Eleanor Holm Jarrett was born in Brooklyn, New York, to a fireman father, and began learning to swim at a very young age. She quickly excelled in the sport, winning her first national swimming title at the age of 13 and going on to compete in the 1928 Summer Olympics, where she finished fifth in the 100-meter backstroke.
Holm was a talented swimmer in multiple strokes, winning several American titles in the 300-yard medley event, and was selected to compete in the 1932 Summer Olympics in Los Angeles. At these games, she won her favorite event, the 100-meter backstroke, after defending champion Marie Braun was forced to forfeit due to an insect bite.
Following her Olympic victory, Holm became a Hollywood starlet, with Warner Brothers, MGM, and Paramount studios all vying for her attention. She was one of 14 girls named as a WAMPAS Baby Star in 1932, alongside other notable actresses such as Ginger Rogers, Mary Carlisle, and Gloria Stuart.
However, Holm's Olympic career came to an abrupt end in 1936, when she was suspended from the team after a drinking party on the ship transporting the team. According to the team doctor, Holm was found in a state approaching a coma, and was subsequently diagnosed with acute alcoholism. Holm denied the allegations, claiming that her suspension was the result of a personal grudge held by team leader Avery Brundage.
Despite her brief Olympic career, Holm went on to appear in at least four films as herself, and starred opposite fellow Olympian Glenn Morris in the 1938 film Tarzan's Revenge. In 1939, she married impresario Billy Rose, with whom she performed at his "Aquacade" show at the 1939 New York World's Fair.
The marriage was marked by controversy, with Rose divorcing Holm in 1954 and awarding her $30,000 a month in alimony, as well as a lump sum of $200,000. The divorce trial was highly publicized, earning the nickname "THE WAR OF THE ROSES". Holm later married oil-drilling executive Thomas Whalen, and was inducted into the International Swimming Hall of Fame in 1966.
Holm passed away on January 31, 2004, at the age of 90, due to complications from renal disease.