wittelsbach diamond was in 1666, when King Philip IV of Spain gave it as part of the dowry for his daughter’s wedding to Leopold I of Austria. The 112.5-carat Tavernier blue or French Blue diamond on the other hand was purchased  by King Louis XIV, at least two years after this in 1668. This clearly shows that the two diamonds had their own independent origins, and there was no way that the Wittelsbach diamond that preceded the French Blue diamond by two years could have originated from the latter. Moreover the 112.5-carat French Blue rough diamond, was cut by Sieur Pitau into a triangular pear-shaped brilliant weighing 67.50 carats. To suggest that the same rough diamond would have produced another perfect blue diamond of  35.56 carats is technically impossible, given the fact that at least a 40-50 % loss of weight is inevitable in the processing of any rough stone.

The history of the Wittelsbach diamond is not as eventful as its more famous cousin the Hope diamond, which also originated almost during the same period. The Hope diamond had a notorious career in history, apparently bringing misfortune and sometimes death to the owners or persons associated with the owners of the diamond, which was attributed to a purported curse placed on the diamond by the Hindu priests of a temple in southern India from where the diamond was stolen. The Hope diamond would have been more appropriately christened the “diamond of despair” for all the mischief it is believed to have caused along the course of its long history.

The Wittelsbach on the other hand was a clean diamond with legitimate origins, and its course in history was as smooth as its origin. The first time we hear of the Wittelsbach diamond was in 1666, when the rare blue diamond formed part of the wedding gift given by King Philip IV of Spain to his daughter Margarita Teresa on the occasion of her marriage to Emperor Leopold I of Austria, who was also elected Holy Roman Emperor. Besides the large blue diamond, the dowry also included jewelry and other precious stones acquired from India and Portugal. The marriage however lasted only for seven years, and ended with the untimely death of Margarita Teresa in 1673. Leopold I also fell dangerously ill in 1670, but recovered miraculously and in 1673, after the death of Margarita Teresa, married Claudia Felicitas from the Tirolian branch of the Austrian Hapsburgs. In 1676, Emperor Leopold solemnized his third marriage to Eleanor Magdalena daughter of the elector of Palatinate. This marriage turned out to be a happy union and produced 10 children, among them the future Emperors Joseph I and Charles VI.

Infanta Margarita Theresa of Spain- Painting by Velazquez

With the death of Margarita Teresa in 1673, the ownership of her jewelry passed to her husband, and in a document dated March 23rd, 1673, the Wittelsbach diamond is listed as a diamond ornament in the form of a large brooch, with a great blue diamond in the center. Leopold I gifted all jewelry belonging to Margarita Teresa, to his third wife and Queen consort Eleanor Magdalena, which included the Wittelsbach diamond brooch. Leopold I died in 1705 and was succeeded by his eldest son Joseph I, who also died suddenly in 1711, and was succeeded by his brother Charles VI. Empress Eleanor Magdalena lived up to the year 1720, and before dying had bequeathed the great blue diamond to her granddaughter, Archduchess Maria Amelia, daughter of Emperor Joseph I.

Archduchess Maria Amelia married the Bavarian Crown Prince Charles Albert in 1722, who succeeded to the Bavarian throne in 1726 and remained king and elector of Bavaria until his death in 1745. He was also elected Holy Roman Emperor, as Charles VII in 1742, with the help of  France and Prussia, during the war of Austrian succession, in opposition to Maria Theresa’s husband, Francis Stephen, the grand duke of Tuscany. After Maria Amelia’s marriage to Charles Albert, the great blue diamond became the family diamond of the House of Bavaria, and came to be known as the Wittelsbach diamond. The Wittelsbach diamond was the most expensive item of jewelry among other items in Maria Amelia’s dowry, and had a estimated value of 240.000 guilders at the time of her marriage. It is reported that not long after Crown Prince Charles Albert married Archduchess Maria Emelia, his father Maximillian Emmanuel, the elector of Bavaria, got into dire financial straits and was forced to borrow money from a banker named Oppenheimer, by pledging the Wittelsbach diamond and other valuables. The diamond was later redeemed by Charles Albert after the death of his father.

