Weatherly was a keel sloop designed to the 12-Metre Rule. She was designed by Philip L. Rhodes and built by Luders Marine Construction Company at Stamford, Connecticut for a syndicate of owners formed by Henry D. Mercer, with Cornelius S. Walsch and Arnold D. Frese. Weatherly was launched in 1958. She was built of steel frames with mahogany planking.
Skippered by Arthur Knapp, Weatherly competed with Columbia, Easterner, Gleam, and Vim for the right to defend the America's cup but was outclassed in the 1958 selection trials. Columbia went on to successfully defend the Cup in 1958.
Modified by Philip L. Rhodes at Luders yard in 1962, Weatherly was redesigned with a shorter bow and reduced wetted surface. Weight saved in the redesign was put into the keel.
The defender selection trials pitted Weatherly against Columbia, Easterner and Nefertiti. On 25 August 1962, the NYYC selected Weatherly to defend the Cup against Australian challenger Gretel. Skippered by Emil "Bus" Mosbacher, Jr., in September 1962, Weatherly defended the Cup 4–1 against Gretel.
She was then used for pleasure cruising and charters. She is now normally berthed at dockside at the Newport Harbor Hotel and Marina, and is available for chartering. She was listed on the National Register of Historic Places in 2012.