Shamrock V was originally designed and built by Camper & Nicholson for Sir Thomas Lipton of Lipton Tea fame. Shamrock V was the first J-Class sloop ever built and the fifth and last yacht Lipton would race in his bid to win the America's Cup. She was one of the first yachts to have corporate sponsorship. Thomas Lipton saw the America's Cup race as an opportunity to market his tea to America. While he never did wrest the Auld Mug away from the United States, he did manage to sell his tea to them. Lipton Tea is still being sold and drunk in the United States today.

After her America's cup campaign was over she was sold to Sir Thomas O.M. Sopwith, founder of the Sopwith Aviation Company, and Sir Richard Fairley in the 1930's. The two aviation magnates improved her underwater hull shape along with reconfigurating her rudder and rig. The refit paid off she was faster and swept the British racing circuit in 1931.

Shamrock V had an additionaltwo owners in the years after World War II. She would eventually fall into disrepair and become a mere shadow of her former self. Ironically Lipton Tea would come to the rescue in 1986 the tea company purchased her and donated her to The Museum of Yachting in Newport Rhode Island. In 1989 Elizabeth Meyer under took another stem to stern refit of her. In 1995 The International Yacht Restoration School of Newport, Rhode Island, purchased the yacht to act as the schools flagship. During that time she helped raise awareness of the rich and varied history of yacht racing and the schools restoration projects.

Shamrock V is now owned by a South American Financier who recently spared no expense restoring Shamrock V back to her original glory. Shamrock V spent eighteen months getting ready for the 150th America's Cup Jubilee Celebration at Crowes at Pendennis Shipyard in Falmouth England. She was stripped to her planks and received a new interior, along with new deck hardware/ fittings, new rigging, sails and even a new engine and keel. The new deck and deck furniture were completed by Fairlie Yacht Restorations, Hampshire, England.

Shamrock V has the distinction of being the only wooden J-Class yacht sailing today.