He then sailed for London, his resources having failed, where he arrived in 1683, and laid the project before King Charles, who furnished him with a 19-gun frigate, in which he returned to the Bahamas. Before he found the locality of the object of his search, he again became crippled for funds, and went again to London for further assistance, but King James, who had succeeded to the crown in the interval, deeming his views visionary, declined having anything to do in the matter. The Duke of Albemarle, however, was more sanguine and got up a subscription for a fresh outfit, on condition that he and the subscribers should share in the proceeds, and Captain Phipps sailed with two vessels. This time he was more successful; after some search he found the precise spot where the galleon lay, and, by means of his diving-bell, brought up from the wreck thirty-two tons of silver, besides gold plate and jewels, of the estimated value of £200,000. With this splendid prize he came again to England, but on a division of the spoil, he got no more than £20,000, the Duke absorbing £90,000, whilst the remainder was distributed amongst the other subscribers and the crews of the vessels. The King, in appreciation of his ingenuity and enterprise, knighted him, and constituted him Sheriff of New England. He made a second visit to the wreck, and made a gleaning of what had been left, and on his return to New England he built the "fair brick house in the green lane of North Boston," where he dwelt some time with his wife, now Lady Phipps, who no longer twitted him about the loss of her fortune. He afterwards served in the army, and was appointed, by William III., Governor of Massachusetts; but two years after, refusing to sanction certain corrupt practices, he was charged by his enemies with maladministration of his government. He went to London to clear himself of the false charges, but died there soon after his arrival, in 1694, and was buried in the Church of St. Mary Woolnoth, London, where his widow erected a sumptuous monument to his memory, with a sculptured representation of his achievements in the Bahamas.