Shamrock V was built in 1930 for Sir Thomas Lipton's fifth and last America's Cup challenge. Designed by Nicholson, she was the first British yacht to be built to the new J Class Rule and is the only remaining J to have been built in wood. After launch she was continually upgraded with changes to hull shape and rudder. The rig was also modified to create the most effective racing sail plan but she was no match for the faster US design "Enterprise".

Sir T.O.M. Sopwith (famous for his aeroplane designs in the First World War) had considerable knowledge of yacht racing and purchased the yacht in 1932 to gain experience in J Class racing. He challenged in 1933 and using his experience from Shamrock V , went on to build his challenger "Endeavour".

Shamrock V was then sold to aviation friend Sir Richard Fairey (Fairey Aviation) who again was a keen yachtsman who campaigned it in company of two new steel J's built during 1933 - 1934 - Velsheda and Endeavour . After World War II, Italian owner Mario Crespi installed the elegant bird's-eye maple interior.