The boat's name comes from Lulworth Castle, which belonged to her second owner, Herbert Weld, whose grandfather was a charter-member of the Royal Yacht Squadron.

[1] The Lulworth (1920) was built by the White Brothers' Yard for Richard H. Lee, who wanted a racing boat to compete in the premier yachting league in Europe: the British "Big Class".

Shortages in the supply of premium spruce after World War I meant that Lulworth's original lower-mast was made of steel instead of wood.

Her gaff-rigged sail plan was updated several times to no avail, until America's Cup naval architect Charles Ernest Nicholson redesigned the rig with a wooden lower-mast and adjusted the keel balance.

By 1924, Lulworth's flaws were corrected and she became an accomplished racer in all subsequent seasons of the Big Class: from 1920 to 1930, she took part in 258 regattas, taking 59 first places, 47 of which were after 1924.