Yankee, the third American J-Class yacht built in 1930 in response to Sir Thomas Lipton's America's Cup Challenge was the best all-rounder. At 84ft on the waterline and 125ft (25.6 x 38m) length overall, she was solidly made of tobin bronze and was extremely well balanced.

Designed by Frank Paine and built by Lawly of Boston, Yankee had an almost straight sheerline and easy lines. She was a powerful contender for defender, but not fine tuned enough to succeed. She did, however, take part in the 1934 America's Cup trials. Yankee's rig was altered to carry more sail, and her bow was lengthened and made more of a V-shape. As a result, she then proved more successful, especially in light winds.

Gerald Lambert bought Yankee in 1935 and crossed the Atlantic to participate in the British racing scene (Racing at Falmouth). Other Cowes Yacht Clubs then began to organise race days before and after the event run by the Royal Yacht Squadron and unwittingly formed the basis of what in the 1960s was to become the Cowes Combined Clubs.

Yankee suffered a dis-masting in Dartmouth.

From Yachting Monthly, May 1941: South Coast and Solent Notes

"Solent yachtsmen, as indeed yachtsmen everywhere, applaud the genial United States sportsman and yachtsman, Mr. Gerard Lambert, Rear-Commodore of the New York Yacht Club, for his thoughtful act in selling his J-Class Yankee and giving the proceeds of about £2,500 to Lord Queensborough, Commodore of the Royal Thames Y.C., towards buying a Spitfire fighter plane."

Like all the J-Class Yachts, with the exception of Endeavour and Velsheda, Yankee was scrapped in 1941 in support of World War II.