We introduce a one dimensional Ising model with two competing interact
ions: nearest neighbor random couplings +/-J with equal probability an
d a positive infinite range coupling Lambda. At low temperature T the
model exhibits a first order phase transition between a ferromagnetic
state (with magnetization m(1) = 1 at T = 0) and a << ferrimagnetic >>
state (with m(2) = 2/3 at T = 0), when the disorder strength J/Lambda
is increased. For 5/12 < J/Lambda < 1, a whole spectrum of ferrimagne
tic ground states with magnetization m(n) = 2/(n + 1) (n = 2, ..., inf
inity) is present while for J/lambda > 1 the ground state is given by
a trivial one dimensional spin glass with m = 0. The main qualitative
features of the model can be described by a simplified annealed model
where the random couplings can arrange themselves to minimize free ene
rgy with the constraint that the number of positive couplings is fixed
by the law of large numbers in the thermodynamic limit. This model is
exactly solved at all temperatures and the diagram of phase is calcul
ated.