Golden Fleece ornament set with a replica of the Wittelsbach diamond

Charles Albert had a special affection for the Wittelsbach diamond and had its setting changed several times, each time going in for a more beautiful setting, than the previous one. But the most extravagant of all these settings was the one designed and executed by a Munich jeweler, who was commissioned for the job by Charles Albert’s successor Maximillian III, and consisted of 700 diamonds. This was a golden fleece ornament which apart from the gold ram consisted of two sections. The centerpiece of the upper part was the Wittelsbach diamond, surrounded by smaller cushion-cut white brilliants, and an outer intricate floral pattern consisting of white diamonds of various shapes and sizes. The centerpiece of the lower part was a cushion-shaped pinkish-brown brilliant with three rows of large white diamonds radiating horizontally from it on either side with several  rows of smaller white diamonds in between them.

Ludwig I (Louis I) of Bavaria standing beside the Bavarian Crown mounted with the original Wittelsbach diamond.

Modern history

The Bavarian kingdom was abolished in 1918, when Bavaria became a republic, after the socialist revolution organized by Eisner Kurt, a journalist and socialist politician, that overthrew the monarchy. Eisner became the first prime minister and minister of foreign affairs of the new republic. The last in line of a long succession of Bavarian Dukes who ruled for over 700 years, was Louis III (Ludwig III). After his abdication in 1918 Louis III, retired to a private life in his estate in Hungary, where he died in 1921. His funeral ceremony in Munich, was the last occasion the Wittelsbach diamond accompanied a monarch to his final place of rest.

Louis III (Ludwig III)-Last King of Bavaria

After the abolition of the Monarchy in 1918, the possessions of the former house of Wittelsbach were placed under the control of an equalization fund. Members of the royal family received an indemnity from the state but this was hardly enough for their survival. Soon they were reduced to a state of penury. In order to relieve their suffering the State agreed in 1931 that certain jewels of the House of Wittelsbach could be sold, and accordingly Christie’s of London were assigned the task of auctioning the Bavarian Crown jewels. The auction was held in December 1931 and comprised of 13 lots. Bidding for the first lot that included the Wittelsbach diamond started at £ 3,000 and was knocked down to a purchaser by the name of Thorpe for £ 5,400. From then onwards the Wittelsbach diamond vanished without any trace.

Bavarian King’s Crown with a replica of the Wittelsbach Diamond mounted on the top

According to another version of its disappearance the Wittelsbach diamond was not sold at the auction held by Christie’s, but was subsequently sold illegally through  a Munich jeweler in 1932. Research also had shown that whoever was in the possession of the rare and historic diamond had sold it in Belgium in 1951 and again in 1955. Later in 1958 the Wittelsbach diamond appears to have been displayed at the Brussels World Exhibition together with other jewelry, but none of the millions of visitors who may have seen the diamond were aware that it was the missing Wittelsbach diamond. Finally the Wittelsbach diamond was re-discovered in 1962, almost three decades after its disappearance, thanks to the vigilance of a leading Belgian diamond dealer Joseph Komkommer, who received a phone call in January 1962, requesting him to look at an old mine-cut diamond, with a view of re-cutting it. When he received the package containing the diamond in his office, he opened it, and to his amazement he discovered that the diamond was an old mine-cut, rare, dark blue diamond. He immediately recognized its rarity and possible historic significance, and was of the opinion that re-cutting it would be tantamount to sacrilege. With a lot of painstaking research and investigation, assisted by his son Jacques, Joseph Komkommer was able to identify the diamond positively as the long lost Wittelsbach diamond, formerly owned by the royal family of Bavaria. Mr. Joseph swung into action, and instead of re-cutting the diamond, initiated negotiations with the owners, the trustees of an unidentified estate, for its purchase. He formed a syndicate of diamond buyers from Belgium and USA, and purchased the diamond, which was  valued at £ 180,000. The Wittelsbach diamond was finally sold to an anonymous private collector in 1964.

The Wittelsbach diamond reappears at a Christie’s auction in London, on December 11, 2008, and fetches a record breaking price of $ 24.3 million (£16.4 million pounds)