Breakspeare was born in Toronto, Ontario, Canada, to a Jamaican father, Louis Breakspeare, who was a British-Jamaican of multiracial ancestry, and a white Canadian mother of British origin, Marguerite Cochrane. She has three brothers and one sister. Breakspeare moved to Jamaica when she was four years old, and attended the Immaculate Conception High School, graduating in 1973. As a teenager, Breakspeare participated in beauty pageants, including Miss Jamaica Body Beautiful and Miss Universe Bikini. She was invited to participate in the Miss World competition in 1976 held in London, and won the title on November 19, 1976, becoming the second Jamaican to do so.