From the 1860s to the 1890s, sandbagger racing was a very popular sport from New York to New Orleans to San Francisco. With few rules, sandbagger racing was exciting, but it died out in the 1890s after yacht clubs developed "Corinthian"-amateur-regulations and measurement rules for handicapping racing yachts.
Today in Annapolis harbor are two sandbaggers, one called Bear and the other Bull. (Stockbrokers mayhap?) They are beautiful boats and use water jugs instead of 50 lb sandbags for ballast.